12 top videos on AML compliance: Defending against financial crime
12 top videos on AML compliance: Defending against financial crime
In this article, we will explore 12 top videos which will help you understand various concepts and legal requirements around AML/CFT compliance. Starting with the goAML registration requirements to submitting various regulatory reports, including REAR, FFR, PNMR, SAR, and STR, it will help you develop a sound understanding of the AML compliance requirements.
Politically Exposed Person (PEP) and PEP screening requirements in UAE
This video will help you grasp the essential concepts around:
- Who the politically exposed person is, the Definition of PEP
- Who is covered within the definition of PEP, including the person himself and his associates
- What action you should take once you know someone is a PEP or associated with a PEP
- How to deal with domestic PEPs, foreign PEPs, and heads of international organizations.
- Why PEPs are treated as high-risk customers
- What are the deciding factors to conclude that a PEP carries high-risk
- How to manage ML/TF risks around PEPs
- What are the requirements for carrying out Enhanced Due Diligence (EDD) when working with Politically Exposed Persons
- Ongoing monitoring of transactions with PEPs
Chapters:
- 0:00 PEP Introduction
- 0:25 Who is PEP?
- 0:44 associated PEP
- 0:54 3 categories of PEP
- 1:06 Domestic PEP
- 1:12 Foreign PEP
- 1:18 Head of International Organization
- 1:29 High risk
- 1:38 Factors considered while determining PEP
- 2:11 MLFT Risk with associated PEP
- 2:34 KYC & EDD
- 2:41 Treated as High risk
- 3:15 Regarding PEP
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AML Business Risk Assessment (BRA) and how to conduct BRA
This video will help you understand the key concepts around the AML Business Risk Assessment (BRA). The AML Business Risk Assessment is also known as the Enterpiese-Wide Risk Assessment, Firm-Wide Risk Assessment, Entity-Wide Risk Assessment, or simply, ML/TF Risk Assessment.
- The need for AML Business Risk Assessment (BRA)
- Risk-Based Approach
- Risk appetite
- Risk Factors to consider while performing EWRA
- The concept of gross risk and how to arrive at it
- Evaluation of controls and their effectiveness
- The concept of net risk or residual risk and how to arrive at it
Chapters:
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Role of AML Compliance Officer under UAE AML Regulations
The ultimate responsibility to comply with UAE AML regulations remains with the top management, but the AML Compliance Officer is responsible for implementing the AML/CFT program in the company, imparting training to the staff, submitting regulatory reports, and overseeing the compliance function. This video will help you understand the role of the AML Compliance Officer in the entity.
- Key responsibilities of the AML Compliance Officer
- AML/CFT program development and its implementation
- Regular updates to the AML/CFT policies and procedures
- AML training program
- Suspicious Transactions Report (STR) and other regulatory reporting
- AML/CFT Record Keeping
Chapters:
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Know Your Customer Process under UAE AML Regulations
This video focuses on the Know Your Customer (KYC) requirements under the UAE AML Regulations. It helps you understand various concepts and requirements around customer identification and customer verification. The video highlights various important aspects of KYC:
- What is Know Your Customer (KYC)
- KYC requirements for individual customers
- KYC requirements for corporates
- Why maintain a standardized KYC form
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- What is Know Your Customer (KYC)?
