Webinar on Decoding KYC Requirements: A Crucial Element of AML Compliance in the UAE

The Federal Decree Law No. (20) of 2018 and related cabinet decisions and guidelines require DNFBPs and VASPs to adopt a risk-based approach and carry out Customer Due Diligence (CDD).

Know Your Customer (KYC) has been a crucial component of CDD requirements and we often get queries from DNFBPs and VASPs related to the legal requirements around it.

The webinar on “Decoding KYC Requirements: A Crucial Element of AML Compliance in the UAE” was conducted successfully on June 5, 2024, from 11 am to 12 pm (GST).

The webinar addressed the AML/CFT Regulatory Framework in the UAE, KYC meaning and its significance, KYC requirements for individuals and corporates, circumstances and timing for conducting KYC, common deficiency around KYC measures employed by entities, significance of KYC remediation in AML compliance, best practices for conducting KYC, UBO identification, restrictions on establishing business relationships under UAE AML regulations, and red flags associated with customers with respect to KYC.

Thanks for attending our webinar.

In case you missed it, here is a recording and presentation that recaps everything we covered.