What is the fine for AML in UAE?
The UAE Ministry of Economy announces the fines and penalties for violating AML rules and regulations. Some of these fines and penalties include:
- AED 1 million or more for not complying with the prescribed measures for customers included in the local or international sanctions list
- AED 200,000 or more for not carrying out enhanced due diligence or submitting suspicious transaction reports
- AED 100,000 or more if the required risk assessment, due diligence, etc., are not performed