AML Compliance Service in Dubai

​Gupta Accountants realizes the complex challenges of compliance with UAE AML obligations on the Designated Non-Financial Businesses  and Professions (DNFBPs)  while doing business in Dubai. Gupta Accountants provides range smart solutions for compliance with UAE AML. 

Summary of the relevant UAE AML legislations : 

Law :    

• Federal Decree by Law No. (20) of 2018 on Anti Money Laundering and Combating the Financing of Terrorism and Illegal Organizations

Executive Regulation :

•  Cabinet Decision No. (10) of 2019 Concerning the implementing regulation of decree law no. (20) of 2018 on anti- money laundering and combating the financing of terrorism and illegal organizations

Decisions: 

• Cabinet Decision No. (58) of 2020 Regulating the Beneficial Owner Procedures
• Cabinet Resolution No. (74) of 2020 Regarding the Terrorist List System and The Implementation of Security Council Resolutions Related to Preventing and Suppressing Terrorism and Its financing, Counter of Proliferation and its financing, and the relevant resolutions

What is DNFBP?

• DNFBP stands for "Designated Non-Financial Business and Professions"(DNFBP). Certain types of "non-financial" businesses have been identified as being susceptible to money laundering and terrorist financing due to the nature of their business and the transactions with activity that they may conduct.
  Certain class of business and professions, which currently are classified as Designated Non-Financial Business and Professions"(DNFBP) in UAE is as as follows;

1. Real Estate Firm that carries out transactions with customers involving the buying or selling of real property For example, real estate developers, brokers and agents.

​2. Auditing, accounting or tax consultancy Firm that provide professional services and assurance to third parties on the financial and tax soundness of them and/or their business. For example, chartered accountants, accountants, tax specialists etc.

3. Dealer of precious metals or stones who are are involved in the production of precious metals or precious stones, an intermediate buyer or broker, precious stone cutter and polisher, precious metal refiners, and/or jewelry manufacturer who use precious metals and precious stones to retail sellers to the public or buyers and sellers in the secondary and scrap markets. These include gold, silver, platinum, diamonds etc. For example, jewelry stores.

4. Trust or Company Service Provider who is involved in providing business services and consulting to third parties.

Registration obligations under the goAML in Dubai are on the DNFBP (Designated Non-Financial Businesses and Professions) based in mainland and free zone  

What is goAML (Anti-Money-Laundering System) ?
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The goAML application is a fully integrated software solution developed specifically for use by Financial Intelligence Units (FIU's) and is one of UNODC's strategic responses to financial crime, including money-laundering and terrorist financing. Financial Intelligence Units play a leading role in any anti-money laundering regime as they are generally responsible for receiving, processing and analyzing reports made by financial institutions or other entities according to the requirements of domestic anti-money laundering laws and regulations. Such reports and other information gathered by FIU's often provide the basis for investigations into money laundering, terrorist financing and other serious offences. goAML is specifically designed to meet the data collection, management, analytical, document management, workflow and statistical needs of any Finance Intelligence Unit. The goAML application was developed by the Information Technology Service (ITS) of UNODC in partnership with the UNODC Global Programme Against Money Laundering, Proceeds of Crime and the Financing of Terrorism (GPML).
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Registration of the DNFBP (designated non-financial businesses & professions) under the goAML in Dubai

The Ministry of Economy (MoE) in UAE requires Designated Non-Financial Businesses  and Professions (DNFBPs) registered in the UAE to register in the system of Financial Intelligence Unit (goAML) 
The Ministry of Economy (MoE) in UAE also requires Designated Non-Financial Businesses  and Professions (DNFBPs) registered in the UAE to system of Committee for Commodities Subject to Import and Export Control (Automatic Reporting System for Sanctions Lists), and to adopt measures related to both, stipulated by the Federal Law No. 20 of 2018 on combating money laundering crimes and financing of terrorism and illegal organizations, and the regulations and relevant decisions regarding their implementation.
Designated Non-Financial Businesses  and Professions (DNFBPs) registered in the UAE are obliged to to adopt measures related to both the aforesaid systems (goAML and ARSSL) as stipulated by the Federal Law No. 20 of 2018 on combating money laundering crimes and financing of terrorism and illegal organizations, and the regulations and relevant decisions regarding their implementation.
The Ministry of Economy (MoE) has clarified in its circular that the registration in both these systems is free and can be done through simple steps by visiting the Ministry of Economy's official website. The grace period to the DNFBPs  to register in these two systems has been extended till March 31, 2021. Accordingly the registration for the DNFBs is obligatory to to avoid penalties stipulated by the law. 
Documents required to for the registration

• Authorization letter from the institution you represent ( form available for the download on the MOE  website).
• A copy of the passport, resident VISA, Emirates ID.
• A copy of the commercial trade license (for companies).
• Download the "Google Authenticator" application on the phone. (This application contains the password for the SACM protection system, which is a password that changes every minute)

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Dubai: Gupta Accountants DNFB Compliance Services ​

• Professionally qualified Chartered Accountants with experience in  AML - Anti Money Laundering Compliance, Review, Support,  Consulting  and Advisory 

• Cost Effective AML - Anti Money Laundering Compliance & Support Services in UAE.

• Compliance to local, International standards & applicable rules and regulations. ​

• Gupta Accountants team of AML - Anti Money Laundering Compliance Consultants in provides supports at all the stages of DNFB Compliance Services in the UAE including Dubai, Abu Dhabi, Sharjah, Ajman, Umm Al Quwain, Fujairah, and Ras Al Khaimah.​