Renting, generic
Professionals in four categories need to get compliance on the new provisions. Infringements invite stiff penalties and even closure of the business. (Image used for illustrative purposes.) Image Credit: Pixabay

Dubai: The deadline for real estate agents and precious metals traders to sign up for the UAE’s anti-money laundering requirements ends tomorrow (March 31). The other two categories that need to sign up are corporate consultants and auditors.

By doing so, these ‘non-financial businesses and professions’ will meet the requirements of Federal Law No. 20 of 2018 on countering money laundering, combating the financing of terrorism and financing of illegal organizations.

The most important is the registration in the goAML system and the Automatic Reporting System for Sanctions Lists before the end of the grace period, which ends March 31. Following their registration in the two systems, these professionals and businesses are also required adopt “some legal measures” to avoid penalties that can result in the revocation of the license or the closure of the facility itself. Fines range from Dh50,000 and go up to Dh5 million.

The Ministry of Economy will act as the supervisory body for these professions.

What constitutes 'corporate service providers'?
* Those who offer administrative services to assist other establishments and companies in conducting business. They carry out the procedures required for incorporation, registration and obtaining the necessary licenses from the official authorities.

* They also assist their client companies in entering partnerships with foreign companies, as well as assisting foreign establishments or free zone establishments in the country to facilitate their work inside the country in terms of arranging a partnership with local establishments or procuring service agents.

* They provide secretarial services and other related services, as well as preparation of documents, commercial and personal transactions for others, submission of information to obtain legal status.

* The service providers also submit this information to governmental and non-governmental establishments and institutions and follow up with those establishments and institutions until the procedures related to them are completed.