Maintaining proper records is a crucial element for the successful implementation of an AML/CFT program. It enables Financial Institutions, DNFBPs, and VASPs to track financial transactions and continuously monitor business relationships.
Under AML documentation requirements, the AML Law stipulates that designated entities must keep various types of records for a minimum of 5 years. However, for entities regulated by ADGM and DIFC, the minimum retention period is 6 years as per their specific regulations.
AML UAE provides a full range of AML consultancy services, including guidance on AML documentation—what records need to be maintained, how to store and manage the data, and ensuring its accessibility and proper archiving.