A guide to Anti Money Laundering AML Laws in UAE for 2021

A guide to Anti Money Laundering (AML) Laws in UAE for 2021

A guide to Anti Money Laundering AML Laws in UAE for 2021

Money laundering and the financing of terrorism are crimes that threaten the security, stability and integrity of the global economic and financial system, and of society as a whole. The Anti Money Laundering (AML) Laws in UAE have been enacted to combat money laundering, terrorist financing and other related threats to the nation.

The Latest UAE AML Regulations 2021

The principle AML/CFT legislation applicable is the Federal Decree-Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations (the “AML-CFT Law” or “the Law”) and implementing regulation, Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations (the “AML-CFT Decision” or “the Cabinet Decision”).

Legal requirements as per Anti-Money Laundering Law in UAE

The Anti-Money Laundering Law in UAE requires the FIs and DNFBPs to establish a comprehensive AML/CFT Program including AML Policy for KYC, Screening, Risk Profiling, Governance, STR Filing, and more. The Anti-Money Laundering Policy and AML procedures and guidelines have to be commensurate with the nature and size of the business. The AML Compliance Officer has to ensure that the provisions of the UAE AML Law are complied with.

Download a guide to Anti Money Laundering AML Laws in UAE for 2021

AML UAE provides Anti-Money Laundering Consulting Services to hep you remain compliant with AML Laws in UAE. Get in touch with us for any assistance in AML compliance in Dubai, UAE.

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FAQs About UAE AML Law

The Anti-Money Laundering and Combating the Financing of Terrorism Supervision Department (AMLD) under the Central bank of UAE (CBUAE) enforces the UAE anti-money laundering laws and regulations and AML/CFT Guidelines 2021.