
AML Compliance
Despite of the continuous efforts by the international community to fight against Money laundering and terrorism financing, Financial crime rates are increasing at an alarming rate pausing a threat to the economy, security and to the society as a whole. UAE being the finance capital and the business hub of the middle east, It is committed to fight this threat by introducing new rules and regulation that aligns with the recommendations of FATF (Financial Action Task Force), This has led to implementing stricter regulations even on the non-financial sector. These section which did not previously come under the purview of AML Compliance earlier are termed as Designated Non-Financial Businesses and Professions (‘DNFBPs’). These regulations involve requirements to identify, assess and take preventative actions to mitigate any risks of being involved facilitating the transfer of illicit proceeds for money laundering or terrorist financing purposes.