Want to know how the Know Your Customer (KYC) process works in UAE?

Here’s a breakdown of everything you need to know about KYC fundamentals, from rules to real results. Master core KYC components in minutes.

In this video, we throw light on core essentials of KYC:

• Central AML/CFT regulatory framework in UAE
• What does KYC mean under UAE’s federal laws
• Key requirements to conduct KYC
• Generic pitfalls experienced while undertaking KYC measures
• Steps for customer identification and verification
• Process to identify UBOs and Controlling Persons in corporate customers
• Tips to recognize shell companies during customer onboarding
• Clues to spot red flags while doing KYC
• Circumstances and timing for Re-KYC
• Record-Keeping and Reporting Obligations
• Penalties for non-compliance and how to avoid them
• Best Practices to ensure smooth navigation of KYC procedure

This session serves as a go-to guide to businesses for successful customer identification and verification.

Stay ahead in compliance with AML UAE expert insights on AML/CFT regulations, obligations, and best practices in the UAE and beyond.

Businesses in the UAE are required to maintain robust and risk-based AML/CFT and CPF policies and controls.  

Our in-house AML Expert, Dipali Vora, broached upon the subject of  

• FATF Basics, such as what FATF is and its primary objectives 
  • What are FATF Grey  List and Blacklist 
  • Reasons for Grey List Updates 
• FATF Grey List Update and its Impact on Compliance Obligations​ 
• Action Items for FIs, DNFBPs and VASPs consequent to changes in the FATF Grey List in the context of the following AML, CFT and CPF Control Measures such as: 
  • Enterprise-Wide Risk Assessment (EWRA)  
  • AML/CFT/CPF Policies and Procedures 
  • Customer Due Diligence (CDD) Measures Concerning Customers or Suppliers Associated with FATF Greylisted Jurisdictions 
  • Recalibrating Configuration of AML Software Solutions 
• Challenges and Best Practices when integrating Grey List changes into the AML/CFT Program along with Practical Implementation RoadMap. 

Additionally, the webinar was packed with real-time scenario-based quizzes, engaging the audience.  

Watch the webinar recording on YouTube now and broaden your horizon regarding the essential role of FATF in combatting ML, FT, and PF risks on a global level while developing an insight into how the changes in the Grey List have a ripple effect on a business’s AML compliance obligations.  

The Re-KYC process is required to be carried out by Regulated Entities in UAE to update the KYC information of their existing customers periodically, developed on the fundamentals of the risk-based approach.

Our in-house AML Expert, Dipali Vora, through our latest webinar, drew out the regulatory requirements, processes, best practices, challenges and measures to combat such challenges through the use of technology while conducting a Re-KYC process for a Regulated Entity. We have published the recording of the live webinar on YouTube so that audiences who missed attending the live event can benefit by referring to this recording, which contains insights into:

• Understanding triggers for initiating the Re-KYC process
• Understanding factors, developed with a risk-based approach while determining the periodicity for conducting Re-KYC of customers posing varying degrees of risk to a Regulated Entity
• The document collection requirements for Re-KYC and means to validate the same
• Understanding the Re-KYC best practices when dealing with high-risk customers
• Understanding the scope of automation while conducting Re-KYC through an AML Software Solution
• Getting a glimpse of the future of Re-KYC by implementing Perpetual KYC Software

Additionally, the webinar was integrated with live scenario-based quizzes, helping audiences gauge their knowledge about Re-KYC implementation.

Watch the webinar recording on YouTube now and enhance your understanding of the importance and role of Re-KYC in mitigating the ML, FT, and PF risks that arise after establishing business relationships with any customer.

Enhanced Due Diligence (EDD) process is a strategic tool which protects businesses regulated under the anti-money laundering (AML), combating the financing of terrorism (CFT) and combating proliferation financing (CPF) laws in the UAE, from money laundering (ML), terrorism financing (TF) and proliferation financing (PF) threats posed by high-risk customers.  

Recently, our in-house AML expert, Dipali Vora, explained the intricacies of EDD as a critical component of the AML/CFT/CPF compliance framework. Watch the recording of the webinar to gain valuable insights into: 

• AML/CFT/CFT compliance requirements in the UAE 
• Customer Due Diligence process as a significant component of AML/CFT/CPF compliance 
• Name Screening, Customer Risk Assessment and choosing the right type of due diligence based on customer risk profile 
• What, when and how of EDD, providing a complete roadmap, including benefits and best practices for effective EDD implementation 
• Importance of the Know Your Customer (KYC) process and its nexus with EDD 
• High-Risk customer onboarding cycle for a better understanding of how to efficiently manage high-risk customers such as Politically Exposed Persons (PEP), customers from high-risk jurisdictions, etc. 

In addition, the webinar is integrated with live quizzes to solidify your understanding of the EDD process.   

Don’t miss this opportunity to strengthen your understanding of EDD and its important role in ensuring robust AML/CFT/CPF compliance in the UAE. Watch the webinar today and enhance your business’s ability to navigate the EDD process successfully!