In its continuous effort to combat the Money Laundering and Financing of Terrorism crimes in the UAE, the Government has come up with Cabinet Decision No. 58 of 2020 on the Regulation Procedure of the Real Beneficiary. The Cabinet Resolution introduced a new requirement for legal persons in the UAE to disclose their beneficial owners. … Read more
Under the UAE Anti- Money Laundering (AML) Law, Financial Institutions and Designated Non-Financial Business Professionals (DNFBPs) are required to appoint a AML Compliance Officer who shall be responsible for compliance with the implementation of Federal Decree-law No. (20) of 2018 On Anti Money Laundering and Combating The Financing Of Terrorism, and Article (11) Cabinet Decision … Read more
Money can be a very emotional subject. This is why it is no wonder a lot of business owners and individuals alike get upset whenever they think they have been wronged by a banking institution. Whether your bank dispute in UAE involves an incorrectly applied fee, an unauthorized charge, fraudulent activities or any other kind … Read more
In its effort to Combat Money Laundering and Terrorism Financing in the Country, the UAE Government has laws and regulations that guide the activities of all persons, whether natural or entities. The Audit Profession/ Business as one of the businesses classified under the Designated Non-Financial Business Profession (DNFBPs) has various roles under the UAE Anti … Read more
As part of the UAE Government’s effort and commitment to combating money laundering and the financing of terrorism and illegal organizations in the country, the Government has established appropriate legislative, regulatory, and institutional frameworks to detect, prevent and deter money laundering and financing terrorism. Under the UAE anti money laundering regulations. frameworks, various institutions are established … Read more
The UAE Central Bank has issued a new guideline on anti-money laundering to registered Hawala Providers and Licensed Financial Institutions (LFI) providing services to Hawala service providers. The objective of the guideline is to ensure a better understanding of their statutory obligations under the UAE anti-money laundering legal and regulatory framework for effective performance. Scope … Read more
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