Top 5 common deficiencies around KYC and CDD measures

Top 5 common deficiencies around KYC and CDD measures

Top 5 common deficiencies around KYC and CDD measures

Top 5 common deficiencies around KYC and CDD measures
Download Top 5 common deficiencies around KYC and CDD measures

Customer Due Diligence and Know Your Customer measures are essential to counter money laundering and terrorist financing threats. The UAE AML Laws and Regulations require regulated entities, including FIs, DNFBPs, and VASPs, to take adequate measures for conducting CDD and KYC. Often, the KYC and CDD measures employed by the regulated entities fall short of the legal requirements. This infographic highlights common deficiencies around the CDD and KYC requirements.

The regulated entities must take adequate measures to comply with the requirements of the law and, more importantly, counter financial crimes by adopting adequate KYC and CDD measures.

Shortcomings around KYC and CDD measures

1. Absence of defined KYC and CDD procedures

It has been found that some of the regulated entities do not have defined procedures for carrying out Customer Due Diligence and Know Your Customer requirements. It is essential that clear roles and responsibilities and operating procedures are established to have a uniform practice around the performance of KYC and CDD measures. The entities not having formal established procedures often end up adopting unreliable measures for ID verification and customer address verification.

2. Inadequate Customer Due Diligence

Some regulated entities do not check the customer ID and sometimes do not even ensure that the photo on the ID documents is legible.

3. Inadequate EDD measures for High-Risk customers

High-risk customers must undergo Enhanced Due Diligence (EDD) requirements. At a minimum, the regulated entities are required to obtain their ID, address proof, source of funds, and source of wealth. Further, the entities must get senior management approval before onboarding such high-risk customers or entering into a transaction with them. The payment for the items sold or services provided must come from the bank account held in the High-Risk customer’s name. Some regulated entities do not ensure this and remain at risk of regulatory fines and penalties.

4. Incomplete Documentation

Some regulated entities lack in terms of collecting complete documents from the customers. Further, information as to the nature of the business, the purpose of the transaction, and monthly/yearly account activities are seldom obtained.

5. Missing Authorizations

The KYC and CDD documents must be duly verified and authorized in line with the KYC and CDD procedures adopted by the firm. For High-Risk customers, the top management approval must be obtained. Some of the regulated entities do not have proper controls in place to ensure compliance with these requirements.

The regulated entities must ensure that they remain compliant with the legal requirements and avoid taking inadequate and incomplete KYC and CDD measures. Check our eBook “A complete guide to Customer Due Diligence” to learn more about the CDD requirements and best practices around it.

Related Posts

What are Virtual Asset Activities & who can carry out VA Activities in Dubai?

What are Virtual Asset Activities & who can carry out VA Activities in Dubai?

What are Virtual Asset Activities & who can carry out VA Activities in Dubai?

What are Virtual Asset Activities & who can carry out VA Activities in Dubai?
Download Overview of AML Obligations of VASPs under VARA Regulations

What are Virtual Asset Activities & who can carry out VA Activities in Dubai?

The Virtual Assets Regulatory Authority (VARA) enacted the Virtual Assets and Related Activities Regulations 2023 (Regulations), considering the ever-evolving scope of Virtual Assets and related services and the need for its effective regulation in Dubai.

Here is an infographic discussing the specific VA activities permitted to be carried out in Dubai by the licensed and duly VARA-authorised VASPs.

What are VA Activities?

The VARA has defined what “Virtual Asset (VA) Activities” mean, as detailed under Schedule 1 of the Regulations:

