In-house AML Compliance
In-house AML Compliance Department Setup
As the UAE market is witnessing a string of rules and regulations related to AML and CFT, organizations are gearing up to adopt ways to comply with these laws. Economies across the world make it mandatory for businesses that have higher possibilities of facing money laundering and terrorism funding issues to implement AML/CFT frameworks in the organization. Another thing that is necessary but most organizations ignore is the creation of an in-house AML compliance department and the appointment of a person responsible for achieving AML compliance. We help UAE businesses when it comes to an In-house AML Compliance Department Setup and help them comply with UAE AML regulations.
Timely. Relevant. Compliant.
Transforming you from a reactive approach to a proactive approach with your own In-house AML Compliance Department Setup.
AML Compliance Department.
What is an AML compliance department?
An AML Compliance Department in an organization is responsible for monitoring the application and compliance with AML-specific laws and regulations as mandated by the country’s regulators. It identifies the money laundering risks business faces, suggests relevant internal controls and policies, monitors the implementation of each, and advises on risk management whenever the need arises. The key objective of the AML compliance department is to create relevant AML compliance policies to adhere to relevant guidelines and internal controls and monitor the same to fight financial crimes.
An AML Compliance Department within an organization is essential to ensure that the AML-specific rules and regulations are complied with, and AML compliance programs are managed properly. Organizations must also appoint an AML Compliance Officer who monitors the activities of this department and ensures successful implementation of the AML programs and frameworks.
About AML UAE
AML UAE is a leading AML consulting services provider for UAE businesses to help with realizing full compliance with AML regulatory requirements. We, at AMLUAE, have the expertise to develop an AML/CFT compliance department for your organization. Whether you are a start-up firm or a large enterprise in UAE, we can help you with setting up an in-house AML compliance department that can handle everything related to AML and CFT programs and policies in your organization. With such a compliance department in place in the organization, you will be better able to identify the risks to your business, develop policies to mitigate them, and achieve compliance with AML/CFT requirements.
Our process for setting up an In-house AML compliance department for your organization in UAE
We employ a customized, results-driven approach to plan and develop an effective AML compliance department for your organization that can ensure your business’s efficient realization of AML compliance requirements. The steps of our approach include:
FAQs: In-house AML Compliance Department Setup
AML department is a specific business function of a company focussing on the creation, management, and control of AML programs. The department focuses on creating internal policies, processes, and procedures to control money laundering and ensure the company’s compliance with AML/CFT regulations.
AML compliance means following the regulations, rules, and guidelines prescribed by a Country for its businesses to avoid getting trapped in money laundering, terrorism financing, bribery, corruption, tax evasion, and other financial crimes.
All types of financial institutions and some designated non-financial businesses and professionals (DNFBPs) must comply with AML regulations. These DNFBPs include real estate agents, accountants, dealers of gems and jewellery, legal professionals, auditors, and company and trust service providers.