Anti-Money Laundering in UAE

Overcome the Risks of Compliance and Regulations With Anti-money Laundering in UAE

Despite strict regulations against money laundering and steps towards anti-money laundering in UAE, it has found its way through the cracks and black spots, affecting large-scale businesses extensively. Spectrum aims at helping business operations that can fall prey to money launderers with proper knowledge and expertise, ensuring these businesses comply with UAE CFT(Combating of Financing of Terrorism) and AML (Anti-Money Laundering Law).  

Our anti-money laundering personnel thoroughly audit business documentation, operations and licensing to keep your business safe and secure. With Anti-Money Laundering Laws in place (AML) and our assisted guidance, you can ensure your business executions have a clean sheet approach. 

How Can Spectrum Help With Money Laundering Services?

As the laws and regulations to combat money laundering in Dubai have tightened, many industries, especially financial institutions are experiencing immense pressure to ensure compliance with AML regulations. At Spectrum, we help you with a systematic plan to overcome the several risks associated with non-compliance with domestic and international regulations. 

Our Comprehensive Suite of Services Include:

1. Initial assessment of your business to understand the compliance risks involved that could directly or indirectly affect the organization’s ability to function effectively or disrupt business continuity. 
2. A thorough assessment of the control design and operational tools. 
3. Auditing current AML policy and ensuring no laws or approvals are missed out on that can affect the business. 
4. Incorporating a robust financial fraud and anti-corruption framework. 
5. Assessing legal, operational, and financial risks and establishing a full-proof plan to induce risk mitigation and help the enterprise in becoming compliant. 
6. Developing pragmatic solutions that help the company manage risks on a long-term basis and streamlining the compliance processes. 
7. Management of KYC and customer due diligence services.

Industries We Serve:

1. Banks and other financial institutions
2. Real estate dealers and brokers
3. Companies engaged in money transmitting
4. Insurance Agencies
5. Financial Advisors
6. Law firms 

What Are the Legal Requirements for Anti-money Laundering Law in UAE?

The Anti-Money Laundering in UAE regulations require financial institutions and DNFBs (Designated Non-financial Businesses and Professions) to develop a comprehensive programming plan that includes the following procedures to ensure compliance:

• Risk Profiling
• AML Policy for KYC
• Governance
• Screening
• STR Filing 

The AML regulations and guidelines must comply with the proportion and nature of the business and the AML Compliance Chief must ensure that the enterprise is provisioned with all UAE AML laws and regulations. 

As a business body with different responsibilities to adhere to, it might get difficult for a company to abide by these extensive plans or miss out on any without the guidance of a professional. This is where Spectrum can help you with its pristine services and ensure that you stay compliant and seamlessly go through the process. 

Why Choose Spectrum?

Our team of experts do not leave any stone unturned and works in the best interest of the client. Our auditing personnel analyse every piece of information that is required to be AML compliant and unleash their best efforts to help your company prosper legally and financially, being compliant in the long run. 

• Eliminate Fraud Losses

Our auditing services are high-end and help you detect transactions from untrusted sources or accounts, and help you identify deceptive transaction behaviour. 

• Risk Identification

Our highly enabled methodology and processes help you identify trends and typologies within customer transactions so that you can detect suspicious transactions faster. 

• Incorporate a Smarter Approach

By calibrating your transaction trends, we establish a comprehensive plan that helps you stay compliant and ensure business continuity. 

As every business, subjected to anti-money laundering in UAE tries to stay compliant, the process is quite rigorous. If you are worried that your business might not meet the compliance requirements and requires guidance, contact us today and our team at Spectrum will provide complete assistance!

Who established the UAE anti-money laundering laws?

The Central bank of UAE has established Anti-Money Laundering Laws and regulations to combat the escalating money laundering cases in Dubai.

When was the AML and CFT law established in Dubai?

The Anti-Money Laundering Law and Combatting the Financing of Terrorism laws were established in 2020. 

What punishment is given for money laundering in the UAE?

In UAE, if someone indulges in criminal activities such as concealing the source of money or participating in illegal transactions to convert black money into white legal ones, the punishment can be imprisonment up to or lesser than ten years or a penalty of AED 100,000.0. 

What are the three phases of anti-money laundering?

The three essential steps of anti-money laundering are:

• Placement
• Layering
• Integration 

How Can Spectrum be successful in anti-money laundering services?

Spectrum establishes an in-house compliance team for each client with professionals who perform audits and thorough risk management tasks to mitigate non-compliance issues and keep an organisation up to date with regulations and compliance requirements.