  • VA Advisory Services:- Offering, providing or agreeing to provide a personal recommendation to a client in respect of one or more actions or transactions relating to any virtual assets
  • Broker-Dealer Services:- Provision of any of the following services:
    • arranging orders for the purchase and sale of VAs between two entities,
    • soliciting or accepting orders for VAs and accepting fiat currency, or other VAs, for such orders,
    • facilitating the matching of transactions in VAs between buyers and sellers,
    • entering into VA transactions as a dealer on behalf of the entity for its own account,
    • making a market in virtual assets using client assets,
    • providing placement, distribution or other issuance-related services to clients issuing virtual assets.
  • Category 1 VA issuance:- Services in relation to the issuance of:
    • Fiat-Referenced Virtual Assets [FRVAs] that purport to maintain a stable value in relation to the value of one or more fiat currencies but do not have legal tender status in any jurisdiction,
    • Other VAs as may be determined by VARA.
  • Custody Services:- Safekeeping of VAs for or on behalf of another entity and acting only on instructions from or on behalf of such entity.
  • Exchange Services:- Provision of any of the following services:
    • conducting an exchange, trade or conversion between VAs and fiat currency,
    • conducting an exchange, trade or conversion between one or more VAs,
    • matching orders between buyers and sellers and conducting an exchange, trade or conversion between VA and fiat currency or one or more VAs,
    • maintaining an order book in relation to the above activities.
  • Lending and Borrowing Services:- Conducting transaction where VA shall be transferred or lent from one or more parties (known as the Lender) to one or more other parties (known as the Borrower) against the Borrower commitment to return the same upon the Lender’s request at any time before or at the end of the period agreed upon.
  • VA Management and Investment Services:- Acting on behalf of an entity as an agent or fiduciary or taking responsibility for the management, administration or disposition of that entity’s virtual assets.
  • VA Transfer and Settlement Services:- The transmission, transfer, or settlement of VAs from one entity to another entity or another VA wallet, address or location.

Who can carry out VA Activities in Dubai?

The entity carrying out or intending to carry out virtual asset activities or its employee carrying on or otherwise facilitating a virtual asset activity on behalf of the entity must ensure that it is authorised and licensed by VARA for the said activities.

VARA considers the following factors when granting a license.

Before authorising and licensing the VA activities, the VARA shall consider the following factors to determine whether an entity is carrying out VA Activities “by way of business”:

  1. Whether the entity holds itself out as conducting a VA Activity by way of business,
  2. The regularity, scale and continuity of the VA Activity carried out by the entity, and
  3. Whether there is any commercial element in how the VA Activity is being conducted, such as whether the entity receives remuneration or other commercial benefits or value for carrying out the VA Activity.

Related Posts

Overview of AML Obligations of VASPs under VARA Regulations

Overview of AML Obligations of VASPs under VARA Regulations

AML Obligations of VASPs
Download Overview of AML Obligations of VASPs under VARA Regulations

Overview of AML Obligations of VASPs under VARA Regulations

The Virtual Assets and Related Activities Regulations 2023 recognises the Federal AML/CFT Laws (Federal Decree by Law No. (10) of 2025 Regarding Anti-Money Laundering, and Combating the Financing of Terrorism and Proliferation Financing, and its implementing Cabinet Resolution No. (134) of 2025; and Federal Law No. [7] of 2014 on Combating Terrorism Offences).

Part VI of the Regulations contains AML/CFT obligations that VASPs must follow, in line with the Federal AML/CFT laws, Rulebooks and the FATF Recommendations in relation to virtual asset activities.

VARA: VASP’s AML Supervisory Authority

For Federal AML/CFT Laws, the Dubai Virtual Asset Law (Law No. [4] of 2022 Regulating Virtual Assets in the Emirate of Dubai), Virtual Asset Regulatory Authority (VARA) is –

  1. Designated as an AML Supervisory Authority for all Virtual Assets Service Providers (VASPs) operating in and Virtual Assets (VA) activities carried out in or from the Emirates of Dubai,
  2. Responsible for issuing regulations in relation to combating money laundering in Dubai concerning VA activities,
  3. Having powers to supervise the Dubai-based VASP’s compliance with Federal AML/CFT Laws.

In addition, VARA is also responsible for reporting any suspicious conduct to the relevant authorities functioning under the directives of Federal AML-CFT Laws.

Overview of AML/CFT obligations of VASPs

VASPs must fulfil AML/CFT-related compliance obligations prescribed under the Federal AML/CFT laws, Compliance and Risk Management Rulebook issued by VARA, and FATF Recommendations about virtual assets.

The essential AML/CFT obligations imposed upon VASPs under VARA’s Compliance and Risk Management Rulebook are as follows:

Part III of Compliance and Risk Management Rulebook

A. Appointment of MLRO

Appointing a Fit and Proper Person with 2+ years of experience handling AML/CFT compliance as the Money Laundering Reporting Officer (MLRO).

B. Policies and Procedures

Developing and implementing policies and procedures aligned with Federal AML/CFT laws, FATF standards, guidance, and recommendations for VASPs and virtual assets activities, EOCN Guidance on Counter Proliferation Financing.

C. AML/CFT Controls

Implement adequate controls to adequately address the money laundering, terrorism financing, and proliferation financing risks associated with virtual assets activities.

