AML Policy And Procedure Services Albab Tax Consultancy
Growing exponentially, Albab Tax Consultancy offers complete solutions in the form of developing smoothed Anti-Money Laundering (AML) policies and procedures that any of the regulated businesses in operation in the United Arab Emirates (UAE) are bound to have.
Our experts working under the guidelines of the statutory requirements, as established in the Federal Decree-Law No. (20) of 2018, Cabinet Decision No. (10) of 2019, and further issued directives within the Ministry of Economy, develop the customized documentation that is in line with risks according to a business model and level of risks and industries.
With an end-to-end AML portfolio in place, businesses in a high-risk or a regulated industry can turn to Albab Tax Consultancy to develop and update comprehensive documentation in a way that effectively appeals to local and global interest groups.
In this portfolio there will be:
- A Policy Manual regarding AML/CFT
- An internal Risk Assessment procedure
- Customer Due Diligence (CDD) And Enhanced Due Diligence (EDD) steps
- Records Keeping Guideline
- Internal Reporting and escalation procedures
- Training and Governance framework
- Annual policy Review and update guidelines
Each of these sections is designed as per the UAE standards, as well as to facilitate preparedness against regular inspections.
DNFBPs-Specific Documentation
In the case of Designated Non-Financial Businesses and Professions (DNFBPs) with real estate brokers, trade dealers with precious metals and stones, corporate service providers, legal firms as well as accounting firms; the Albab Tax Consultancy customizes the documentation to the exact specifications of the regulatory bodies in UAE.
We equally have a continued advisory capability as far as any update is required.
Real-World Customization Risk-Based
Risk is unique to each enterprises, which is the very reason why AML procedures are provided in a manner that is not only compliant but also feasible in the run-of-day setting. Almost all variables that our consultants make detailed evaluations on include the following:
- Type of services being offered
- Type of customer
- Type of transaction
- Exposure to the jurisdiction
- Mode of delivery
The outcome of this kind of analysis creates an effective risk-based AML policy that can be used to identify and report suspicious activity with efficacy, yet with minimal operational prejudice, to your firm.
In line with goAML and Inspection Standards
The policies we develop as part of your team are also in full alignment with the requirements of goAML registering and reporting, as well as the specifics as outlined by UAE authorities. This conformity guarantees the readiness of the regulators and guard against enforcement.
Other Services Delivered:
In the engagement we were also:
- Associate the procedures with workflows of real-time reporting
- Compose internal instructions on how to process Suspicious Transaction Reports(STRs)
- Incorporate controls within existing systems and workforce frame works
- Audit on implementation (carry out mock audits)
Such methodology gives attention to functionality and not compliance rhetoric.
Let's Connect with us!
Smooth New Incorporation with Your Current Compliance System
In case your company already has an AML program in place, we incorporate and modify the existing one instead of starting it afresh. Among our services are:
- Existing policy GAP analysis
- Retrofits of obsolete or generic practices
- New additions to meet new directives by the Ministry
- Staff instructions to be used immediately
This method will make sure that your AML policy and procedures remain alive tools of governance so that they guide the current compliance processes rather than collecting dust.
Ensuring Practicality in the different Departments
A policy can only be effective when the employees are fully aware of them and apply it fully. In order to do so, we provide documentation with practical roll out strategies:
- Internal awareness materials and summaries
- Executive Management and compliance officer briefings
- Onboarding and training incorporation advice
- Forms and check sheets on daily operations
Such comprehensive approach turns AML documentation into an effective, working compliance tool.
Why AML Documentation Matters
Keep your business integrity intact by putting in place well-rounded AML documentation that will be created as per the new regulations in the country of the UAE. The penalties of inefficient or absent policies, including sizeable fines and the loss of the licenses, as well as the unrecoverable loss of status in the market, offer an explanation of the necessity of proactive measures.
Albab Tax Consultancy Has Documentation Which Is:
- Strength of the complete alignment with the UAE legal requirements;
- Tailor made to your Industry sector and risk profile;
- Written by experience compliance professionals;
- Always 100 percent audit-ready.
Get Started with a compliant AML Policy
In order to achieve consistent regulatory compliance, start a compliant AML policy today. Albab Tax Consultancy has helped organisations in the UAE to design strict but compact and practically inclined AML systems to protect compliance and corporate identities. Be it the formation of a new organization or preparation of new and amendment of the current policies, our experts are ready to assist you.
Book your consultation now and become AML compliant with assurance.