- Best practices for KYC compliance
- Accurate AML Compliance with KYC Automation
- KYC Transformation From Manual KYC Checks to Automated
- Know the Differences between KYC and AML
- Identity Verification for Partnership Firms: Navigating the essential element of customer onboarding under UAE AML Law
- Know Your Transaction (KYT) and Know Your Virtual Asset Service Providers (KYV)
- Customer Lifecycle Management and AML Compliance in the Digital World
Sanction Screening in UAE
This video will help you understand the basic concepts around sanctions screening, what it is, what sanctions list to include as per UAE AML requirements, how to conduct sanctions screening, and more:
- What is sanctions screening
- UAE Local List and UNSC List
- When to conduct sanctions check
- The requirements around the EOCN mailing list subscription
- Sanctions screening process
- What to while dealing with sanctioned individuals and entities
- Partial Name Match and Fund Freeze Report Submission with the FIU goAML portal
Chapters:
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- Sanctions screening regulatory requirements in UAE
- Countering the Proliferation Financing: Concept and Mitigation Measures
- Filing of Fund Freeze Report (FFR) under UAE AML Laws
- PEP and PEP Screening under UAE AML Regulations
- PEP Screening Guide
- Filing of Partial Name Match Report (PNMR) under UAE AML Laws
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- A Guide to Sanction and PEP Screening in Customer Onboarding Process
- What is a sanction list?
- Targeted Financial Sanctions (TFS): Legal Requirements in UAE
- Sanctions Compliance by VASPs in UAE: Safeguarding the Virtual Asset segment against financial crimes
- TFS Implementation Criteria: Ownership, Control, and Acting on behalf of a Designated Person
- What are Economic Sanctions?
- Choosing an apt AML Software for DPMS
- Updated list of FATF high-risk countries and countries under increased monitoring
- How do you do a Sanction Screening?
- Role of FATF: The Financial Action Task Force
- What are FATF Blacklist and Grey list countries?
- The Challenges of The Sanction Screening Process
- Simple Guide to Subscribe to Sanctioned List
- The Role of Sanctions in Achieving International Peace and Security
- Socio-economic impact of money laundering
- Funds Freeze Report (FFR) and Partial Name Match Report (PNMR) filing with goAML
- What is Proliferation and Proliferation Financing?
- A complete guide to global AML regulations
Related Laws, Guidelines, Rules, and Regulations
- Targeted Financial Sanctions Implementation Guide
- Typologies on the circumvention of Targeted Sanctions
- Guidance on Targeted Financial Sanctions for FIs, DNFBPs, and VASPs
- UAE national sanctions list
- Cabinet Resolution No. (74) of 2020 – Terrorism Lists Regulation
- Targeted Financial Sanctions Guideline for Insurance Sector
- Targeted Financial Sanctions Proliferation and Terrorism Financing
- Guidance on Counter Proliferation Financing for FIs DNFBPs and VASPs
- TFS Private Sector Mini Guide
- Circular 1 of 2022: Implementation of Targeted Financial Sanctions on UNSCRs 1718 (2006) and 2231 (2015)
- Circular No. 5 on Targeted Financial Sanctions Reporting
- Guidance for Licensed Financial Institutions on the Implementation of Targeted Financial Sanctions
- DFSA Rulebook – AML, CFT and Sanctions Module
Elements of an effective AML Policy and Procedures
This video will help you understand the elements of an effective AML policy and procedures. Regarding AML/CFT policy and procedures, it is important to get it approved by top management. The video touches upon the important aspects around risk identification, risk-based approach, customer onboarding, identification and reporting of suspicious transactions, other reporting requirements, record keeping, governance, and targeted financial sanctions (TFS).
Chapters:
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- AML Policy Template for the VASP in UAE
- AML Policy Template for the Trust and Company Service Providers (TCSP) in UAE
- AML Policy Template for the Jewellers in UAE
- AML Policy Template for the lawyers, notaries, and other legal professionals in UAE
- AML Policy Template for Real Estate Agents and Brokers in UAE
- AML Policy Template
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Staying ahead in AML compliance: Understanding when to file STRs
This video highlights the importance of knowing red flags around suspicious activities and suspicious transactions. It will help you distinguish between suspicious activities and suspicious transactions. Further, it provides information about the regulatory reporting requirement in the form of a Suspicious Transaction Report. It will help you understand when you are supposed to file STR with the goAML portal maintained by the UAE, FIU.
