What penalties can an accountant face for AML non-compliance in the UAE?
Accountants who breach AML obligations face administrative penalties imposed by their supervisory authority. These range from a written warning to fines of not less than AED 10,000 and up to AED 5,000,000 per violation, and can extend to restricting or suspending the activity, replacing responsible managers, or revoking the licence.
Separate criminal penalties apply where the conduct is more serious. Deliberately or through gross negligence failing to report a suspicious transaction can lead to imprisonment and a fine between AED 100,000 and AED 1,000,000. Committing the money laundering offence itself carries imprisonment of one to ten years and substantial fines. Penalties can be increased for repeat violations within a year.
Legal Reference (UAE):
· Federal Decree-Law No. 10 of 2025, Article 17 - administrative fines from AED 10,000 to AED 5,000,000 per violation.
· Federal Decree-Law No. 10 of 2025, Article 28 - criminal penalty for failing to report under Article 18.
For more details, consult the full text of Federal Decree-Law No. 10 of 2025 or seek guidance from your AML compliance officer.