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29 August, 2021

MoE Intensifies AML Compliance

The Ministry of Economy recently confirmed that 80% of establishments have complied with the International Financial Action Task Force rules.


The International Financial Action Task Force Rules are directed towards Designated Non-Financial Businesses and Professions (DNFBPs) establishments across the UAE. There are currently over 15,400 such firms across the UAE.


The Ministry of Economy recently issued the directive to all such firms to follow the financial action task force rules. Mohamed Al Janahi, head of Anti Money Laundering (AML) Supervision Section at the ministry, said the MoE’s efforts are directed towards meeting compliance in two main areas.


The first includes the regulation and supervision of the DNFBPs to ensure they meet the legal requirements. The oversight of the ministry is geared towards four main business activities – real estate agents and brokers, precious metals and gemstone dealers, auditors, and corporate service providers.


The second is obtaining the Ultimate Beneficial Owner (UBO) data from all private sector establishments within the country, including the non-financial free zones. This is being implemented in cooperation with Registrars of Companies across the country to ensure the completion and registration of UBO data from more than 565,000 private establishments operating in various sectors.


The ministry also added that non-compliance thus far has been attracting fines, and further non-compliance will lead to more heavy fines to ensure compliance.


Do you have queries on UBO or AML compliance?


Are you seeking a firm that helps you in Government regulatory compliance, while bringing you no fines/penalties?


Reach out to us for a free consultation and our experts will guide you accordingly.


Source : Khaleej Times

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