Video on Factors for AML Enterprise Wide Risk Assessment

Video on Factors for AML Enterprise Wide Risk Assessment

Video on Factors for AML Enterprise Wide Risk Assessment

Video on Factors for AML Enterprise Wide Risk Assessment

The Enterprise Risk Assessment (EWRA)/ Business Risk Assessment is vital in ensuring AML compliance.

The reporting entities (Financial Institutions, DNFBPs and VASPs) shall conduct ERWA considering the relevant risk factors, their likelihood of occurrence, and countermeasures deployed.

It should help determine the level of risk exposure of the company. Based on EWRA, the entity needs to design its AML/CFT policies and procedures and lay down controls to counter the risks of ML/TF and remain compliant with AML regulations. The EWRA takes into account qualitative and quantitative aspects.

This video helps in understanding various risk factors:

  • Customer risk
  • Geographic risk
  • Product/ Services risk
  • Transaction risk
  • Delivery channel risk
  • Technology risk
  • Other relevant risk factors depending on the nature and size of the business.

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Video on Independent AML Audit

Video on Independent AML Audit

Video on Independent AML Audit

Video on Independent AML Audit

To safeguard the reporting entities (Financial Institutions, DNFBPs and VASPs) from financial crime risks and to remain compliant with AML requirements, an AML Audit must be conducted independently by competent personnel on a periodic basis to ensure that the AML Program of the entity is consistent with AML rules and regulations.

AML Audit is entirely different from a financial audit of the books of accounts. The Independent AML Audit verifies the entity’s AML/CFT compliance framework.

The audit helps to identify gaps in the existing AML Program, detect loopholes and recommend best practices to bridge the gaps. To bridge the gap, the AML Auditor may recommend the implementation of additional controls, developing or enhancing the AML training programs, and adopting new technological solutions to strengthen the AML capabilities. Further, the AML auditor must be aware of the latest regulatory amendments and understand the AML obligations of the particular entity. This video explains:

  • What is an Independent AML Audit?
  • Why is it needed?
  • Who can perform an independent AML audit?

Chapters:

  • 0:00 Introduction to Independent AML Audit
  • 0:47 What is an Independent AML Audit
  • 1:36 Why an Independent AML Audit is necessary
  • 1:54 Reasons to carry out Independent AML Audit
  • 3:09 Who can conduct AML Audits
  • 4:08 Conclusion and regards

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Video on Suspicious Activity vs. Suspicious Transaction

Video on Suspicious Activity vs. Suspicious Transaction

Video on Suspicious Activity vs. Suspicious Transaction

According to AML UAE regulations, the reporting entities (Financial Institutions, DNFBPs and Virtual Asset Service Providers) must comply with reporting requirements with FIU on the goAML portal. Based on the red flags identified concerning any suspicious activity/ transaction, the entities must report the same to FIU on the goAML portal by filing a Suspicious Activity Report (SAR)/ Suspicious Transaction Report (STR).

SAR means to report any suspicious activity in case of attempted or unexecuted transactions before establishing a relationship with the customer. In contrast, STR means to report any suspicious transaction when the transaction has already been executed, or funds transfer has been initiated or concluded, even if the supply of goods/ services is pending.

Chapters:

  • 0:00 Introduction on Suspicious Activity vs Suspicious Transaction
  • 0:44 Understanding the conditions of filing STR and SAR
  • 1:04 Suspicious Transaction
  • 1:30 Suspicious Activity
  • 1:40 When to file SAR and STR
  • 2:27 Examples of suspicions where SAR is to be filed
  • 3:15 Examples of suspicions where STR is to be filed
  • 3:53 Conclusion and regards

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Video on Role of Senior Management towards AML

Video on Role of Senior Management towards AML

Video on Role of Senior Management towards AML

Video on Role of Senior Management towards AML

The reporting entities (financial institutions, DNFBPs, and VASPs) must have a robust program in place to ensure compliance with AML rules and regulations. Ensuring the same requires the support of senior management, which plays a vital role in AML compliance.

The reporting entities must design and implement AML Policies and Procedures to ensure compliance with all the mandatory requirements. One of Senior Management’s key responsibilities is appointing a Compliance Officer. The Senior Management has the following roles and responsibilities:

  • Appointment of Compliance Officer
  • Approving AML Policy
  • Approval to onboard high-risk customer
  • Appointment of an Independent AML Audit Auditor
  • Oversight of Third Parties
  • Reviewing AML Report
  • AML Issues fixing
  • Non-Tolerance and leading

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Video on goAML Reporting requirement in UAE

Video on goAML Reporting requirement in UAE

Video on goAML Reporting requirement in UAE

Video on goAML Reporting requirement in UAE

Pursuant to UAE AML Rules and Regulations, Financial Institutions, DNFBPs, and Virtual Asset Service Providers must register on the goAML Portal to comply with timely reporting requirements with the FIU and the concerned supervisory authority.

The reporting entities are required to submit various reports on the goAML portal, depending upon the nature of the transaction. This video will help you understand various reports that must be filed under  UAE AML regulations.

