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AML-CFT Management & Consultancy

The UAE being a member of the MENA FATF is committed to the cause of making this society free of Money Launderers, illegal money and Terrorist funding & financing. Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations is the primary law for AML in UAE. The Cabinet Decision No. 10 of 2019 concerning the Implementing Regulation of this Decree-Law makes real estate agents and brokers subject to the AML law.

In addition, since July 1st, 2022, the Ministry of Economy (MoE) and the Ministry of Justice (MoJ), in partnership with the UAE Financial Intelligence Unit (FIU), have announced the introduction of new reporting requirements aimed at certain real estate transactions conducted in the UAE.

All real estate agents are obliged to file Real Estate Activity Report (REAR) to the FIU for purchase and sale transactions of freehold real estate properties in the UAE that include any of the below three methods of payment, whether for a portion or the entirety of the property value:

  1. Single or multiple Cash payment(s) equal to or above AED 55,000/-

  2. Payments that include the use of a virtual asset

  3. Payments where the fund(s) used in the transaction is derived from a virtual asset.

Along with obtaining relevant documents pertaining to buyer, seller and the transaction, Real estate agents and brokers shall submit REAR on GoAML platform, capturing details of such transaction pertaining to freehold real estate.

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Real estate agents and brokers are also obliged to continue their compliance with AML-CFT requirements in the UAE. Submissions of REARs do not exempt them from their existing AML-CFT obligations to submit the following types of reports via GoAML.
  1. Suspicious Transaction Report (STR)
  2. Suspicious Activity Report (SAR)
  3. Funds Freeze Report (FFR)
  4. Partial Name Match Report (PNMR)
  5. High-Risk Country Report (HRC)
  6. High-Risk Country Activity Report (HRCA)

How Oxbow can help:

1.Register your Company in GoAML

Getting yourself registered in the GoAML website is a tedious process. At Oxbow, we can help with this process through our trained and efficient staff. Provide us with the required Documents, and sit back and relax while we do the rest for you.

3. Serve as your AML-CFT Agent and provide the following:

1.Develop customized and industry specific AML-CFT Policies.
2.Analyse & Assess Risks
3.Develop Controls & Procedures to adhere to AML-CFT Policies
4.Set up Documentation process to abide by the record-keeping requirements of the concerned Authorities
5.Help with KYC & CDD/EDD Services
6.Provide AML Training to employees on how to identify risks and Suspicious
Activites/Transactions 7.Help to set the tone at the Top by creating a Compliance culture within the organization.
8.Prepare and submit the required reports to the concerned authorities
9.Assist in filing of STRs/SARs and process thereafter.

2. Provide AML-CFT Compliance Consultation which will include:

1.AML-CFT Health Check . 2.Provide guidance on AML-CFT Risk Assessments. 3.Manage KYC & CDD Services & Regulatory Reporting. 4.Annual Evaluation Report highlighting AML-CFT lapses/deficiencies . 5.Audit the Internal Compliance Department and provide CAPA reports .

For more details contact : +971 50 567 5616

Get In Touch With Us!

Phone

Email

Address

P.O. BOX:84706, Office No.108, Coastal Building, Al Qusais 2, Dubai, UAE

Contact Us​

Get In Touch With Us!

Phone

Email

Address

Coastal Building, Al Qusais 2, P.O. BOX:84706, Dubai, UAE

GET STARTED NOW

We assist you in getting all the information, resource, and consultation you need for company formation in UAE that turns your investment into a growing business in the Gulf.

Get in touch

incorp@oxbowcs.ae

+971 50 567 5616

+971 4 451 9876

Office No : 1109, Bay View Tower, Marasi Drive Street, Business Bay, Dubai, PO BOX : 391085

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