- What is STR
- Who is obligated to submit STR with goAML portal maintained by the FIU, UAE
- The distinction between a Suspicious Activity and a Suspicious Transaction (SAR vs STR)
- Red flags indicating a suspicious transaction
- STR submission
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Compliance with AML Laws: Guide to Filing a Fund Freeze Report
This video highlights the important procedure around filing a Fund Freeze Report with the goAML portal. A fund Freeze Report must be filed with the FIU goAML portal when a regulated entity finds a match with the UNSC or UAE local list. It also highlights the importance of sanctions screening.
- What is a Fund Freeze Report
- When to file a Fund Freeze Report
- Sanctions Screening
- What to do when you find a confirmed match with the sanctions list
- Timeline for filing Fund Freeze Report
Chapters
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- Funds Freeze Report (FFR) and Partial Name Match Report (PNMR) filing with goAML
- A Guide to Sanction and PEP Screening in Customer Onboarding Process
What is a sanction list?
Targeted Financial Sanctions (TFS): Legal Requirements in UAE
Sanctions Compliance by VASPs in UAE: Safeguarding the Virtual Asset segment against financial crimes - TFS Implementation Criteria: Ownership, Control, and Acting on behalf of a Designated Person
- What are Economic Sanctions?
- Choosing an apt AML Software for DPMS
- Updated list of FATF high-risk countries and countries under increased monitoring
- How do you do a Sanction Screening?
- Role of FATF: The Financial Action Task Force
- What are FATF Blacklist and Grey list countries?
- The Challenges of The Sanction Screening Process
- Simple Guide to Subscribe to Sanctioned List
- The Role of Sanctions in Achieving International Peace and Security
- Socio-economic impact of money laundering
- What is Proliferation and Proliferation Financing?
- A complete guide to global AML regulations
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- Sanctions screening regulatory requirements in UAE
- Countering the Proliferation Financing: Concept and Mitigation Measures
- Filing of Fund Freeze Report (FFR) under UAE AML Laws
- PEP and PEP Screening under UAE AML Regulations
- PEP Screening Guide
- Filing of Partial Name Match Report (PNMR) under UAE AML Laws
Related Laws, Guidelines, Rules, and Regulations
- Targeted Financial Sanctions Implementation Guide
- Typologies on the circumvention of Targeted Sanctions
- Guidance on Targeted Financial Sanctions for FIs, DNFBPs, and VASPs
- UAE national sanctions list
- Cabinet Resolution No. (74) of 2020 – Terrorism Lists Regulation
Targeted Financial Sanctions Guideline for Insurance Sector - Targeted Financial Sanctions Proliferation and Terrorism Financing
- Guidance on Counter Proliferation Financing for FIs DNFBPs and VASPs
- TFS Private Sector Mini Guide
- Circular 1 of 2022: Implementation of Targeted Financial Sanctions on UNSCRs 1718 (2006) and 2231 (2015)
- Circular No. 5 on Targeted Financial Sanctions Reporting
- Guidance for Licensed Financial Institutions on the Implementation of Targeted Financial Sanctions
- DFSA Rulebook – AML, CFT and Sanctions Module
Checklist for Filing STR and SAR on the goAML portal
This video will help you understand the importance of an AML/CFT program and how your policies and procedures should be defined to ensure reporting all suspicious activities and transactions to the UAE FIU.
- Identification of suspicious activities and suspicious transactions
- Procedures around Internal Suspicious Transactions Reoprt (STR) and Internal Suspicious Activity Report (SAR)
- Preliminary investigation by the compliance officer
- Decision to submit SAR or STR with the goAML portal
- Supporting Documents around SAR or STR
- Submission of SAR or STR on the goAML portal
Chapters:
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Money Laundering 101: Three Stages of Money Laundering
Money laundering is a global concern, with an estimated 2-5% of global GDP being laundered every year. This video will help you understand the three stages of money laundering, viz., placement, layering, and integration:
- Three stages of money laundering
- Placement
- Layering
- Integration
Chapters:
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Filing of Real Estate Activity Report (REAR) on goAML
Real estate agents, brokers, lawyers, and independent legal firms must report specified transactions related to real estate to FIU in the prescribed format called Real Estate Activity Report (REAR). This video will help you understand various requirements around REAR report submission.
