Elements of AML Compliance Officer's Report to Senior Management under UAE AML Regulations

Though the Senior Management of the regulated entities does not get involved in routine AML/CFT tasks but is responsible for ensuring the implementation of the AML/CFT program across the organization. In this context, to ensure that senior management is aware of the organization’s AML/CFT measures, the UAE AML regulations mandate an AML Compliance Officer of all the regulated entities – Financial Institutions, Designated Non-Financial Businesses and Professions (DNFBPs), and Virtual Assets Service Providers (VASPs) – to prepare and submit a periodic AML/CFT Compliance Officer’s report to the senior management.

The periodic AML Compliance Officer’s Report must cover a brief about the customer due diligence measures performed during the period, the number of high-risk customers onboarded, customers rejected, and any matches found with sanctions lists. Further, the Compliance Officer must also provide a statistic related to the reports field on the FIU’s goAML portal and an overview of the suspicions observed. The report must also include any AML/CFT gaps or weaknesses identified by the Compliance Officer and the action taken. The Compliance Officer must also capture any additional resources required for AML/CFT compliance.

Here is a visual note of what all elements must be covered in the AML Compliance officer’s periodic report to the organization’s senior management.

AML UAE is a leading AML Consulting firm assisting AML Compliance Officers of various regulated entities to implement an effective and robust AML/CFT program. We help design and prepare the periodic AML Reports to ensure management understands and is up-to-date on the organization’s and Compliance Officer’s AML/CFT efforts.