UAE Ministry of Economy starts inspections at brokers, consultants on anti-money laundering compliance
Designated businesses have to get compliant ready by April 30
Dubai: Businesses registered as real estate brokers, auditors and consultants are coming under inspection by the UAE Ministry of Economy for their compliance with anti-money laundering and combating terrorism financing regulations. This applies to those professions marked under the ‘Designated Non-Financial Business and Provisions’ category.
These establishments are required to register in the government regulations approved for countering money laundering and combating the financing of terrorism before the end of the extended grace period that ends on April 30.
Failure to register in the goAML system and Automatic Reporting System for Sanctions Lists will come into effect from May 1 will invite penalties.
Full compliance list
The current inspection campaigns target categories of DNFBPs, and include brokers, real estate agents, auditors, dealers of precious metals and gemstones, and corporate service providers. The campaign will also focus on monitoring the targeted companies’ compliance with the other requirements of the provisions of Federal Law No. 20 of 2018 on anti-money laundering and combating the financing of terrorism and the financing of illegal organizations.
The most important among these requires these businesses to exercise due diligence measures towards clients, identify the true beneficiaries, report suspicious transactions, and adopt clear internal policies and controls to identify and avoid money laundering crimes risks