At Aureus Chartered Accountants, we offer expert AML policy drafting services to help businesses in the UAE comply with the country’s anti-money laundering regulations. Our tailored solutions ensure you meet the requirements of Federal Decree-Law No. (20) of 2018 and Cabinet Decision No. (10) of 2019, while aligning with global standards such as FATF guidelines.
What is an AML Policy?
An Anti-Money Laundering (AML) policy is a formal document that outlines an organization’s approach to preventing money laundering and terrorist financing. It provides a structured framework for identifying, managing, and mitigating financial crime risks, while ensuring full compliance with UAE laws.
Core Components of an AML Policy
- Policy Scope & Objective: Clear definition of purpose and applicability to staff, management, and stakeholders.
- Legal & Regulatory Framework: Compliance with UAE laws and FATF standards.
- Customer Due Diligence (CDD) & KYC: Procedures to verify customer identities and assess risks.
- Transaction Monitoring: Systems to detect and report suspicious activities.
- Record-Keeping: Document retention aligned with regulatory timelines.
- Internal Controls: Defined roles, responsibilities, and accountability.
- Employee Training: Periodic AML awareness and compliance programs.
- Reporting & Escalation: Guidelines to report to the UAE Financial Intelligence Unit (FIU).