When must a suspicious transaction report be filed in the UAE?
A suspicious transaction report must be filed as soon as a regulated entity suspects, or has reasonable grounds to suspect, that a transaction or funds represent proceeds of crime or are linked to money laundering, terrorist financing or proliferation financing. The report must be made to the Financial Intelligence Unit without delay and directly, regardless of the value of the transaction.
There is no minimum amount that triggers the duty. The report should contain all available data and information about the transaction and the parties involved, and the entity must provide any additional information the Unit requests, without invoking confidentiality. Reports are submitted through the goAML system. Firms should maintain internal indicators of suspicion, keep them updated, and ensure the compliance officer assesses internal alerts promptly and records the reasons where a decision is taken not to report.
Legal Reference (UAE):
· Federal Decree-Law No. 10 of 2025, Article 18 - duty to report suspicious transactions to the Unit without delay.
· Cabinet Resolution No. 134 of 2025, Articles 17 and 18 - indicators of suspicion and reporting procedures.
For more details, consult the FIU UAE or seek guidance from your AML compliance officer.