eBook on AML Compliance for Accountants and Auditors in UAE

Accountants and auditors have specialised knowledge to assist and advise their customers on financial matters and provide assurance services. Thus, independent accountants and auditors are uniquely positioned to identify potential financial crime vulnerabilities because of their privileged duties of examining the accounts, records, and governance structures. Criminals use their means to exploit accountants and audit professionals to engage in illicit activities behind the curtains.

For this purpose, the UAE’s AML regulatory framework has identified accountants and auditors as one of the Designated Non-Financial Businesses and Professions (DNFBPs) and entrusted the responsibility of combating money laundering, financing terrorism, and proliferation financing (ML/FT and PF). Thus, the accountants and auditors in the UAE must adhere to AML/CFT laws and regulations.

Further, accountants and auditors must also implement adequate anti-money laundering programs to detect and report ML/FT/PF-related suspicious transactions promptly. To adhere to this reporting obligation, they must comply with federal AML legislation and AML/CFT guidelines issued by the AML supervisory authorities.

This eBook provides a detailed analysis of the AML regulatory framework for accountants and auditors in UAE. In addition, this eBook also covers AML compliance obligations of independent accountants and auditors in detail. These AML/CFT compliance requirements for accountants and auditors in UAE include:

1. goAML Registration
2. Appointing a right AML Compliance Officer
3. Adopting a Risk-Based Approach and Conducting Enterprise-Wide Risk Assessment (EWRA)
4. Crafting the AML/CFT Policies, Procedures, and Controls
5. Customer Due Diligence (CDD) Program
6. Ongoing Monitoring of Business Relationships
7. Compliance with Targeted Financial Sanctions (TFS)
8. Reporting the ML/FT Suspicion and other goAML Reporting
9. AML/CFT Training and Awareness
10. AML Governance
11. AML Record Keeping

By going through this eBook, accountants and auditors can understand their responsibilities and safeguard their organisations against money laundering and terrorism financing while maintaining regulatory compliance. 

Check out this ready reckoner to navigate AML compliance smoothly.