In-house AML Compliance
Department Setup

In-house AML Compliance Department Setup

As the UAE market is witnessing a string of rules and regulations related to AML and CFT, organizations are gearing up to adopt ways to comply with these laws. Economies across the world make it mandatory for businesses that have higher possibilities of facing money laundering and terrorism funding issues to implement AML/CFT frameworks in the organization. Another thing that is necessary but most organizations ignore is the creation of an in-house AML compliance department and the appointment of a person responsible for achieving AML compliance. We help UAE businesses when it comes to an In-house AML Compliance Department Setup and help them comply with UAE AML regulations.

Timely. Relevant. Compliant.

Transforming you from a reactive approach to a proactive approach with your own In-house AML Compliance Department Setup.

Transforming you from a reactive approach to a proactive approach with your own
AML Compliance Department.

What is an AML compliance department?

An AML Compliance Department in an organization is responsible for monitoring the application and compliance with AML-specific laws and regulations as mandated by the country’s regulators. It identifies the money laundering risks business faces, suggests relevant internal controls and policies, monitors the implementation of each, and advises on risk management whenever the need arises. The key objective of the AML compliance department is to create relevant AML compliance policies to adhere to relevant guidelines and internal controls and monitor the same to fight financial crimes.

An AML Compliance Department within an organization is essential to ensure that the AML-specific rules and regulations are complied with, and AML compliance programs are managed properly. Organizations must also appoint an AML Compliance Officer who monitors the activities of this department and ensures successful implementation of the AML programs and frameworks.

About AML UAE

AML UAE is a leading AML consulting services provider for UAE businesses to help with realizing full compliance with AML regulatory requirements. We, at AMLUAE, have the expertise to develop an AML/CFT compliance department for your organization. Whether you are a start-up firm or a large enterprise in UAE, we can help you with setting up an in-house AML compliance department that can handle everything related to AML and CFT programs and policies in your organization. With such a compliance department in place in the organization, you will be better able to identify the risks to your business, develop policies to mitigate them, and achieve compliance with AML/CFT requirements.

Our process for setting up an In-house AML compliance department for your organization in UAE

We employ a customized, results-driven approach to plan and develop an effective AML compliance department for your organization that can ensure your business’s efficient realization of AML compliance requirements. The steps of our approach include:

Study business’s AML requirements

We study your organization to understand your requirements with respect to AML policies, CFT frameworks, and risk management requirements. Based on these business needs, we try to explain the requirement of an AML compliance department to the relevant decision-makers and Board of Directors. The support of the top management is essential to get the process going and take further actions. In addition, the top management support motivates the employees further to comply with the related policies and identify and report any risks and wrongdoings happening in the movement of money. With a deep understanding of the importance of the AML compliance department, a right culture is ensured at all levels in the organization, thereby ensuring communication and collaboration in AML program implementation.

Appoint an AML compliance officer

As a next step, we help you with the appointment of an Anti-Money Laundering compliance officer who will be responsible for the AML/CFT compliance department’s smooth functioning. The officer must have the authority to take AML-based decisions for the organization with approval from the senior management, in line with the broad objectives. Based on the size of your organization, we can also help with the hiring of more employees or the internal transfer of existing employees to form an AML compliance team to take care of the entire AML compliance function. Therefore, the appointment of an AML Compliance officer is an essential step in in-house AML Compliance Department Setup. He will oversee the organization-wide functioning of the AML/CFT Compliance Program and STR reporting.

Create a set of rules and responsibilities

We also assist in the formulation of a code of conduct for the in-house AML compliance department to list out the expectations from employees, policies and procedures to be followed, and reporting requirements. We also advise on relevant modifications and adjustments in the organizational rules in accordance with the evolving nature of AML regulations in UAE. We help you in framing and acceptance of international best practices in AML compliance.

In-house AML Compliance Department Setup

We create the in-house AML compliance department, which implements and monitors relevant internal controls to protect your business from money laundering and terrorism financing risks. The objective behind the In-house AML compliance department setup is to make it responsible for identifying risks, preventing losses to the business, detecting fraudulent activities, resolving them, and providing advisory services to the top management for AML compliance.

FAQs: In-house AML Compliance Department Setup

As a company, you should set up an in-house AML compliance department and implement common KYC norms across the branches, automated screening, and risk assessment methodologies. Wherever possible, the result of the compliance program should be shared across the organization to take a holistic approach in countering the ML/TF risk.

AML department is a specific business function of a company focussing on the creation, management, and control of AML programs. The department focuses on creating internal policies, processes, and procedures to control money laundering and ensure the company’s compliance with AML/CFT regulations.

AML compliance means following the regulations, rules, and guidelines prescribed by a Country for its businesses to avoid getting trapped in money laundering, terrorism financing, bribery, corruption, tax evasion, and other financial crimes.

All types of financial institutions and some designated non-financial businesses and professionals (DNFBPs) must comply with AML regulations. These DNFBPs include real estate agents, accountants, dealers of gems and jewellery, legal professionals, auditors, and company and trust service providers.

The in-house compliance department should be aware of the new products and services the organization plans to introduce. This is necessary to ensure that all related risks regarding compliance are assessed and suitable controls are implemented. The ultimate decision rests with the top management, but the in-house AML compliance department’s view should be taken if the introduction of new products and services are exposing the organization to more risks.