AML/CFT Audit Services to achieve Full Regulatory Compliance – Albab Tax Consultancy
In the UAE, the importance of a robust anti-money laundering (AML) and counter-financing of terrorism (CFT) framework to businesses that conduct operations in the regulated industries is not just ideal but it is mandated by law. Regulatory authorities such as the Ministry of Economy demand some companies to work with AML/CFT systems, monitor them, and audit them on a periodic basis.
Albab Tax Consultancy has specialized AML/CFT Audit Services, which reviews and fortifies your suitable compliance framework. If you are a real estate enterprise, a dealership of precious metals, or a corporate service provider, we make sure that your work is carried out under the law of the UAE and the standards established in the world.
Service Overview: What is included in Our AML/CFT Audit?
The AML/CFT audit service is a well-organised and professional review of your entire compliance ecosystem. It covers:
- Testing of your present AML/CFT policies
- There should be review of customer due diligence (CDD) and enhanced due diligence (EDD) practices.
- Testing of monitoring of suspicious transactions processes
- AML employee awareness and training verification
- Registration and reporting in goAML portal readiness check
- Internal control and documents review
The auditing is always conducted by trained consultants who are well aware of the business risks within the industry, as well as the UAE legal system. This is aimed at assisting your business to address all the requirements that are made to be met as well as providing areas that will need to be improved.
It is customized to DNFBPs and Regulated Firms
There is an increase in the compliance levels of the Designated Non-Financial Businesses and Professions (DNFBPs). These include:
- Brokers and developers of real estate
- Traders in gold, diamonds and other commodities with high values
- Law firms, accountants, auditors and consultants
- Business structuring agents and company forming agents
In Albab Tax Consultancy, we realise that every sector has discrete AML/CFT risks. The audits we conduct are customized to your industry and sector thus ensuring that you are well levied and ready to withstand any government scrutiny.
The case for why AML/CFT audit should be conducted by a professional
AML/CFT audit is not a formal statement on the way to the final barrier zone, but an active action that helps your firm against:
- Severe punishment on a non-compliance basis
- Suspension or delays in obtaining business license
- Legal damages to reputation
- Disruption in operations created in inspections
What is more important, the audit will assist in confirming the correctness of your own systems and proving your adherence to financial integrity. This enhances confidence among the regulators, clients as well as partners.
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Our approach of AML/CFT auditing
The auditing approach in Albab Tax Consultancy is pragmatic, concentrated, and risk-driven. We guarantee the process of audit:
- Fits your business model and business risk levels
- Finds weaknesses and gaps regarding compliance
- Brings recommendations in measurable terms
- In line with the UAE Cabinet Decision No (10) of 2019
- Makes you compliant with suggestions of Financial Action Task Force (FATF)
Our professionals lend full service with regard to both off-site/onsite evaluation to the provision of a detailed audit report which can be presented before the regulator.
Your Deliverables
On engaging us to do AML/CFT audit services, you are availed with:
- Complete AML systems compliance scorecard
- An analysis of the risks and weaknesses in the form of a gap analysis
- Tailored advice that has definite schedules
- Internal reporting formats and policy betterment instructions
- Continued advisory on remediation and mitigation of risks
It is not just to report problems we offer to resolve your problems with viable workable and cost-effective ideas.
Be Process Ready to Government Audit
As the AML proceedings in the UAE has been on the rise, the ministry of economy has also been intensifying checks, audits and penalties to DNFBPs. Companies without signs of internal AML/CFT checks could get in trouble.
Through our AML/CFT audit, we make your company ready at all times in respect to:
- Regulatory inspections
- goAML data analyses
- Renewal of compliances license
- Externality reporting rules
We make your business ready to face the test confidently and in accordance.
How is Albab Tax Consultancy Beneficial?
Albab Tax Consultancy is a widely recognized company in the UAE as far as regulation and monetary guidance is concerned. The reasons why shoppers select us are:
- AML/CFT rules are also something we know well
- Kosovo Local laws and sector expectations are known among our consultants
- We provide workable solutions which are easy to execute
- The standards that are required by authorities in our reports are met
- We assist our customers in all stages of compliance lifecycle
Whether you are a small consultancy company or a big property company, in the Emirates, businesses rely on us to provide compliance to make sure they avoid penalties and take care of their name.
Book your AML/CFT Audit Now
Protect your organisation against the risk of non-compliance with AML/CFT with professional AML/CFT Audit Services of Albab Tax Consultancy. Planning a Ministry inspection, or just enhancing your internal governance, we make sure you are ready to fulfill all of the requirements.
Let us know you are ready to audit! Call our team today and begin the next step in becoming safe, compliant, and transparent.
