AML Watcher’s Post

Money laundering entails dangerous consequences. You might not even know it, but your business could be exposed to money laundering, and it is critical that you address this before it is too late. From registering on goAML to implementing a solid AML strategy, you need to have a comprehensive AML plan. Otherwise, you could face fines of up to AED 500,000 in the UAE for failing to comply with AML regulations. #MoneyLaundering #AML #AMLRegulations #goAML #AntiMoneyLaundering #UAERegulations #AMLStrategy #FinancialCompliance #Compliance360

The UAE Anti-Money Laundering (AML) laws require businesses such as Designated Non-Financing Businesses and Professions (DNFBPs) and Virtual Asset Service Providers (VASPs) to carry out the Customer Due Diligence (CDD) process while onboarding new customers and during the course of business relationships. However, merely carrying out CDD as a procedural requirement with a tick-box approach may lead to more problems instead of achieving robust AML compliance. In this article, we will discuss why it is important that businesses undertake CDD by taking many factors into account, starting with the risk-based approach to mitigating Money Laundering (ML), Financing of Terrorism (FT), and Proliferation Financing (PF) risks. Check out the blog to understand and implement best practices for conducting CDD in your organisation. Read the entire blog here: https://lnkd.in/dvH5zKcm #AML #AMLCFT #AMLCompliance #AntiMoneyLaundering #DNFBPs #Compliance #CDD #EDD #SDD #CustomerDueDiligence

AML/CFT Updates and News - Nov 25th, 2024 : - Nigeria’s Fight Against Money Laundering: Progress and Impact https://lnkd.in/ejaqJMZF - Why AML Training Is Vital for Businesses in a Regulatory Landscape https://lnkd.in/ebYZe2pk - Global Spend on KYC/KYB Systems to Soar by 140% in 5 Years for Non-Financial Businesses https://lnkd.in/e6aRBRYz - Australian Banks Partner with BioCatch to Combat Fraud and Scams https://lnkd.in/eTn3zZx4 #aml #terrorismfinancing #amlcft #antimoneylaundering #moneylaundering #financialcrime #fincrime #fraud #compliance #regulation #sanctions

Money laundering is high on the regulatory agenda of the UAE government. Here is a short blog on recent developments and enforcement trends when it comes to AML in the UAE, co-written with my colleague Shagun Jaggi. Early 2025 will be a good time to ensure you have effective AML policies and procedures in place. #spincycle #AML https://lnkd.in/d4Ehbawu

Companies without strong AML screening measures risk losing millions to fraud, fines, or damage to their reputation. Through our partnership with #ShuftiPro we are able to provide our clients with a strong, innovative and compliant AML solution to tackle this challenge. This helps (financial) businesses identify #MoneyLaundering patterns through transaction monitoring checks for real-time #riskscreening, effectively preventing money laundering activities DM us or contact us at info@integraaruba.com for more information. #IntegraAruba #AMLsolutions #FraudPrevention #ComplianceMatters #FinancialSecurity #TransactionMonitoring #AMLCompliance #RegulatoryCompliance Kevin Arthur Perret Gentil

AML and compliance challenges is a critical concern for fintech startups, which requires a balance between regulatory adherence and operational efficiency. As the industry evolves, startups must prioritize compliance to build trust, protect their businesses, and ensure sustainable growth. Emphasis on building robust mornintoring programs and stregthens the KYC mechanism from scratch can aso solve 40% of these problems if properly conducted. This will also efficiently build good relationship betwen regulators and public trust in using your brand  

Layering is a critical stage in the money laundering process because it adds complexity and makes it challenging for law enforcement and financial institutions to track and trace the illcit funds. Don’t let your businessget victim of AML, contact us today to get expert support in strengthening your AML and staying compliant. Get in touch with us ! #AML #AntiMoneyLaundering #Layering #FinancialCrime #Compliance #Business #Gold #dubai #uae

AML/CFT Updates and News - Nov 25th, 2024 : - Nigeria’s Fight Against Money Laundering: Progress and Impact https://lnkd.in/ejaqJMZF - Why AML Training Is Vital for Businesses in a Regulatory Landscape https://lnkd.in/ebYZe2pk - Global Spend on KYC/KYB Systems to Soar by 140% in 5 Years for Non-Financial Businesses https://lnkd.in/e6aRBRYz - Australian Banks Partner with BioCatch to Combat Fraud and Scams https://lnkd.in/eTn3zZx4 #aml #terrorismfinancing #amlcft #antimoneylaundering #moneylaundering #financialcrime #fincrime #fraud #compliance #regulation #sanctions

ANTI-MONEY LAUNDERING (AML) • Anti-money laundering is a set of policies, procedures, and technologies that prevents money laundering. AML Objectives: • Contribute to the prevention of organised crime by reducing the laundering opportunities. • Protect the integrity of the financial system by preventing its misuse by criminals and launderers. • Hit the offenders where it hurts the most (their pockets) through fines or penalties. How can AML be effective? • Criminalising money laundering • Through effective provisions on confiscation or forfeiture of criminal proceed • Know Your Customer and Customer Due Diligence regulations and adequate training of staff in the banks or other financial institutions • Robust reporting system to enable reporting on unusual suspicious transactions • International cooperation and mutual assistance among countries #LinkedIn #LinkedInlearning #AML #KYC

Creating a robust Anti-Money Laundering (AML) compliance program in the UAE is essential for businesses to comply with stringent regulations aimed at preventing financial crimes. The UAE’s Anti-Money Laundering (AML) regulations, such as Federal Decree-Law No. 20 of 2018, govern financial institutions, Designated Non-Financial Businesses and Professions (DNFBPs), and Virtual Asset Service Providers (VASPs). Here’s an outline of the best practices for building an effective AML compliance framework, along with practical steps for implementation and insights on the consequences of non-compliance.  https://lnkd.in/d8CNd2jw #ATBLegalAml #UAEComplianceConsulting #LegalServicesUAE