Anti Money Laundering UAE: What Every Business Owner Should Know

An unusual transaction does not automatically mean that money laundering has taken place. It simply means that the activity may need to be reviewed according to the company's AML procedures.

What Should Businesses Do About Suspicious Activity?

Businesses covered by AML reporting requirements need to understand how suspicious transactions and activities should be handled.

The UAE Financial Intelligence Unit uses the goAML platform for relevant suspicious transaction and activity reporting. Businesses should have internal procedures that explain how employees raise concerns and how those concerns are reviewed.

Employees should know who is responsible for handling potential AML issues and should understand the importance of confidentiality when dealing with suspicious activity reports.

A company should not ignore unusual activity simply because it cannot prove that a crime has occurred. The appropriate response depends on the facts, the company's risk assessment, and the applicable legal requirements.

Keep Your AML Records in Order

Good record keeping is an important part of Anti Money Laundering UAE compliance.

Businesses may need to maintain records relating to customer identification, due diligence, beneficial ownership, transactions, risk assessments, and other compliance activities, depending on the requirements applicable to them.

Records should be accurate, organized, and available when required. Good documentation also helps demonstrate that AML procedures are actually being followed.

For example, having a written AML policy is useful, but being able to show that employees followed that policy and carried out the required checks is even more important.

Employees Should Understand AML Responsibilities