Compliance Services (AML & ESR)

Home Compliance Services (AML & ESR)

What is Compliance?

The word “Compliance” means abiding by a set of rules that apply to your business depending on your company classification as per UAE rules and regulations.

Specific sectors and professions in the UAE, classified as Designated Non-Financial Businesses and Professions (“DNFBPs”) are recognized for being susceptible to being exploited for money laundering, terrorist financing and other illicit financial activities purposes.

AML Compliance has now become an investment rather than an expense by taking all necessary due diligence measures to combat such financial crimes to maintain a good reputation in the market.

Who are considered as Designated Non-Financial Businesses and Professions (“DNFBPs”)?

The Financial Action Task Force (“FATF”) defines as DNFBPs the following businesses andprofessions:

  • Casinos.
  • Real estate agents.
  • Trust and Corporate Services Providers.
  • Lawyers, notaries, other independent legal professionals and accountants.
  • Dealers in precious metals and precious stones.

Who are considered as Designated Non-Financial Businesses and Professions (“DNFBPs”)?

DNFBPs are obliged to implement legal measures in their companies to ensure complying with UAE rules and regulations for the purpose of combating money laundering and financing of terrorism, by taking all necessary actions before onboarding any client to the company, under “Know Your Customer” .

Why “AML Compliance”?

DNFBPs are obliged to implement legal measures in their companies to ensure complying with UAE rules and regulations for the purpose of combating money laundering and financing of terrorism, by taking all necessary actions before onboarding any client to the company, under “Know Your Customer” .

How CorpLex can help you with “AML Compliance”?

Corplex, with its compliance team, can advise you as an initial stage to know whether your profession comes or not under “DNFBPs” who must comply with AML rules and regulations.

Being complied with such rules is a long journey where our team can advise you on all the measures that shall be implemented in your company and to assist you in such implementation, by providing the following:

Registration on goAML portal.

AML/CFT Policy, Controls, and Procedures Documentation Setup and drafting.

Preparation and implementation of KYC Forms.

AML Training (online or in person)

Assistance with AML software purchase (if required).

Application of simplified and enhanced due diligence measures depending on each client’s profile.

*The above services shall not be deemed as acting as AML compliance officer for the client.

Businesses who are meeting regulatory requirements can result an operational value such as enhanced data quality, avoiding any penalties that may be imposed due to non-compliance with the rules and regulations.

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