AML registration deadline has been extended
The Ministry of Economy of the UAE has announced an extension to the Anti-money Laundering (AML) registration deadline.
The new deadline is April 30th, 2021.
All companies falling under Designated Non-Financial Business and Professions (DNFBPs) have to register in government regulations approved with the intent of countering Money Laundering and Combating the financing of terrorism.
As explained by the Ministry, companies that require registration before the new deadline include brokers and real estate agents, auditors, dealers of precious metals and gemstones, and corporate service providers.
Registration would be done on the goAML system and the automatic reporting system for sanctions lists as well as take all measures necessary in order to attain compliance with the requirements set out in Federal Law No.20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism of Illegal Organizations.
Concerned companies are called upon to properly utilize this extension in order to avoid potential penalties and fines, which are applicable from 1st May 2021. Fines may range from Dh50,000 to Dh5 Million and penalties for a failure to register include the suspension of Company licenses or even their closure.
MBG Corporate Services assists in registration on the AML Portal, development and implementation of compliance framework as well as the regular compliance review. Feel free to reach out to us for any questions you may have on the process.
The new deadline is April 30th, 2021.
All companies falling under Designated Non-Financial Business and Professions (DNFBPs) have to register in government regulations approved with the intent of countering Money Laundering and Combating the financing of terrorism.
As explained by the Ministry, companies that require registration before the new deadline include brokers and real estate agents, auditors, dealers of precious metals and gemstones, and corporate service providers.
Registration would be done on the goAML system and the automatic reporting system for sanctions lists as well as take all measures necessary in order to attain compliance with the requirements set out in Federal Law No.20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism of Illegal Organizations.
Concerned companies are called upon to properly utilize this extension in order to avoid potential penalties and fines, which are applicable from 1st May 2021. Fines may range from Dh50,000 to Dh5 Million and penalties for a failure to register include the suspension of Company licenses or even their closure.
MBG Corporate Services assists in registration on the AML Portal, development and implementation of compliance framework as well as the regular compliance review. Feel free to reach out to us for any questions you may have on the process.
