Contact Us Today
Frequently Asked Questions
The AML & Compliance FAQs provide clear and practical guidance on Anti-Money Laundering (AML) regulations, compliance obligations, and risk management requirements in the UAE. This section covers key topics such as AML registration, Know Your Customer (KYC) requirements, reporting obligations, risk assessments, and compliance best practices, helping businesses understand their responsibilities and maintain compliance with applicable regulatory requirements.
AML Registration
AML (Anti-Money Laundering) Registration is the process through which designated businesses and professions register with the relevant UAE authorities to comply with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) regulations. Businesses subject to these requirements must establish internal policies, conduct customer due diligence, monitor transactions, and maintain appropriate records to help prevent financial crime.
GoAML Registration
goAML is the UAE’s online reporting platform used for submitting Suspicious Transaction Reports (STRs) and other required reports to the relevant authorities. Businesses that fall within the scope of the UAE’s AML regulations must register on the goAML platform and ensure they can fulfill their reporting obligations whenever suspicious activities are identified.
Ultimate Beneficial Owner (UBO)
An Ultimate Beneficial Owner (UBO) is the individual who ultimately owns or controls a company, either directly or indirectly. UAE regulations require businesses to identify, verify, and maintain accurate records of their beneficial owners. Keeping UBO information up to date promotes transparency and helps businesses comply with regulatory and AML requirements.
Know Your Customer (KYC)
Know Your Customer (KYC) is the process of verifying the identity of customers before establishing a business relationship. KYC procedures typically include collecting identification documents, verifying ownership information, assessing customer risk, and monitoring business relationships on an ongoing basis. Effective KYC practices help businesses prevent fraud, money laundering, and other financial crimes.
Economic Substance Regulations (ESR)
The Economic Substance Regulations (ESR) were introduced to ensure that certain businesses carrying out relevant activities in the UAE maintain adequate economic substance. Depending on their activities, businesses may be required to assess their obligations, maintain appropriate records, and comply with applicable reporting requirements. Businesses should review whether ESR applies to their operations under the current regulatory framework.
Risk Assessment
Risk assessment enables businesses to identify, evaluate, and manage the risks of money laundering and terrorist financing associated with their customers, products, services, and transactions. A well-documented risk assessment helps businesses implement appropriate controls, apply enhanced due diligence where necessary, and comply with UAE AML regulations.