Overview Anti Money Laundering (AML) Services in the UAE
AlbabTax Compliance, Risk Management & Advisory
At AlbabTax, we offer Fully integrated Anti Money Laundering (AML) Compliance services to UAE businesses. Are you a financial institution, real estate firm, Auditor, or Consultant? Our AML experts will keep your Organization fully Compliant with Federal Decree-Law No. 20 of 2018, Cabinet Decision No. 10 of 2019, and FATF directives.
AML registration (goAML / MOE / DNFBP compliance)
We take care of your entire AML registration procedure with the Ministry of Economy and go AML platform. We make the process of onboarding easy and well-documented, which reduces the chances of fines or denial.
What is offered by AlbabTax:
- DNFBP type identification
- Profile creation in goAML portal
- Preparation and Submission of documents
- Setup of compliance calendars
Risk of AML assessment
The initial point of having an effective compliance program is to understand your AML exposure. AlbabTax performs tailored AML risk assessment to determine your weak points throughout the operations.
Deliverables include:
- Risk scoring of customers, sectors and geographics.
- Assessment of risk on products and services
- Advanced AML risk matrix
- Risk management plan
AML/CFT Audit
Make sure that your domestic controls and procedures meet laws of UAE and the FATF requirements. Our AML audit helps reveal the lacking areas of compliance and offers the improvement plans.
Audit includes:
- Policy and process checks
- Risk-based evaluation
- Sampling and interviewing of staff
- Findings and recommendations Audit report
AML Inspection Support
Undergoing a ministry of economy, central bank or other UAE regulator inspection? AlbabTax provides the entire AML inspection coverage including pre-inspection planning, and post-inspection follow-up.
Support covers:
- Preparation of Compliance Files
- Practice inspections
- Documentation review
- Communication and response processing by regulators
Training and Advisory Company AML
We provide AML training courses with experts and strategic advice in accordance with your sector. Looking to brush up on awareness training or sophisticated compliance guidance, AlbabTax makes sure that your crew is ready to pass an inspection.
Training topics:
- KYC, CDD and EDD practices.
- STR Suspicious Transaction Reporting
- The use of AML software
- AML legal requirements applicable in the UAE
Development of AML Policy & Procedure
An AML policy that is beautifully documented will help in proving compliance. AlbabTax designs tailor-made AML/CFT policies, which are in line with local and international standards.
We have policy packages which include:
- AML/CFT compliance system
- Internal reporting systems
- Onboarding and due diligence processes
- Retention records guidelines
Compliance Officer Services Ltd
Each registered person is required to have a Compliance Officer. Our services are advisory as well as outsourced Compliance Officer services, which provides your business with expert-level oversight without the overhead.
AlbabTax provides:
- Continuous compliance reporting
- Correspondence and Regulatory Liaison.
- STR filing and advice
- Onboarding and Training of Officers
What makes AlbabTax?
- Experts in the UAE with sector experience of AML.
- One-stop services- registration to Inspections
- Clear pricing and Personal service
- Relied upon by the professionals in the real estate, auditing, gold trade etc.
