AML/CFT Compliance and Certification Services in UAE

Anti-money laundering law comprises the laws, regulations, and procedures to curb the disguising of illegally obtained funds through market manipulation, trading of illegal goods, corruption, tax evasion, terrorism, etc. AML is targeting to identify and prevent the methods to launder the illegally obtained funds.

Anti-money laundering and counter-financing of terrorism (CFT) are now global concerns. And all individuals and firms in the UAE shall adhere to the rules and regulations to avoid legal consequences.

 

In UAE to develop the legislative and legal structure of the nation to ensure compliance with international standards on anti-money laundering and countering the financing of terrorism Federal Decree-law No. (20) of 2018 on ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM AND FINANCING OF ILLEGAL ORGANISATIONS has been implemented.

The law aims to:

(a) Combat money-laundering practices.

(b) Establish a legal framework that supports the authorities concerned with anti-money laundering and crimes related to money-laundering.

(c) Counter the financing of terrorist operations and suspicious organisations.

The UAE AML Law (Cabinet Decision No. 10 of 2019) outlined following categories as Designated Nonfinancial Businesses and Professions (DNFBPs) in Article 3.

Anyone who is engaged in the following trade or business activities shall be considered a DNFBP:

  • Brokers and real estate agents when they conclude operations for the benefit of their customers with respect to the purchase and sale of real estate.
  • Dealers in precious metals and precious stones (any single monetary transaction or several transactions that appear to be interrelated or equal to more than AED 55,000).
  • Lawyers, notaries, and other independent legal professionals and independent accountants, when preparing, conducting, or executing specific financial transactions for their customers.
  • Providers of corporate services and trusts upon performing or executing the specific transaction on behalf of their Customers.
  • Other professions and activities shall be determined by a decision of the Minister.

Statutory obligations of DNFBPs are:

  • Appointment of an AML/CFT compliance officer
  • Performing customer due diligence (CDD) measures
  • Suspicious transaction reporting to the Financial Intelligence Unit (FIU)
  • Subscription to the automatic reporting system for sanctions lists

To fulfill these statutory obligations, DNFBPs should ensure that they have adequate internal policies, procedures, and controls in place, commensurate with the size and nature of the business. DNFBPs that fail to follow with these rules shall be subject to various administrative and financial penalties ranging from Dh 50,000 to Dh 5 millions. This law and framework have been established to detect, discourage and prevent financial crimes and reporting suspicious transactions.

WHAT RBS CAN DO FOR YOU?.

Anti-Money Laundering Compliance Advisory

With the continuous changes in the regulatory framework and more stringent AML Rules and regulations, it is becoming difficult for Financial institutions and DNFPBs to implement new regulations and design complete compliance framework.

We help our customers and provide advisory services on –

  • Registering in GoAml portal’
  • Identifying and assessing ML/FT risks
  • AML Governance Framework,
  • Assurance Reviews and Agreed Upon Procedures
  • Compliance Remediation,
  • Financial Crime Prevention Framework.
  • Putting in place an adequate governance framework for AML/CFT
  • Comply with the directives of the Competent Authorities of the State in relation to the United Nations Security Council resolutions under Chapter VII of the Charter of the United Nations, and in relation to Cabinet Decision No. (20) of 2019 Regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions.
  • Providing outsourced compliance officer services and AML consulting services.
  • Extending all the necessary guidelines to your team in keeping and maintaining the books and records in relation to the law in a manner that is best suited to your line of business

Why hire an accountant?

Accounting Firms In Dubai

The first level headed of keeping books of records is to get data about the business’s monetary situation. Now you can hire the right services of accounts and hire reputable Accounting Firms In Dubai.

 

Accounting Firms In Dubai

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Here are a couple of fundamental benefits of accounting

 

  1. Maintenance of perpetual Business records

 

Essentially business will have countless exchanges. So it helps in recording every one of the monetary exchanges relating to that separate monetary year.

