The UAE has certainly earned its place in the top 10 global financial centers with unprecedented growth and development in the financial sector. A major financial center in the Middle East, it is home to many international businesses and a dedicated economic zone known as the Dubai International Financial Center (DIFC).
In addition to the country’s overall economy, banks and financial institutions also benefit from the high concentration of money coming from foreign sources. However, this influx of big money makes the UAE, especially the city of Dubai, increasingly vulnerable to financial crime.
So, implementing a robust anti-money laundering program in your business has become more important, with increasingly stringent regulations against terrorist funding and money laundering imposed by the government.
Anti-money laundering (AML) is a network of laws, regulations and procedures designed to detect efforts to disguise illicit funds as legitimate income. Money laundering seeks to conceal crimes ranging from petty tax evasion and drug trafficking to public corruption and the financing of groups designated as terrorist organizations.
AML legislation was a response to the growth of the financial industry, the lifting of international capital controls and the increasing ease of carrying out complex chains of financial transactions.
The UN High Level Panel estimated annual money laundering flows at $1.6 trillion, representing 2.7% of global GDP in 2020.
Anti-money laundering regulations do not allow you to have a losing hand. Prevention of money laundering is a matter of national interest. It is not only necessary to save people from fraud, but it works as a preventive measure to counter-terrorist funding. That’s why our AML advisory company ensures efficiency to look at every aspect of the business to make it flawless.
AML challenges that a company may face:
According to FATF recommendations, the DFSA requires DIFC companies to take a risk-based approach to money laundering in UAE. In practice, this means that they must develop an AML/CFT program that is commensurate with the money laundering risks they face and includes the following measures and processes:
In case, when firms within the DIFC detect suspicious activities, such as AML in Dubai. They should submit a suspicious activity report to the Central Bank Dubai and to the DFSA by Supervised Firm Contact Form.
Financial institutions are realizing the importance of anti-money laundering compliance due to increasing regulatory scrutiny. Implementing an AML compliance program is complex and varied, but once it is followed, it has an enormously positive effect on a company’s internal financial controls as well as the country’s economy. However, the implementation of AML and the risk approach of selecting money laundering tools and techniques is a major challenge for financial institutions.
As a country, the UAE is deeply committed to preventing money laundering and the financing of terrorism and illegal organizations. The authorities have created a law and framework to detect, prevent and deter financial crimes. Authorities are constantly working to expand and improve the capabilities of law enforcement institutions. The Government is also improving the effectiveness of its efforts by adhering to internationally recognized anti-money laundering standards and procedures recommended by the FATF, the United Nations, the International Monetary Fund and the World Bank.
Some of the benefits are listed below:
Since the prevention of money laundering is a matter of national interest, it does not only protect people from fraud, but acts as a deterrent against the financing of terrorism. Our expert AML consulting team ensures efficiency in analyzing every aspect of your business to make it flawless. We will help you with the following services:
It is difficult for businesses to keep up with changing anti-money laundering regulatory conditions. Furthermore, a minor failure on your part can result in a huge fine, loss of reputation and even legal consequences. Therefore, the need of the anti-money laundering consulting service comes.
Beyond View is one of the most trustworthy companies who’s offering Anti-Money Laundering advisory services which helps to analyze systems and develop effective solutions. This reduces the risk of your company becoming a victim of employee, supplier or external corporate and financial crimes. Our unsurpassed investigative capabilities and AML services, global presence and longstanding reputation for independence and integrity make us uniquely qualified to address regulatory challenges.