What is AML compliance in the UAE?
UAE’s principal AML/CFT legislation is the Federal Decree-Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations and its corresponding regulations and decisions.
Under this law, the FIs and DNFBPs must conduct an enterprise-wide risk assessment, define internal policies, procedures and controls, carry out KYC, screening and customer due diligence, report suspicious transactions, train employees concerning AML policies and keep records as specified.
Check out this article to have an in-depth understanding of the AML compliance requirements in UAE.