United Arab Emirates (UAE) Anti Money Laundering Compliance Requirements - Top Ten Points To Consider With Links to Relevant Websites
The United Arab Emirates (UAE) has implemented several measures to comply with anti-money laundering (AML) regulations and combat the financing of terrorism (CFT) . 1. AML Law and Regulations : The UAE has established specific laws and regulations to combat money laundering and terrorist financing. These laws define various offenses related to money laundering and prescribe penalties for non-compliance. 2. Designated Authority : The UAE has designated a competent authority responsible for overseeing AML/CFT efforts and ensuring compliance across the financial sector. The authority may vary depending on the emirate or the type of financial institution. 3. Customer Due Diligence (CDD) : UAE's AML regulations require financial institutions and designated non-financial businesses and professions ( DNFBPs ) to conduct customer due diligence before establishing a business relationship. This includes verifying the identity of customers, beneficial owners, and understanding the nature of