Compliance · Defined Term
AML — Anti-Money Laundering.
The UAE Anti-Money Laundering & Combating the Financing of Terrorism framework under Federal Decree-Law No. 20 of 2018 and Cabinet Decision 10 of 2019.
Who's caught
Financial institutions (banks, exchange houses) and DNFBPs (Designated Non-Financial Businesses & Professions): corporate-service providers, lawyers, accountants, real-estate brokers, dealers in precious metals, auditors.
Core obligations
- Customer Due Diligence (CDD) on every client.
- Enhanced Due Diligence for PEPs, high-risk jurisdictions, complex structures.
- Ongoing monitoring of the business relationship.
- Suspicious activity reporting to the UAE FIU via goAML.
- Record-keeping for minimum 5 years after engagement ends.
- Training of all staff annually.
goAML
The UAE Financial Intelligence Unit's reporting platform. Every DNFBP must register on goAML and file Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs) without delay. The tipping-off prohibition forbids informing clients that a report has been made.