D. Risk Assessment

Performing ML/FT Business Risk Assessments to identify and assess the risk exposure arising from virtual asset activities and deploying the necessary resources to mitigate the identified risk.

E. Customer Due Diligence

Applying adequate CDD measures for all the customers, adopting a risk-based approach, which includes identifying and verifying the customer’s and ultimate beneficial owners’ identity, assessing the risk associated with each customer and performing ongoing CDD.

F. Suspicious Transaction Monitoring & Reporting

Monitoring the business relationships and the virtual asset transactions to identify the red flags and reporting the same to FIU through the goAML Portal.

G. FATF Travel Rule

Acquiring originator and beneficiary details concerning specified virtual asset transactions (exceeding AED 3,500) and exchanging the information with the corresponding VASP.

H. Record Keeping

Maintaining the AML records for a minimum period of eight [8] years.

Related Posts

Best Practices for Choosing a RegTech for AML Compliance Automation

Best Practices for Choosing a RegTech for AML Compliance Automation

Best Practices for Choosing a RegTech for AML Compliance Automation

Download Best Practices for Choosing a RegTech for AML Compliance Automation

Financial Institutions (Fis), Designated Non-Financial Businesses and Professions (DNFBPs), and Virtual Asset Service Providers would benefit immensely from technology adoption. It will help them automate their AML compliance and save costs. This infographic provides valuable insights into choosing a RegTech for automating AML Compliance.

There are a variety of compliance processes that regulated entities in the UAE look to automate. These may include the following:

While choosing the best RegTech solution and the solution vendor, the reporting entities must be very careful so that their essential requirements are automated and the RegTech Software can be easily implemented in the company.

It requires a thorough check on the RegTech solution and the solution vendor to ensure that compliance automation is ensured and the key objectives are achieved.

Best Practices for Choosing a RegTech for AML Compliance Automation

Understanding of the regulatory framework

Ensure that the RegTech provider understands the regulatory framework applicable to your company.

Automation of compliance obligations

Check what compliance obligations are automated by the RegTech solution

Understanding of your sector

Ensure that the RegTech vendor understands the unique aspects of your industry.

Integration with existing systems

Check if the RegTech solution can integrate your existing POS and back-office systems.

Alignment with UAE AML/CFT Regulatory Framework

Ensure that the RegTech software is aligned with the UAE AML/CFT regulatory framework

Testimonials

Ensure the vendor can provide client references and testimonials, and you talk to them to understand their experience with the RegTech provider.

Training

Ensure that the RegTech vendor commits to providing adequate staff training so they can effectively use it.

Related Posts

The Significance of Risk Appetite in a Risk-Based Approach (RBA)

The Significance of Risk Appetite in a Risk-Based Approach (RBA)

the significance of risk appetite in a Risk-Based Approach
Download The Significance of Risk Appetite in a Risk-Based Approach (RBA)

The Significance of Risk Appetite in a Risk-Based Approach (RBA)

Risk appetite is the amount of risk a firm will take to fulfil its strategic goals and objectives. When countering Money Laundering and Terrorist Financing, reporting entities are advised to take a Risk-Based Approach (RBA). One of the most important aspects to assess and document is the firm’s risk appetite under the RBA. The infographic provides the significance of risk appetite in effectively adopting the Risk-Based Approach.

1. Risk Appetite lays the foundation for adopting a Risk-Based Approach (RBA)

Risk Appetite lays the foundation for adopting a Risk-Based Approach. It helps identify the boundary around which the firm must operate and see that it is well-protected. Anything beyond the risk appetite will not help the firm meet its strategic objectives and may have a negative effect on its financials and reputation. The policies, procedures, controls and the overall AML/CFT framework are drafted considering the firm’s risk appetite. If the firm is willing to take risks, a more aggressive approach is taken and vice versa.

2. Risk Appetite helps carry out a tailored Risk Assessment

Risk Appetite helps carry out a tailored risk assessment of the firm. Every business has some inherent risks. It deploys policies, procedures, and controls to counter and keep them within a specific limit. Risk Appetite provides that limit and helps determine whether a firm has to deploy more controls to keep risks within an acceptable limit.

3. Risk Appetite ensures efficiency

Risk Appetite also ensures efficiency. Companies do not have the luxury of resources. They need to be prioritised and deployed where the risks are on the higher side. The risk appetite ensures that the company does not end up deploying all its resources where the risks are minimal. It helps optimise the utilisation of resources.

