Anti Money Laundering (AML)/ Countering Financing of Terrorism (CFT) Compliance Requirements in UAE

It is pertinent to understand the various AML compliance requirements entrusted upon the DNFBPs, to effectively implement the AML program across the organization and mitigate the financial crime risks. In this video, we will discuss Anti Money Laundering (AML)/ Countering Financing of Terrorism (CFT) Compliance Requirements in UAE.

To help you ensure complete compliance with AML UAE regulations and avoid non-compliance penalties and reputational damage, we have summarised all the AML obligations of the DNFBPs, FIs, and VASPs in the present video.

The video can be your ready reckoner, guiding you through the customer onboarding process and due diligence, mandatory reporting to FIU (DPMSR or REAR or FFR, etc.), and ongoing customer relationship monitoring.

AML UAE is the AML Consultancy firm to handhold you during your AML compliance journey so that you do not miss any AML requirements and protect your business from being exposed to financial crimes.

Chapters:
0:00 goAML registration
1:10 Appointment of the AML/CFT Compliance Officer
2:01 AML Enterprise-wide Risk Assessment
5:44 Define & Regularly update policies, procedures and controls
6:41 KYC (Know Your Customer)
8:41 Screening
16:41 Risk Profiling
18:56 Enhanced Due Diligence (EDD)
21:57 Submit SAR/STR
24:31 Ongoing Monitoring
28:01 Record Keeping
29:51 Appointment of Independent Auditor
30:51 DPMSR Report
31:51 REAR Report
32:12 AML/CFT Risk Assessment Report
32:27 Periodic Reports to Senior Management
33:35 Submission of HRC or HRCA
34:19 Mandatory AML Training for the Compliance Officer and the Staff

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