Decoding KYC Requirements: A crucial element of AML Compliance in the UAE | AML 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.

📅 Date: 5th June 2024
⏰ Time: 11:00 am to 12:00 pm (GST)

🌍 https://amluae.com/webinar-on-decodin...

Timestamps:

0:00 Introduction on Decoding KYC Requirements
1:38 AML Regulatory Framework in UAE
3:28 AML/CFT Compliance Requirements in UAE
10: 42 Key Elements of KYC
11:13 Role of KYC in AML/CFT Framework
12:11 The Identify Verification Process
13:56 Know Your Customer (KYC)
19:44 Common Deficiencies in KYC measures
21:52 Best Practices for conducting KYC
27:31 How to Identify Ultimate Beneficial Owners
35:47 Process of KYC Refresh (Re-KYC)

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