It is the primary responsibility of an AML Compliance Officer to implement a robust AML/CFT program and ensure compliance with UAE AML rules and regulations. Other than that, the AML compliance officer’s role includes noticing and reporting in an unbiased, fair, and transparent manner any suspicious activity to the FIU, UAE.

With this comprehensive guide, we covered various aspects of the role of the AML compliance officer. These aspects align with the “Cabinet Decision No. (10) of 2019 concerning the implementing regulation of Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.”

By going through this guide, you’ll learn about:

• Rules governing the appointment of an AML compliance officer
• Responsibilities of an AML compliance officer
• Governance issue of small organizations and its mitigation
• The compliance officer’s responsibilities to the government and duties to the employer
• Importance of hiring a compliance officer for businesses
• The role of the in-house AML compliance department and its setup

Dive into this booklet to deepen your understanding of the AML compliance officer’s pivotal roles and responsibilities in accordance with UAE law.

As per the UAE AML regulations, reporting entities such as Financial Institutions, DNFBPs, and VASPs are obligated to submit various reports to the Financial Intelligence Unit (FIU) through the goAML Portal.

To comply with this requirement, regulated entities must first register with FIU’s goAML Portal. This registration process consists of two essential steps:

• Pre-registration on SACM to obtain the necessary credentials for accessing the registration portal,
• The completion of the goAML registration itself.

The guide contains the following:

• goAML Basics: Now, what is goAML in UAE
• Who, When, What, and Types: Learn about who should register for goAML UAE, when is the registration deadline, what documents are required, and different types of goAML registration.
• Step-by-step Registration: We explain goAML’s two-step registration process.
• Significance of goAML Registration: Know why you should register on the goAML portal and what would happen if you don’t register.
• Managing goAML Account: Details about navigating through different aspects of goAML after registration, how to manage users and access levels.
• FAQs on goAML Registration: The guide contains answers to several challenges and queries faced by goAML users.

Our comprehensive Due Diligence (CDD) Guide is your go-to resource for unleashing the power of compliance.

The guide will help you understand the complexities of Anti-Money Laundering (AML) Compliance and help you make your way through compliance challenges.

The essential compass, “A Complete Guide to Customer Due Diligence as per UAE AML Requirements,” will take your AML compliance efforts in the right direction.

The guide contains the following:

• The Basics: Understand what’s CDD and its core principles.
• When, Where, and Why: Discover the scenarios triggering essential CDD measures and understand their significance.
• Different types of CDD: Simplified, Standard, Enhanced – we provide an in-depth breakdown of these crucial classifications.
• Demystifying KYC: Grasp the vital Know Your Customer requirements. Remaining Sanction-compliant: Master sanctions screening to fortify your business.
• Media Vigilance: Learn about adverse media screening to uphold your reputation. Confident Risk Evaluation: Streamlined customer risk assessment methods.
• Continuous Watchfulness: Techniques to ensure your compliance efforts remain on course.
• The Future is Automated: Delve into the different software solutions for CDD process automation.
• Your FAQs Addressed: Clear answers to some complex questions.

The Virtual Asset network is booming across the globe. This calls for robust regulations to manage the inherent risks associated with virtual asset transactions – such as anonymity, quick transfer across boundaries, etc.

For this, UAE authorities have set up regulations around licensing the Virtual Assets Service Providers (VASPs) and introduced the framework governing the compliance and supervision of VASP activities in the country. Here is a comprehensive guide on VASP’s AML Compliance obligations in the UAE.

Understand the concept of Virtual Assets and what all activities involving virtual assets shall qualify the person/entity as the VASP. In UAE, the supervisory authorities governing the virtual asset activities are different depending on the jurisdiction of the operations – such as FSRA for VASP licensed and operating from ADGM, while it is Virtual Assets Regulatory Authority (VARA) for VASP based out in the Emirate of Dubai (except DIFC zone).

The VASP eBook captures the primary AML obligations imposed upon the VASP licensed and operating in UAE. These compliance obligations are aligned with the FATF recommendations around identifying and managing the ML/FT risks associated with virtual asset transactions, which include:

1. Appropriate Registration & Licensing
2. Appointing a competent AML Compliance Officer of MLRO
3. Conducting Enterprise-Wide Risk Assessment to identify and evaluate the ML/FT risks associated with VA transactions
4. Developing and implementing AML/CFT Policies, Procedures, Systems, and Controls
5. Customer Due Diligence process – Know Your Customer, Know Your Transaction and Enhanced Due Diligence
6. Know Your Corresponding VASP measures
7. Compliance with Targeted Financial Sanctions
8. Real-time Transaction monitoring
9. Identifying and reporting suspicious transactions
10. AML/CFT Documentation requirements
11. Compliance with FATF Travel Rule
12. Staff training and independent AML audits

Get more insights into the AML compliance obligations imposed upon your virtual assets activities as VASP licensed and operating in or from UAE.