UGS Advisory can handle all these services for your business. These services ensure AML compliance of business with the mandatory obligations under the national AML laws. You also get consulting on global AML best practices to incorporate in your business processes. Such a range of expert AML compliance services make your processes free from potential financial crimes.
You get expert help creating and implementing a suitable AML policy and related procedures. Our support in mandatory reporting requirements frees you from these operational complexities and management.
You can also enjoy business risk assessments, AML manuals, and help in due diligence frameworks. Thus, you can escape potential money laundering effects with our varied AML compliance services.
All in all, you get full-grown AML consulting services that help you meet the AML regulatory requirements. Text us on WhatsApp or call us today to get started.
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With the fee policy, you can rest assured that you're getting the best high-quality deal.
Our team will ensure that our prices are competitive, you're getting best deal possible.
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The Anti-Money Laundering (AML) Law in the UAE applies to various entities, including financial institutions, banks, insurance companies, Designated Non-Financial Businesses and Professions (DNFBPs), and Virtual Asset Services Providers (VASPs). DNFBPs encompass dealers in precious metals and stones, among other entities.
The United Arab Emirates has been removed from the FATF List of Countries with Strategic AML Deficiencies. The FATF acknowledges the UAE's substantial advancements in enhancing its AML/CFT regime.
All Financial Institutions, Virtual Asset Service Providers (VASPs), and Designated Non-Financial Businesses and Professions (DNFBPs) are required to register on the UAE FIU's goAML Portal. Failure to register on the goAML Portal signifies a lack of implementation of essential procedures to detect and report suspicious transactions related to money laundering or terrorism financing. Contact Unicorn Global Solutions today to assist you for all AML services that you need.
Individuals convicted of money laundering may face imprisonment ranging from one to ten years and/or fines ranging from AED 100,000 to AED 5 million. Companies found guilty may incur fines ranging from AED 500,000 to AED 50 million. Additional penalties may include suspending a company's operations or revoking its license
Unicorn Global Solutions is your one step solution as it offers a comprehensive suite of anti-money laundering services, providing end-to-end support from designing AML/CFT risk assessments and compliance programs to conducting audits and training sessions.
The Anti-Money Laundering and Combating the Financing of Terrorism Supervision Department (AMLD), operating under the Central Bank of the UAE, oversees the implementation and administration of the country's anti-money laundering laws, regulations, and AML/CFT Guidelines 2021.
Federal Decree No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism, along with implementing Cabinet Decision No. [10] of 2019, serves as the primary legislation guiding the AML/CFT framework in the UAE.
Entities must conduct appropriate Customer Due Diligence measures and make necessary reports as mandated by regulations for transactions with a monetary value equal to or exceeding AED 55,000 (single/related).
To begin, log in to the goAML portal and access the administrative section. Only the designated admin user, typically the MLRO, can access this feature. Once logged in, go to the Active Organizations page and select the option to change the delegating organization. The receiving party must complete registration and obtain approval before proceeding. Input the Organization ID of the delegate party, submit the request, and await approval from the Supervisory Body.
AML compliance instils customer trust and verifies the legitimacy of all onboarded parties, be it end-users or intermediaries. By preventing potential money laundering and terror financing risks, it safeguards businesses and identifies high-risk entities proactively.
Sanction lists categorize individuals, entities, and countries associated with terrorism, human rights violations, narcotics trading, etc., prohibiting business transactions with them. AML/CFT Law mandates that entities registered in GoAML subscribe to both the Local and UN Security Council's lists to comply with regulations.
