AML/CFT Policy, Controls, and
Procedures Documentation
AML/CFT Policy, Controls, and Procedures Documentation
What is an AML/CFT Policies and Procedures manual?
AN AML/CFT Policies and Procedures manual is a formal written document laying down the policies, controls, and procedures implementing the AML/CFT law requirements and related regulations. The senior management approves the AML/CFT policy document. The policy document is made accessible to the compliance and other relevant staff, independent AML auditors, and supervisory authorities, and it is kept up-to-date with the latest legal requirements.
With the rise in money laundering activities and terrorism financing, organizations in UAE are always at risk. It leads to a big question mark on the integrity of an organization and may result in a bad reputation. Therefore, it is essential for organizations to take full control of their processes and operations to avoid any risk of exposure to money laundering and terrorism funding activities. We provide them with AML/CFT policy, controls, and procedures documentation services to help them remain compliant with the AML laws in UAE.
To avoid AML risks and penalties, organizations in UAE require methods and ways to save their business from money laundering and financing of terrorism activities. They must have necessary policies and procedures to check any possibilities of impact of money laundering or terrorism financing activities. They must put in place relevant AML/CFT rules and control systems in their operations to eliminate the risks of money laundering and terrorism financing at any stage of their operations.
Complete. Consistent. Accurate.
Engage us to create the most suitable AML/CFT policies and procedures for your business.
About AML UAE
AML UAE addresses these concerns of organizations in UAE by providing their expert AML consulting services and AML compliance advisory services. Our list of clients includes small and medium-sized businesses, start-ups, and large enterprises operating in different industry verticals. We boast a strong team of regulatory specialists and compliance professionals who have comprehensive knowledge of the AML/CFT rules and regulations in UAE. We understand the implications of AML/CFT rules for every business type in any industry vertical and customize our services and solutions based on our clients’ requirements.
AML/CFT Policy, Controls, and Procedures Documentation
We create for you the right policies, rules, and procedures concerning AML/CFT frameworks. Our process of creating appropriate AML/CFT frameworks that are right for your business is as follows:
Risk identification
We help our clients across the UAE to understand the money laundering and terrorism financing risks their businesses face. We study your business processes to identify any loopholes that may be compromised by money launderers to legalize any illicit money. These processes specifically include the functions where there is a movement of money involved.
Assessment of existing AML policies
Our next step in the process to help you comply with UAE AML Laws is to assess your existing AML and CFT policies and procedures that ensure your operations’ safety from criminal proceeds. Then, we check the efficacy of these AML policies to identify any possible loopholes or any improvements required to safeguard the organization from the risk of Money Laundering and comply with the AML Laws in UAE.
Gap analysis
We document the identified risks and existing AML policies in step 1 and step 2, respectively. Based on our findings, we prepare a gap analysis to identify where we can add value to achieve AML compliance for your business. This gap analysis is used for further discussion with the AML Compliance Officer and stakeholders to obtain their views on each, as they are the ones closest to the process and better aware of possible Anti-Money Laundering risks and loopholes.
Creation of appropriate AML/CFT frameworks
Our team of expert compliance and regulatory professionals is adept in the creation of sound AML compliance frameworks and control procedures for your business. We understand the risks your business faces, and therefore, prepare a customized AML compliance program that can help you respond to the risks appropriately. This also includes the development of AML policy, controls, and procedures to make your business processes smoother.
Risk Assessment. Risk Management. Compliant.
AML/CFT frameworks that can make your business risk-free and on the path of growth.
Why AML UAE
As your AML consulting partner, AML UAE help you with a frequent assessment of your AML/CFT frameworks and policies to guide you appropriately in your various business growth plans, be it expansion, restructuring, or new strategies.
We have a strong team of regulators, compliance experts, legal officials, business analysts, policymakers, AML professionals, and strategic decision-makers to help you to understand the money laundering risks to your business and devise the best AML/CFT strategy to mitigate those risks.
We have a deep understanding of all the laws, regulations, rules, guidelines, and notifications related to AML and CFT and understand its implications; we use this knowledge and experience to develop the apt AML/CFT policies and procedures for your business operations.
We also frame guidelines and manuals for KYC, CDD, and EDD to make your operations efficient and smooth. Our AML policy, controls, and procedures documentation service is comprehensive enough to cover each aspect of AML/CFT regulation.
We use internationally accepted best practices of AML compliance policies and processes to create your AML/CFT program that can reduce your business’s exposure to illicit money.
We do not restrict ourselves to just AML documentation but cover the complementary policies (such as Precious Metals Supply Chain Policy, Global Precious Metals Code – aligned with OECD and LBMA requirements, and Anti-Bribery Policy) necessary for risk management and to ensure overall compliance.
FAQs - AML Policy Documentation
AML policies, procedures, and controls mean the implementation of measures in the entity to prevent cases of money laundering and terrorism financing.
CFT in AML means combating the financing of terrorism. Terrorism financing is a way of conducting financial crime by diverting money from economically productive sectors to terrorist activities. CFT means the different strategies and tricks implemented to mitigate its adverse effects and bring stability to the financial markets.
Any AML policy has six primary components, which include:
- The identification and assessment of ML/TF Risk
- Application of Customer Due Diligence (CDD) Measures
- Suspicious Transactions Reporting
- Governance of AML/CFT
- Record Keeping
- International Financial Sanctions
CFT guidelines are the rules or guidelines for businesses to direct their activities in such ways to avoid being used by financial criminals or fraudsters in terrorism financing activities.
AML policy and procedures are important to reduce financial fraud worldwide, protect the reputation of entities and countries, and reduce the costs of AML activities.
AML policy requirements include collecting customers’ information, monitoring transactions, identifying suspicious transactions, and implementing AML procedures.
AML policy, controls, and procedures must be approved by the management and applied to all branches, subsidiaries, and affiliated entities in which Designated Non-Financial Businesses and Professions (DNFBPs) hold a majority interest. Further, it must take into consideration the result of the National Risk Assessment (NRA).
Supervised institutions are required to ensure that the AML policies, controls, and procedures they implement to manage and mitigate ML/FT risks are reasonable, proportionate to the risks involved, and consistent with the results of their risk assessments.
- The identification and assessment of ML/FT risks
- Customer due diligence (CDD, EDD, SDD), including its review and updating, and reliance on third parties in regard to it
- Customer and transaction monitoring and the reporting of suspicious transactions
- AML/CFT governance, including compliance staffing and training, senior management responsibilities, and the independent auditing of risk mitigation measures
- Record-keeping requirements
Achieve AML and sanctions compliance. Address AML-CFT related threats and regulatory concerns with our team of highly skilled AML professionals.