- REAR applicability to Real Estate Agents and Brokers
- REAR applicability to lawyers and independent legal firms
- Circumstances warranting submission of REAR on the goAML portal
- REAR applies to buying and selling of freehold property only
- Monetary threshold around REAR submission for cash and crypto transactions
- Documents to be submitted along with REAR
Chapters:
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- Role of an AML Compliance Officer in a real estate agent or brokerage firm in UAE
- AML Compliance Requirements for Law Firms in UAE
- A detailed analysis of the AML/CFT requirements for lawyers, notaries, and legal professionals in the UAE
- A deep dive into the AML compliance requirements for the real estate sector in the UAE
- Conducting Independent AML Audits in DNFBPs: A Comprehensive Handbook
- Enhanced Money Laundering Risks In The Real Estate Sector
Related Laws, Guidelines, Rules, and Regulations
- Real Estate Activity Report (REAR) submission by real estate brokers and agents and law firms as per Circular Number: 05/2022
- AML supplemental guidance for the real estate sector in UAE
Ministerial Decision on AML for lawyers – by Ministry of Justice - Lawyers’ Guide on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations
goAML Registration in the UAE
Financial Institutions, Virtual Asset Service Providers, and Designated Non-Financial Businesses and Professions (DNFBPs) must register on the goAML portal to fulfill their regulatory reporting requirements. In this video, we will look at the process of registering on the goAML portal.
- What is goAML portal
- The objective behind UAE FIU’s goAML portal
- Entities required to register on the goAML portal
- The two-stage process of goAML Registration
- SACM Registration – First Stage of goAML Registration
- Second Stage of goAML Registration
- Documents required for goAML Registration
- Regulatory Reporting on goAML Portal
Chapters:
- 0:00 Introduction to goAML Registration
- 0:39 Objectives of goAML platform
- 1:04 Entities to detect and report suspicious transactions
- 1:26 SACM Registration on goAML portal
- 1:48 goAML Registration using Google Authenticator
- 2:23 Documents needed for goAML Registration
- 3:00 AML-related reports to be Submitted after approval
- 3:30 Conclusions
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- Reporting on goAML Portal under UAE AML Regulations
- Simplifying UAE FIU goAML Registration: A Visual Guide
- Checklist for filing STR and SAR on goAML portal under UAE AML Laws
Filing of Real Estate Activity Report (REAR) on goAML under UAE AML Laws - Filing of Partial Name Match Report (PNMR) under UAE AML Laws
- Filing of Fund Freeze Report (FFR) under UAE AML Laws
- When to file STR under UAE AML Law?
- When to file SAR under UAE AML Law?
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- A Guide to Anti Money Laundering AML Laws in UAE | DNFBPs
- Differentiating: Suspicious Activity vs. Suspicious Transaction
- Staying Ahead in AML Compliance: Understanding When to File STRs
- Checklist For Filing STR and SAR on the goAML Portal
- Compliance with AML Laws: Guide to Filing a Fund Freeze Report (FFR)
- Essential Element of Sanctions Compliance in UAE – Filing Partial Name Match Report
- Sanctions Compliance in UAE and Conducting Sanctions Screening Using AML Software
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About the Author
Pathik Shah
FCA, CAMS, CISA, CS, DISA (ICAI), FAFP (ICAI)
Pathik is a Chartered Accountant with more than 22 years of experience in compliance management, Anti-Money Laundering, tax consultancy, risk management, accounting, system audits, IT consultancy, and digital marketing.
He has extensive knowledge of local and international Anti-Money Laundering rules and regulations. He helps companies with end-to-end AML compliance services, from understanding the AML business-specific risk to implementing the robust AML Compliance framework.