What are AML documents?
Documents that need to be collected from customers as part of the AML compliance process include government-issued identification (such as passport, registration certificate, etc.), proof of address (such as bank statement, municipal tax record, etc.), certificate of incorporation, list of Ultimate Beneficial Owners (UBOs) and their contact details, audited financial statements, the purpose of the transaction, etc.
The regulated entities have to meet record-keeping requirements, which vary from jurisdiction to jurisdiction.
It is 5 years for mainland companies operating in UAE and 6 years for companies operating from the financial free zones like ADGM or DIFC.
Check out this infographic to learn more about recordkeeping requirements