Jewellers and Real Estate Agents are required to submit Standard Declaration Form for AML Compliance by various banks in UAE

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Jewellers and Real Estate Agents required to submit Standard Declaration Form for AML Compliance by various banks in UAE

Several banks in UAE have started asking Jewellers and Real Estate Agents to submit Standard Declaration Form for AML Compliance. The objective behind this standard declaration form is to ensure that the DNFBPS has effective AML policy and procedures in place to comply with Federal DecreeLaw No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.

Accordingly, the dealers in precious metals and stones and real estate agents are required to indicate if their AML policy and procedures prescribe guidelines for:

  1. Identifying, assessing and understanding risks. 
  2. Defining the scope of and taking required due diligence measures. 
  3. Appointing AML/CFT compliance officer, approved by the relevant Supervisory Authority and providing his name, Identification (Passport/EID), Identification Document Number, and its validity period 
  4. Putting in place adequate management & information systems, internal controls, policies, procedures to mitigate risks and monitor implementation. 
  5. Putting in place indicators to identify suspicious transactions. 
  6. Reporting suspicious activity and extending cooperation with Competent Authorities 
  7. Applying directives of Competent Authorities for implementing UN Security Council decisions under Chapter 7 of the UN Convention for the Prohibition and Suppression of the FT and Proliferation 
  8. Maintaining adequate records for AML compliance. 

If the response to any of the above is No, then the banking customers are required to provide reasons.  

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In addition to the above points, the Customers, i.e. the DNFPBs, are required to confirm that they understand and acknowledge the responsibilities of the Banks on the following frontiers: – 

a. The Banks are required to act in accordance with laws and regulations  

  • United Arab Emirates 
  • Laws and regulations of other states/countries in whose currencies it transacts  
  • Regulations issued by the United Nations,  
  • Regulations issued by the United States and  
  • Regulations issued by Council of European Union. 

b. Observance of boycotts, embargoes or sanctions which may be enforced against countries, states, entities or individuals from time to time 

c. Non-acceptance of payment involving any sanctioned countries 

d. The Bank shall approve transactions only if they are in accordance with the Bank’s Policy and as per the applicable boycott, anti-money laundering, anti-terrorism, anti-drug trafficking and economic sanctions laws and regulations 

e. No transactions will be held with any sanctioned countries such as Sudan, Iran, Syria, Cuba, North Korea, Crimea and any other sanctioned countries as updated from time to time by the relevant authorities; 

f. Transhipments from any sanctioned countries are also prohibited 

g. None of the transactions should breach  any applicable boycott, anti-money laundering, anti-terrorism or anti-drug  trafficking laws and regulations in force in  

  • The United Arab Emirates, 
  •  The United Nations,  
  • The United States and/or the Council of the European Union, 
  • Any sanctions created and maintained by any competent authority of the United Arab Emirates, United States Department of the Treasury’s Office of Foreign Assets Control, the Security Council of the United Nations (by way of resolution) and/or the Council of the European Union. 

h. The Bank shall have no obligation to process and complete the transaction and shall be entitled to delay, freeze, refuse or cancel the payment obligation. 

i. Non-conformity or breach of the conditions will result in the immediate closure of the Bank account.  

j. The Bank shall have the right to ask for additional information/documents or provide proof of the source of any funds.  

Conclusion

AML UAEhelps DNFBPs in complying with AML laws and regulations. It provides various AML compliance services, including drafting of AML Policies, procedures and manuals. It can also help DNFBPs in carrying out KYC, Screening and Risk Assessment of customers. It is one of the top AML consultants in UAE that offers end-to-end AML compliance services eliminating any risk of non-compliance.  

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About the Author

Pathik Shah

CISA, FCA, CS, DISA (ICAI), FAFP (ICAI)

Pathik is a multi-disciplinary professional with more than 22 years of experience in compliance, risk management, accounting, system audits, IT consultancy, and digital marketing. He has extensive knowledge of Anti-Money Laundering rules and regulations, and he helps companies comply with legal requirements. Pathik also helps companies generate value from their IT investments.