What are the three pillars of AML?
Anti-money laundering (AML) refers to laws and regulation in place which prevent and mitigate the occurrence of the crimes of money laundering, terrorism financing and proliferation financing. AML regulations consist of many compliance requirements for entities regulated under the regulations. The pillars of AML compliance include:
- Enterprise-wide risk assessment
- Customer due diligence
- Sanctions Screening
- Transactions Monitoring and Ongoing Monitoring
- Employee Training
- Record-Keeping
- Reporting Obligations
To understand the AML compliance requirements in UAE, check out our infographic here: