When must a DNFBP report a suspicious transaction in the UAE?
A DNFBP must report to the Financial Intelligence Unit whenever it suspects, or has reasonable grounds to suspect, that a transaction or funds represent proceeds of crime or are related to or intended for money laundering, terrorist financing, or proliferation financing. The obligation applies regardless of the value of the transaction, and it applies even where the transaction is only attempted and not completed.
The report must be made without delay and directly, through the goAML system, and must contain all available data and information about the transaction and the parties involved. The DNFBP cannot rely on confidentiality provisions to withhold the report, and it must supply any further information the Unit requests. A limited exception protects information subject to legal professional privilege for lawyers and legal auditors.
Legal Reference (UAE):
· Federal Decree-Law No. 10 of 2025, Article 18 - requires notification of the Unit without delay when a suspicion arises.
For more details, consult the UAE Financial Intelligence Unit at fiu.gov.ae or seek guidance from your AML compliance officer.
A DNFBP must report to the Financial Intelligence Unit whenever it suspects, or has reasonable grounds to suspect, that a transaction or funds represent proceeds of crime or are related to or intended for money laundering, terrorist financing, or proliferation financing. The obligation applies regardless of the value of the transaction, and it applies even where the transaction is only attempted and not completed.
The report must be made without delay and directly, through the goAML system, and must contain all available data and information about the transaction and the parties involved. The DNFBP cannot rely on confidentiality provisions to withhold the report, and it must supply any further information the Unit requests. A limited exception protects information subject to legal professional privilege for lawyers and legal auditors.
Legal Reference (UAE):
· Federal Decree-Law No. 10 of 2025, Article 18 - requires notification of the Unit without delay when a suspicion arises.
For more details, consult the UAE Financial Intelligence Unit at fiu.gov.ae or seek guidance from your AML compliance officer.