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AML Compliance

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    Overview

    The United Arab Emirates (UAE) contributes to global anti money laundering efforts and combating financing of terrorism (AML/CFT), and strives to fully implement the standards set by the International Financial Action Task Force (FATF).

    Money laundering is defined as any financial or banking transaction aimed at concealing or changing the identity of illegally obtained funds by passing them through the financial and banking system in order to make them appear as originating from legitimate sources, and then re-pumping and investing them in a legal manner contrary to their real nature.

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    Legislation, Rules and Regulations

    The Law

    Federal Decree by Law No. (20) of 2018 on Anti Money Laundering and Combating the Financing of Terrorism and Illegal Organizations

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    Executive Regulation

    Cabinet Decision No. (10) of 2019 Concerning the implementing regulation of decree law no. (20) of 2018 on anti- money laundering and combating the financing of terrorism and illegal organizations

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    Decisions

    Cabinet Resolution No. 109 of 2023 Regarding the Regulation of Procedures for the Ultimate Beneficiary

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    Decisions

    Cabinet Resolution No 53 of 2021 Concerning the Administration Penalties

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    DNFBPs Guidance

    Guidance available for the Designated Non-Financial Businesses and Professions (Auditors, Dealers in Precious Metals and Stones, Real Estate, Trust and Company Service Providers) on Ministry of Economy portal

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    Decisions

    Cabinet Resolution No (74) of 2020 regarding the Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combatting of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing, and Relevant Resolutions.

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    SRTI Park Accredited Audit Firms

    As part of our ongoing commitment to compliance with the directives established by the Ministry of Economy and the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organizations Committee, the Compliance Department has implemented stringent measures to adhere to regulatory guidelines and standards strictly.

    As part of this initiative, compliance has authorized specific companies to submit their audit reports for renewal and compliance.

    Only the following firms have been granted authorization, and SRTI Park only accepts their audit reports for the renewal of the companies registered at SRTI Park, starting from 15 January 2024.

     

    JR ACCOUNTING & TAX CONSULTANCY FZC | info@jrconsultants.ae | +971567863226

    Al Suwaidi Auditing LLC | info@alsuwaidiaudit.ae | +971553721156 | +9715055742641

    MSI ALNOMAN & RAVI | solutions@msiauditors.com | +971556460108

    HKMS Auditing of Accounts LLC | sagar@hkmsgroup.com | +971547786787

    Saji George Yohannan Chartered Accountants | sajigeorge@sgyca.com | +971557397058

    Al Shuruq Auditing and Accounting | thomas@alshuruqauditing.com | +971505992310

    MBK Auditing LLC | rajeev@mbkauditing.com | +971505599427

    ALYAH AUDITING ACCOUNTANTS | info@alyahaudit.ae | 04 287 33 27

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