 

  1. A efficient request

 

Accounting is an orderly method of introducing deals in books of records. It is a finished and orderly portrayal of deals. Professional Accounting Services In UAE keeps a record and investigation of each deal.

 

  1. Decision making

 

The principle capacity of the board is dynamic. Accounting assists the administration to settle on better choices regarding selling cost, derivation of cost, expansion in deals, and so on.

 

  1. Valuation of business

 

A good and reasonable valuation of the business is determined. Accounting helps achieve the right picture portrayed yet to be a determined sheet, which is utilized to decide the price tag.

 

  1. Helps in Raising advances

 

Entrepreneurs take advances when they need to extend their business. Monetary organizations give advances based on the benefit of the business. This can be estimated by examining the records of the organization.

 

  1. Evidence in court

 

All deals are recorded in the books, and these can be utilized as proof in the courtroom.

 

  1. Complying with law

 

When you set up a business, you should manage different government offices like the annual assessment, GST, etc. Accounting Services In Sharjah helps in the recording of different gets back with these offices.

 

  1. Preparation of Financial proclamations

 

If there is a legitimate recording of exchanges kept up with, Financial proclamations like Trading and Profit and misfortune account, Balance Sheet can be arranged without any problem.

 

  1. Comparison of Results

 

It helps dissect the economic aftereffects of the element by correlating one year to one more year.

 

  1. Audits

 

The examiner gives review testament on the records, demonstrating that there are no inconsistencies in the association.

 

  1. Effective service

 

Accounting gives legitimate input to the administration about the monetary status of the association. This aids the service settle on better business choices and helps in controlling various exercises of the business. The exhibition of the business can not be set in stone with appropriate accounting.

 

End

 

Accounting Firms In Dubai helps in the general development of the business and helps in monitoring the monetary exchanges of the business. Therefore, accounting Services In Dubai are an ideal approach to efficiently dissect the business’s development, objectives, and deficiencies.

 

For the right bookkeeping services, always hire Accounting Firms In Dubai

An accountant is an expert who is liable for keeping and deciphering monetary records. Most Accounting Firms In Dubai are answerable for a wide scope of money-related errands, either for singular customers or for bigger organizations and associations utilizing them.

A few different terms are regularly examined related to the expression “bookkeeper,” which can prompt disarray on what this vocation involves. For instance, “bookkeeper” and “clerk” are phrases that are some of the time utilized conversely, yet there are a few key contrasts between these work titles.

Regularly, Accounting Firms In Dubai will have procured something like a partner degree and spotlight on recording monetary exchanges. Accountants, then again, will have normally procured no less than a four-year certification in bookkeeping and are entrusted with deciphering monetary data instead of essentially assembling it.

To put it plainly, accountants can be clerks; however, not all accountants will be accountants.

Also, a confirmed public bookkeeper (CPA) is a bookkeeper who has finished the CPA test and has met state authorizing prerequisites. Thus, all CPAs are accountants, yet not all accountants are CPAs.

Accounting is a wide term that envelops numerous diverse occupation titles and jobs inside associations. There are three principal sorts of accountants—public accountants, executives accountants, and government accountants—all of which center around various calling parts. Interior and outer examiners are additionally firmly related.

Jobs and Responsibilities

Albeit the day by day obligations of Accounting Services In Dubai will shift by position and association, the absolute most normal undertakings and duties of accountants include:

• Ensuring the precision of monetary reports, just as their consistency with important laws and guidelines

• Preparing and keeping up with significant monetary reports

• Preparing assessment forms and guaranteeing that charges are paid appropriately and on schedule

• Evaluating monetary tasks to suggest best-rehearses, recognize issues and plan arrangements, and help associations run effectively

• Offering direction on cost decrease, income improvement, and benefit augmentation

• Conducting determining and hazard investigation appraisals

Furthermore, Accounting Services In Dubai have a legitimate commitment to act sincerely and stay away from carelessness in their practices. Therefore, they are additionally answerable for guaranteeing that their customers’ monetary records are consistent with the applicable laws and guidelines.