When dealing with corporate entities, it is pertinent to identify the Ultimate Beneficial Owner (UBO) to understand the real natural person controlling the entity’s operations. Identifying the beneficial ownership and verifying the identity of the UBOs is integral to the AML Compliance framework, specifically the Customer Due Diligence process, while establishing a business relationship with a legal or juridical person.

Here is an infographic discussing the unfolding of ownership or control structure to determine the true owner of the entity or the UBO.

AML UAE, with its diverse experience, assists the clients in laying down the AML policies and procedures, including the customer onboarding process and identifying beneficial ownership.

The UAE AML regulations impose various goAML reporting requirements on the regulated organizations – Financial Institutions, Virtual Asset Service Providers (VASPs) and Designated Non-Financial Businesses and Professions (DNFBPs).

The reports to be furnished on the FIU’s portal depend on the nature of the transaction, suspicions around money laundering or terrorism financing, the regulated organisation’s business activities, the geographies involved, etc.

To guide you on different reporting obligations on the goAML portal, here is an infographic – a ready reckoner to the AML reporting requirements in the UAE.

AML UAE is one of the leading AML consultancy service providers, committed to helping the regulated organizations in UAE stay 100% AML compliant by assisting in developing a robust AML framework and timely furnishing the regulatory reports and goAML registration on the goAML portal.

A competent team dedicated to ensuring 100% AML Compliance is mandatory to implement the AML compliance framework across the organization effectively. To ensure onboarding for a motivated team, the process of Employee Due Diligence comes to the rescue. The regulated organization must perform Employee Due Diligence to understand the employee’s approach towards AML compliance and check if the employee has any criminal history, financial background, past employment references, etc.

Here is an infographic to guide you through the Employee Due Diligence process, covering all the critical staff screening and verification aspects.

AML UAE is a firm dedicated to guiding and assisting the regulated organizations in UAE in fighting financial crimes by offering end-to-end AML consultancy support starting from AML Policy documentation and implementation, staff screening and AML training, etc.

Non-compliance with the UAE AML regulations has severe consequences on the regulated entities subject to AML, i.e., Financial Institutions, Virtual Asset Service Providers (VASPs) and Designated Non-Financial Businesses and Professions (DNFBPs).

The penalties and consequences of violating the UAE AML regulations’ requirements vary depending on the nature of the violation, Supervisory Authority in charge, etc. However, these include administrative penalties of up to AED 5,000,000 and termination of business license. Further, it also causes reputational damage to the organization, including operational risks like losing clients and incurring commercial losses.

Here is an infographic highlighting the consequences of AML non-compliance in the UAE, motivating the regulated entities to stay 100% AML compliant.

AML UAE is an AML compliance service provider, offering end-to-end AML support to organizations, from drafting the AML/CFT framework and assisting in its effective implementation organizations, ensuring AML compliance, and safeguarding the business against it all non-compliance odds and reputational damage.

Depending on the nature of the red flags and the stage of the customer relationship when such red flags are observed, the reporting is done to the FIU either in Suspicious Transaction Report or Suspicious Activity Report. It is pertinent to understand the difference between Suspicious Transaction and Suspicious Activity.

When the suspicion is related to the flow of funds or an already executed transaction, the regulated entities must file a Suspicious Transaction Report (STR). However, when the potential customer is suspected of being involved in money laundering or financing of terrorism, basis their behaviour while applying the Customer Due Diligence process or any other factor, it warrants the Suspicious Activity Report (SAR) filing.

This infographic lets us understand how to distinguish between Suspicious Activity and Suspicious Transactions and a few illustrations of each of these potential red flags.

AML UAE is an AML consultancy service provider, offering comprehensive AML Consultancy support to clients in UAE around documenting tailor-made AML policies and procedures, importing AML training, and assisting in regulatory reporting, including filing Suspicious Transaction Reports and Suspicious Activity Reports on the goAML Portal.

Performing a comprehensive AML Business Risk Assessment is very important to identify the money laundering and terrorist financing risks that the business is exposed to and develop adequate mitigation measures.

The business risk assessment is conducted basis the factors such as the type of customers, their legal structure, the geographies of the company’s business operations and that of the customers, etc.

The above infographic presents an illustrative list of factors to consider while performing an AML business risk assessment.

AML UAE is part of the global AML Consultancy Firm, offering end-to-end AML support to the clients, starting from assessing the AML Business Risk, customising the AML/CFT policies, procedures and controls and importing adequate AML training for effective implementation of the AML framework across the organization.

Enhanced Due Diligence (EDD) is a set of additional customer verification measures applied by the regulated entities (Financial institutions, DNFBPS and VASPs) while dealing with high-risk customers or transactions, posing increased money laundering or terrorist financing vulnerabilities.

EDD measures include seeking additional information about the customer’s identity, their controlling parties and beneficial owners, establishing the source of funds and source of wealth, more frequent monitoring of transactions, etc.

The infographic here presents a brief overview of circumstances warranting the performance of Enhanced Customer Due Diligence and measures to be applied as part of EDD to the enhanced ML/FT high risk, following UAE AML regulations.

AML UAE is a leading AML Compliance service provider, offering handholding support to Financial institutions, Designated Non-Financial Businesses and Professions and Virtual Asset Service Providers in their entire AML Compliance journey.

Financial Institutions (FIs), Designated Non-Financial Businesses and Professions (DNFBPs), and Virtual Asset Service Providers (VASPs) have to register with the UAE FIU goAML portal.

The goAML portal registration is a two-stage process:

Stage 1 – SACM Registration: Register in the protection system (SACM) of goAML portal and get a username.

Stage 2 – goAML Registration: Get the password from the Google Authenticator app and use it to access the goAML portal for main registration.

Once the reporting entity submits its application for goAML registration, it is approved by the relevant supervisory authority in the UAE.

goAML portal serves as the point of communication between the reporting entity and the UAE Financial Intelligence Unit (FIU). The reporting entities are supposed to submit various reports including:

• Suspicious Activity Report (SAR)
• Suspicious Transaction Report (STR)
• Real Estate Activity Report (REAR)
• Dealers in Precious Metals and Stones Report (DPMSR)
• Partial Name Match Report (PNMR)
• Funds Freeze Report (FFR)
• High-Risk Country Report (HRC)
• High-Risk Country Activity Report (HRCA)