Requirements to register on the AML system by 31st March, 2021
In accordance with the Federal Decree-law No. (20) of 2018 on Anti-Money Laundering and pursuant to the Cabinet Decision No. (3/1) of 2019 and Cabinet Decision No. (28/4) and (10) of 2019, the Ministry of Economy issued a new Circular on the Anti Money Laundering AML regulations in the UAE. Businesses and companies that are Designated Non-Financial Businesses (“DNFBPs”) are required to register in the “goAML” system by 31st March, 2021.
According to Article 3 Cabinet Decision No. (10) of 2019, a DNFBP is a firm that conducts one or more of the following activities:
- Real Estate agent involved in buying and selling of real estate;
- Dealer of precious metals and stones;
- Company Service Providers;
- Auditors and accountants; and
- Law firms.
Not completing the registration by the close of business on 31 March 2021, the MOE will consider that the firm has contravened Article 20(2) of the Cabinet Decision No. (10) of 2019 for failing to put procedures in place for the reporting of the Suspicious Transactions.
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