Find out which groups are required to register for anti-money laundering regulations before March 31
Within the framework of the awareness and monitoring campaign organized by the Ministry of Economy to register business sector establishments and non-financial professions specified in government regulations adopted to confront money laundering and combat the financing of terrorism, the Ministry of Economy called on the target groups to expedite registration in the system of the Financial Information Unit (goAML) and the Committee for Goods and Materials subject to control system Import and export (the automatic reporting system for sanctions lists), during the grace period extended to March 31, in order to avoid penalties that may reach suspension of the license and closure of the facility.
The Ministry also stressed the importance of taking the necessary measures related to confronting money laundering, which are described in the executive regulations of the Federal Decree Law No. 20 of 2018 regarding countering money laundering, combating the financing of terrorism and financing illegal organizations, in order to avoid the fines contained in the unified list of violations issued by the Council of Ministers recently. From 50 thousand dirhams to one million dirhams, and can be doubled to 5 million dirhams based on the provisions of the law and according to the estimation of the Supreme Committee for Combating Money Laundering, Combating the Financing of Terrorism and Financing Illegal Organizations.
The ministry indicated that all required measures are explained on its official website.
The ministry explained that the sector includes a wide range of non-financial business and activities most exposed to money laundering risks, which were divided according to the executive regulations of the Anti-Money Laundering Law - and in line with international standards issued by the Financial Action Task Force (FATF) - into four main categories that include: Brokers and real estate agents, dealers of precious metals and gemstones, auditors, corporate service providers.
In detail, Article (3) of the executive regulations of the law specified the types of business activities and specific non-financial professions that are subject to their supervision as follows:
# Category Description
1 Brokers and real estate agents when they enter into transactions in the interest of their clients in relation to the purchase and sale of real estate.
2 Traders of precious metals and gemstones when carrying out any single cash transaction or several seemingly interconnected transactions, with a value of AED 55,000 or more.
3 Independent auditors and accountants when they prepare, conduct or implement financial operations for the benefit of their clients in relation to the following activities:
A- Buying and selling real estate.
B- Managing the funds owned by the client.
C- Managing bank accounts, saving accounts, or securities accounts.
D- Contributing to establishing, operating or managing companies.
E- Establishing, operating or managing companies, or legal arrangements.
F- Buying and selling commercial entities.
4 Providers of corporate and trust funds and services when undertaking or executing a transaction for the benefit of their clients or on their behalf in relation to the following activities:
A- Acting as an agent in establishing or establishing companies.
B- Working or preparing for another person to work as a manager or secretary of the company, or as a partner or in the company.
C- Providing a registered office, a business address, a place of residence, a correspondence address, an administrative address for a legal person, or a legal arrangement.
D- Performing the work or equipping another person to act as a trustee for a direct trust fund or to perform a similar function for the benefit of another form of legal arrangement.
E- Work or prepare for another person to work as a shareholder for the benefit of another person.
The Ministry of Economy called on companies to communicate with them in the event of any inquiries regarding registration in anti-money laundering and terrorist financing systems, to take the necessary measures, and to identify penalties and violations, by calling the Ministry of Economy’s call center number.
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