4. Risk Appetite brings dynamism to risk management

Risk Assessment without considering the risk appetite becomes a static document. It’s the risk appetite that requires the risks to be managed and hence adds the element of dynamism to the overall risk management of the entity.

5. Risk Appetite enables monitoring and review

Risk Appetite requires that the controls are deployed and monitored and their effectiveness is reviewed. It provides a measure against which the overall risk carried by the company is measured, and if there’s any change, it immediately gets reflected.

6. Risk Appetite demonstrates compliance culture

Having a formal Risk Appetite statement demonstrates the compliance culture of the company. The actual implementation of the same is reflected in the action taken by the company in terms of countering ML/TF.

7. Helps prioritise risks for resource allocation

Not all risks are equal. Risks have varying degrees of impact, and the impact differs from company to company and industry to industry. Risk Appetite helps define the acceptable levels for such risks, and hence, it helps determine the risks requiring more attention and effort on the part of the company. It helps prioritise resources and control costs.

8. Brings consistency to the governance mechanism

The overall governance of the compliance function will be wayward without the knowledge of the company’s risk appetite. It could differ from person to person and compliance officer to compliance officer, creating chaos. Without risk appetite, the firm couldn’t implement procedures, and everyone would decide what works best for them.

9. Risk Appetite reduces uncertainty

Risk Appetite enhances certainty in dealing with various risks. The uniform approach across the organisation provides assurance that identified risks will be countered and appropriately managed.

10. Risk Appetite supports informed decision-making

Risk Appetite supports informed decision-making. The top management knows what must be done to meet the company’s strategic objectives. It helps identify the relevant ML/TF risks and controls to keep risks in check and meet regulatory requirements.

Related Posts

The importance of unified AML software in meeting compliance requirements

The importance of unified AML software in meeting compliance requirements

Download The importance of Unified AML Software in meeting compliance requirements

The importance of Unified AML Software in meeting compliance requirements

Be it lawyers, accountants, auditors, TCSPs, DPMS, VASP, real estate brokers, financial institutions, money exchange businesses, or insurance companies, a unified AML software goes a long way in meeting the regulatory obligations of the reporting entities.

A unified AML software helps perform Enterprise-Wide Risk Assessment, Maintain AML/CFT Policy and Procedures, maintain KYC records, perform sanctions screening, carry out customer risk assessment, submit regulatory reports like SAR, STR, PNMR, CNMR, DPMSR, REAR, HRC, HRCA, and maintain a complete audit trail of events.

Since there’s only a single source of truth, duplication is avoided, significantly saving time and effort. Moreover, the ML/FT risks can be mitigated, and the organisation always remains compliant and audit-ready.

The regulatory requirements for semi-annual or annual returns can be met, and timely submission of survey responses can be ensured.

The mandatory record-keeping requirements can be effectively met, and paper-based inefficient processes can be avoided. The company can adopt a risk-based approach and utilise the resources most effectively to fight against financial crimes.  

Related Posts

Tax Evasion red flags, typologies, and control measures

Tax Evasion red flags, typologies, and control measures

Download Tax Evasion red flags, typologies, and control measures

Tax Evasion red flags, typologies, and control measures

Tax evasion is a global issue that is closely associated with money laundering. Tax evasion has been criminalized globally, and the undisclosed proceeds are considered the proceeds of crime. The criminals try to legitimize such illicit money, and such attempts are nothing but money laundering. Tax evasion typologies are techniques employed by criminals to legitimize money. Red flags are warning signals indicating the possibility of money laundering or terrorist financing. Regulated entities are required to implement various measures to counter tax evasion and potential money laundering or terrorist financing.

Tax evasion definition

Tax evasion is a financial crime involving misrepresentation of the taxpayer’s financial position with a motive to avoid taxation.