  • Suspicious Transaction Report (STR)
  • Suspicious Activity Report (SAR)
  • High-Risk Country Transaction Report (HRC)
  • High-Risk Country Activity Report (HRCA)
  • Dealers in Precious Metals and Stones Report (DPMSR)
  • Real Estate Activity Report (REAR)
  • Fund Freeze Report (FFR)
  • Partial Name Match Report (PNMR)

Chapters:

  • 0:00 Introduction on goAML Reporting Requirement in UAE
  • 0:24 Reports to be submitted by reporting entities
  • 1:12 Suspicious Transaction Reports (STR) and Suspicious Activity Report (SAR)
  • 1:54 High-Risk Country Transaction Report (HRC) and High-Risk Country Activity Report (HRCA)
  • 2:25 Dealers in Precious Metals and Stones Report (DPMSR)
  • 2:52 Real Estate Activity Report (REAR)
  • 3:15 Fund Freeze Report (FFR) and Partial Name Match Report (PNMR)
  • 4:19 Short brief goAML Reporting Requirement

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Determining the Customer’s Risk Profile

customer risk profile

Determining the Customer's Risk Profile

Determining the Customer's Risk Profile

Based on KYC/ KYB and screening, the reporting entities (Financial Institutions, DNFBPs and Virtual Asset Service Providers) must assess the risk associated and assign an appropriate risk rating to the customer.

The reporting entities shall assess the Customer Risk by classifying the customer risk profile depending upon the risks involved as unacceptable, high, medium, or low. The higher the risks, the more stringent controls must be in place to mitigate such risks.

In case customers are classified as “high-risk”, the reporting entities must apply Enhanced Due Diligence (EDD) measures. The following parameters can be considered while doing risk profiling:

  • Customer risk
  • Transaction risk
  • Customers Jurisdiction/ Geographical risk
  • Product/ Service risk
  • Delivery channel-related risk
  • Other relevant factors.

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Essential Element of Sanctions Compliance in UAE – Filing Partial Name Match Report

Video on Filing Partial Name Match Report

Video on Filing Partial Name Match Report - Essential Element of Sanctions Compliance in UAE

Video on Filing Partial Name Match Report - Essential Element of Sanctions Compliance in UAE

The reporting entities (Financial Institutions, DNFBPs and Virtual Asset Service Providers) must comply with goAML reporting requirements with the Financial Intelligence Unit.

The reporting entities must screen their new/ existing customers based on the UNSC consolidated list and UAE local terrorist list before onboarding or carrying out any occasional transaction.

Based on sanction screening, if the entities find a potential match with the sanction list, then Reporting entities must suspend the transaction and file a Partial Name Match Report (PNMR) on the goAML portal.

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Ultimate Beneficial Owners: Unveiling the real names

Video on Ultimate Beneficial Owners Unveiling the real names

Video on Ultimate Beneficial Owners: Unveiling the real names

Video on Ultimate Beneficial Owners: Unveiling the real names

The key element of Customer Due Diligence before onboarding corporate customers is to identify ultimate Beneficial Owners (UBO) and unveil their true identity to fight against money laundering and terrorist financing.

If UBO pertains to high risk, then the entity will also be treated as high risk, and Enhanced Due Diligence is to be conducted for both. UBO can only be a natural person. The following qualifies as UBO:

  • If a natural person has 25% or more ownership interest in an entity through direct or indirect shareholding
  • If a natural person holds 25% or more of the voting rights in an entity
  • If a natural person has the right to appoint or dismiss a majority of the managerial persons in the entity
  • If there is any other way by which a natural person exercises ultimate control over the entity
  • If UBO cannot be determined, then a natural person holding a senior managerial position in the entity would qualify as a UBO

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Video on Upgrading AML Compliance with Employee Due Diligence

Upgrading AML Compliance with Employee Due Diligence

Video on Upgrading AML Compliance with Employee Due Diligence

Video on Upgrading AML Compliance with Employee Due Diligence

Before onboarding any employee, the organisation must conduct Employee Due Diligence to ensure that it does not pertain any risk to the organization. It is important to check the identity and background proof of employees before hiring them. By providing adequate training to employees, it would act as a line of defense, helps in keeping money laundering risks at bay and contribute towards making the organisation compliant with AML. This video highlights the importance of Employee Due Diligence.

  • Why to conduct Employee Due Diligence
  • Which Employees are to be screened
  • When to conduct Employee Due Diligence
  • How to conduct Employee Due Diligence

Chapters:

  • 0:00 Introduction on employee due diligence
  • 0:30 Procedure of employee due diligence
  • 1:04 WHY employee due diligence is essential
  • 1:39 WHICH employees are screened in employee due diligence
  • 2:11 WHEN to conduct employee due diligence
  • 2:32 HOW to conduct employee due diligence
  • 3:29 About the video

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Video on Enhanced Due Diligence

Video on Enhanced Due Diligence

Video on Enhanced Due Diligence

Video on Enhanced Due Diligence

This video focuses on the Enhanced Due Diligence (EDD) which is an advanced/ extended form of Customer Due Diligence, wherein additional checks are required to be done to manage the increased financial crime risks. The regulated entities (Financial Institutions, DNFBPs and Virtual Asset Service Providers) are required to undertake robust and rigorous version of CDD when it involves high risks customers. This video will help you understand what is EDD, situations when EDD is to be performed and measures to be applied. Following measures can be adopted to be performed as part of EDD.

  • Entities must increase the scrutiny around customer identities to ensure that customers are what they say they are.
  • Entities must get more information on the customer’s business, products, or services and conduct detailed inquiries about the purpose of the business relationship.
  • Entities must determine the legitimacy of the customer’s source of funds and wealth.
  • A thorough background search on the customers must be performed through public and private databases, internet research, social media, and adverse media checks to understand the customer’s connections with financial crimes.
  • The customer profile must be subject to increased monitoring.
  • The regulated entities must get senior management approval before establishing any business relationship or transaction with high-risk customers.
  • Asking the customer to make the first payment from the bank account in its name, ensuring the third-party funds are not used in the proposed business relationship or transaction.

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