UAE anti-money laundering: Registration for non-financial entities, individuals extended until April 30

Ministry of Economy extends deadline for registration of designated non-financial businesses & professions in anti-money laundering regulations until 30 April

The Ministry of Economy (MoE) announced the extension of the deadline granted to Designated Non-Financial Businesses and Professions (DNFBPs) to register in the systems approved for countering money laundering and combating the financing of terrorism, until the end of April 2021. The extension has been granted due to a large number of companies in the sector coming forward to register in the last days of the previous deadline, which expired on March 31, 2021. Furthermore, the unusual circumstances faced by companies and the business sector in the wake of Covid-19 pandemic has also been taken into consideration.

The Ministry explained that it is mandatory for the targeted companies, which include brokers and real estate agents, auditors, dealers of precious metals and gemstones, and corporate service providers, to register in the goAML system and the Automatic Reporting System for Sanctions Lists before the end of the new deadline. The registration in these systems can be done free of cost. After the registration, they should also take the specified measures to ensure full compliance with the requirements of Federal Law No. 20 of 2018 on anti-money laundering, combating the financing of terrorism and illegal organizations, and their implementing regulations and relevant decisions.

The Ministry called on the concerned companies to take advantage of the new extended period for registration to avoid the penalties and fines stipulated in the law, which will be imposed starting from May 1, 2021. Fines start from AED 50,000 and go up to AED 5 million, while the penalties for companies that fail to register could even lead to the revocation of the license or closure of the facility itself.

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Auditors in Dubai

Best Auditing Services In Dubai prove that a company’s fiscal records and accounting processes fulfil with the law. They carry out reviews of financial statements and records to verify in public held companies come across their authorized requirements under U.S. laws. Companies that are not openly traded hire Auditors In Dubai to make sure that internal accounting procedures and financial processes work smoothly, and that consistent accounting practices are retained properly.

Accounting Standards

Moreover checking financial records for precision, an auditor assessment a company’s accounting technique and method to validate that the company follows steps to stop scam. The auditor attests a company’s in-house rules for signing checks, making payments to retailers and handling deposits. The company should also meet the requirements about people who have access to funds. An audit by a qualified independent auditor allows a company and its creditors understand where it stands with respect to following standard accounting values and guidelines.

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Internal Controls

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Importance of Auditors In Dubai

Auditing gives guarantee to investors and creditors that company funds are managed correctly. Auditors defend the public from investing in companies that use crooked business practices or that effort to cheat investors with fake financial statements. By assessing financial statements and digging into accounting records, auditors can establish whether the financial statements and records accurately show the company’s true financial profile.

The points as given above make it very clear that there are plentiful benefits which a company can benefit by carrying out a financial audit of the company.