Tax evasion red flags: Indicators for tax evasion and potential ML/TF

  • Unreasonable business expenses
  • Frequent amendments in tax returns
  • Formation of an offshore company without a sound business rationale
  • Inconsistent information – different accounting information in VAT, customs, and corporate tax returns
  • Sustained business losses
  • Consistently late submission of regulatory requirements
  • Multiple Tax Identification Numbers
  • Transactions inconsistent with customer profile
  • Overly complex business structure without justification
  • International bank account with no local footprint
  • Cash-intensive business
  • Transactions with high-risk jurisdictions
  • Customers demanding a high level of secrecy and confidentiality
  • The customer does not cooperate with the KYC and CDD requirements
  • Sudden closure of a business after completing a few high-value transactions
  • Frequent changes in auditors, lawyers, and business advisors
  • A sudden increase in revenues of a company
  • Bearer shares
  • Source of Wealth and Source of Fund documents cannot be obtained
  • Frequent deposits from unknown and unexplained sources
  • Use of common address by several companies
  • Purchase or sales invoices not available for verification
  • Adverse media matches for tax crimes
  • A large number of people on payroll without business justification
  • Huge amount of liquid cash and cash equivalents with no clear explanation as to why

Typologies: Techniques used for tax evasion and potential ML/TF

  • Structuring/Smurfing
  • The intermingling of cash with legitimate business income
  • Under/overvaluation of goods and services
  • Circular/round-tripping transactions
  • Crypto transactions
  • Personal expenses charges to the business account
  • Frequent cash withdrawals
  • High level of cash expenses and transactions
  • Use of third-party accounts for business transactions
  • Operating two different companies with the same name in two different jurisdictions
  • False invoices, statements, and documents
  • Dual citizenship or tax residence
  • Wire transfers to multiple jurisdictions
  • Rubber stamping = the company is operated with the direction of an unknown beneficial owner
  • Usage of false identities (identity fraud) to make business transactions
  • Use of stolen identity to commit VAT/corporate tax fraud
  • Use of false identity to open bank accounts
  • Creation of shell companies
  • Bogus claims
  • Underreporting of business income
  • Use of offshore tax havens for billing purposes
  • Transfer pricing abuse
  • Claiming false tax deductions
  • Drug trafficking
  • Purchase of multiple properties/luxury items to place the proceeds of crime
  • Bribery

Control measures to counter tax evasion and potential ML/TF

  • Enterprise-Wide Risk Assessment
  • AML/CFT program
  • Robust KYC and CDD mechanisms
  • Enhanced Due Diligence (EDD) for high-risk customers
  • Transaction Monitoring
  • Submission of SAR/STR in case of a suspicion
  • Accepting only bank payments and avoiding cash and cryptocurrencies
  • Top management oversight

Related Posts

Decoding EWRA: Mastering Risk Weighting for Comprehensive Risk Assessment

Decoding EWRA: Mastering Risk Weighting for Comprehensive Risk Assessment

Decoding EWRA: Mastering Risk Weighting for Comprehensive Risk Assessment
Download EWRA: Mastering Risk Weighting for Comprehensive Risk Assessment

Decoding EWRA: Mastering Risk Weighting for Comprehensive Risk Assessment

Enterprise-Wide Risk Assessment helps a company adopt a risk-based approach and apply controls commensurate with the risks. While performing EWRA, one of the essential aspects to consider is the weightage to be provided to the variety of risks the company is exposed to. If the risk weightage isn’t adequately assigned, the resultant risk scoring wouldn’t be appropriate.

The above infographic highlights various considerations while determining the risk weightage for risk factors a company is exposed to. An objective methodology will help organizations customise risk assessment as different risk factors carry a different degree of risk.

Further, the risk weighting helps deploy the appropriate resources to counter the risks, as not all risks are equal. High-risk scenarios require Enhanced Due Diligence, and assigning appropriate risk weights ensures enhanced scrutiny is conducted for high-risk clients.

The assessment of risk weights helps document AML/CFT policies and procedures in line with the EWRA. Once the risks are appropriately weighted, they help management make informed business decisions.

Adopting a scientific methodology in assigning risk weights is pivotal for a robust AML/CFT framework. It helps comply with the legal framework and keep ML/FT risks at bay.

Related Posts

AML Controls and Proactive Risk Management

AML Controls and Proactive Risk Management

AML Controls and Proactive Risk Management
Download AML Controls and Proactive Risk Management

AML Controls and Proactive Risk Management

To effectively combat financial crimes like money laundering and terrorism financing, the regulated entities must implement necessary controls and risk mitigation measures. Of all the AML controls, some could be general in nature, while some could be specific to target a particular type of risk.

Here is the infographic discussing the controls a regulated entity must develop and deploy as part of a financial risk management framework.

