What is the deadline for a UAE real estate broker to act on a suspicious transaction?
Where a UAE real estate broker suspects, or has reasonable grounds to suspect, that funds or a transaction represent the proceeds of, or relate to, a crime, the broker must notify the Financial Intelligence Unit without delay and directly, by filing a detailed Suspicious Transaction Report through goAML. There is no monetary threshold: the duty applies regardless of the value involved.
The report must contain all available data and information about the transaction and the parties, and the broker must supply any further information the FIU requests, without invoking confidentiality. The firm must also avoid tipping off the customer that a report has been or may be made. Prompt reporting is essential, as delay itself can be a compliance breach and may allow illicit funds to move before authorities can act.
Legal Reference (UAE):
· Federal Decree-Law No. 10 of 2025, Article 18 - requires notification of the FIU without delay and directly, regardless of the value of the transaction.
· Cabinet Resolution No. 134 of 2025 (Executive Regulations) - determines the rules, controls and cases requiring the reporting of suspicious transactions.
For more details, consult the full text of Federal Decree-Law No. 10 of 2025 or seek guidance from your AML compliance officer.