AML supplemental guidance for trust & company services providers in UAE

AML supplemental guidance for trust & company services providers in UAE

Trust & company services providers are identified as Designated Non-Financial Businesses and Professions (DNFBPs), and they need to follow AML/CFT obligations under the AML/CFT legislative and regulatory framework of the United Arab Emirates when they are engaged in certain covered activities on behalf of their customers. 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”) requires providers of corporate services and trusts to fulfill their AML/CFT obligations.

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