  • Establish baseline controls: Some controls are general in nature, yet important to implement to identify and manage the financial crime risk the business may face. These controls are important from adherence to the AML regulations perspective as well. This includes setting up an in-house AML compliance department and appointing a competent AML Compliance Officer to ensure an effective and comprehensive AML program. Developing an appropriate AML governance structure is also critical to baseline AML controls. All these controls work in tandem with the risk-specific controls, managing each task under the entire AML compliance framework.
  • Performing Enterprise-Wide Risk Assessment: To overcome the risk the regulated entity may be exposed to owing to the nature of its business operations, geographies, and the customers it is associated with, etc. it is essential to conduct the Enterprise-Wide Risk Assessment. EWRA empowers the entity to develop the business’s risk profile and determine the controls and resources for managing these assessed ML/FT risks. EWRA helps the regulated entity adopt a Risk-Based Approach. Based on the outcome of the EWRA, the regulated entity must develop an internal set of AML/CFT policies, procedures, and controls, targeting the timely identification of the risk indicators and efficiently managing the risks. These internally developed business-specific procedures and controls must be discussed with the staff, and necessary AML training must be imparted. EWRA, documented AML policies, and AML training is robust controls at the entity’s disposal, focusing on restricting the ML/FT attempts.
  • Establish Due Diligence Measures: It is the best process to identify the risks at the early stage and curb them before penetrating the business. For this, the regulated entity must establish and maintain robust Customer Due Diligence procedures that enable it to identify the customers and the risks they pose to the business before getting into a business relationship. As part of the AML Program, the entity must define the CDD process, including Know Your Customer (KYC), Screening, Customer Risk Profiling, etc. that shall be followed. Further, once the customer is onboard, the entity must monitor the customer’s profile and activities to ensure that the customer’s risk assessment is valid, and that the business relationship or transactions are not posing any newer risks to the business. This calls for maintaining accurate and complete data about the customer transaction and continuously monitoring the same to find any gaps or suspicions.
  • Perform Enhanced Due Diligence: Higher risk posing business relationships warrant stringent controls. For managing the customer identified as “high-risk”, the regulated entity must implement Enhanced Due Diligence measures, focusing on making more rigorous verification of the customer’s identity and overall profile, including understanding the customer’s source of funds and wealth. Such customers must be put to an increased ongoing monitoring program to make sure that the risk does not beyond the one assessed, and if required, additional checks and measures can be immediately implemented.

Developing a wholesome AML risk management framework is crucial to protect the business against vulnerabilities and comply with regulations.

Worried about defining the right AML controls and risk mitigation measures for your business? AML UAE is here to help you out. With years of experience and understanding of the AML regulations, we assist the regulated entities in developing the customized AML controls and risk mitigation measures, thriving to protect the business from any potential ML/FT threats.

Related Posts

Navigating Independent AML Audits: The Road to Compliance Success

Navigating Independent AML Audits: The Road to Compliance Success

Navigating Independent AML Audits: The Road to Compliance Success
Download Navigating Independent AML Audits: The Road to Compliance Success

Navigating Independent AML Audits: The Road to Compliance Success

The UAE AML laws mandate the regulated entities to implement an independent AML audit function to test the quality and adequacy of the AML program and the measures deployed by the business.

Only with a robust and systematic approach, the AML audit function can be adopted efficiently. An ideal AML audit program includes the following components:

  • AML Audit Plan
    Before practically beginning with the AML audit, the AML auditor must thoroughly set up an audit plan, clearly capturing the audit objectives to be achieved, the scope of the AML audit and the essential procedures the auditor proposes to implement to satisfy the objectives and scope of work.
  • Conducting AML Audit
    Following the audit plan, the auditor must proceed with the audit performance. This should include independent and unbiased review and checking of the entity’s overall AML program.
  • Reporting the AML Audit findings
    The auditor must document the deficits observed, or compliance gaps identified during the review and present a report to senior management. This report must also include the remediation measures against each observation, guiding the business to address the audit findings.
  • Post AML audit activities
    With the AML auditor’s report in hand, the senior management must immediately develop a plan involving the AML Compliance Officer to resolve the gaps. The necessary team members must be involved and assigned the responsibility for managing and remediating the specific non-compliance or improvement areas. The senior management must constantly track the progress of rectification measures.

With a systematic process, the purpose of the AML audit can be served in its right spirit.

Here is an infographic discussing the AML audit program in detail, highlighting the four core stages related to initiation of the AML audit journey and its successful closure.

Do you need any assistance with the AML audit? Here we are – AML UAE. AML UAE is a leading AML consultancy service provider, offering end-to-end AML consultancy services, including AML audit support.

Related Posts