18/08/2025
AML/CFT compliance in the UAE.
Registration on the GoAML Platform: Mandatory for all regulated entities to report suspicious activities.
1. Appointment of a Compliance Officer: A qualified individual responsible for overseeing AML/CFT obligations and liaising with regulatory authorities.
2.Enterprise-Wide Risk Assessment (EWRA): A crucial step to identify, evaluate, and prioritize risks.
3.Internal Framework: Developing a robust internal framework including AML policies, KYC/CDD procedures, transaction monitoring, and record-keeping.
4.Know Your Customer (KYC): A cornerstone process to verify customer identity and understand business relationships.
5.Sanctions Screening: Ensuring compliance with national and international sanctions lists.
6.Customer Risk Profiling: Categorizing customers to inform the level of due diligence required.
7.Enhanced Due Diligence (EDD): Mandatory for high-risk customers, involving additional scrutiny.
8.Ongoing Monitoring: Continuously monitoring customer behavior to detect unusual activities and maintain accurate profiles.
9.Mandatory Reporting: Submitting various reports (STR, SAR, REAR, etc.) via the GoAML platform.
10. Biannual Reporting: Submitting a detailed compliance report to senior management every six months.
