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Anti-Money Laundering Services

Parker Russell UAE serves as a consultant to conduct independent assessments of Anti-money Laundering, Combating the Financing of Terrorism & Sanctions Compliance Frameworks across multiple sectors
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Parker Russell UAE is a provider of anti-money laundering (AML) compliance services with a concentration on the UAE market.

We are committed to helping businesses in the UAE comply with all required anti-money laundering consulting and countering terrorism funding through the correct enforcement of laws and regulations.

When Parker Rusell UAE is in charge of your anti-money laundering compliance, you can relax. With our AML consulting services, we relieve you of the strain of AML compliance so you can focus on your business.

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Schedule a FREE consultation to learn everything you need to know about AML compliance in the UAE.

Anti Money Laundering Compliance Services

Financial institutions and firms are facing immense pressure to comply with AML regulations. Whether administrating an urgent issue or addressing compliance on a large scale, the organization needs to come up with a comprehensive plan to combat the risk of non-compliance with local and international regulations.

Complying with local and international AMP regulations is not optional, it’s mandatory. Some of the regulations may not directly promote business growth and managing both may be a difficult task. Following are the services we offer related to Anti-Money Laundering (AML) and combating the Financing of Terrorism (CFT):

 

  • Compliance Policy and procedures
  • Assessment of tools and controls design
  • Current AML Policy review
  • AML/ KYC/ CFT Plan and framework
  • AML audit and reporting
  • Due diligence Frameworks and process implementations
  • Anti-corruptions and financial frauds frameworks
  • Corporate Training
UAE Anti-Money Laundering Law
As per the federal law no. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations:

  1. Any person, having the knowledge that the funds are the proceeds of a felony or a misdemeanour, and who willfully commits any of the following acts, shall be considered a perpetrator of the crime of Money Laundering:
  2. Transferring or moving proceeds or conducting any transaction with the aim of concealing or disguising their illegal source.
  3. Concealing or disguising the true nature, source or location of the proceeds as well as the method involving their disposition, movement, ownership of or rights with respect to said proceeds.
  4. Acquiring, possessing or using proceeds upon receipt.
  5. Assisting the perpetrator of the predicate offence to escape punishment.
  6. The crime of Money Laundering is considered as an independent crime. The punishment of the perpetrator for the predicate offence shall not prevent his punishment for the crime of Money Laundering.
  7. Proving the illicit source of the proceeds should not constitute a prerequisite to sentencing the perpetrator of the predicate offence.

The new UAE Anti-Money Laundering Law is implemented to ensure the regulatory role of UAE government through the central bank of the emirates. The central bank of UAE regulates and monitor the operations of financial institutions and bank across the Emirates. In accordance with the AML compliance law, any activity or transaction suspected to be related to Money-Laundering shall be reported to the central bank of the UAE. Most suspected types of activity that could be related to Money-Laundering are:

  • Large cash transfers or deposits
  • Numerous exchange of money into other currencies
  • Alleged setup of business with no commercial purpose
  • Unusual and enormous transactions of debit and credit into the accounts
Importance of Anti-Money Laundering Compliance
AML procedures serve to create societies where crime is less frequent and financial inclusion is encouraged by precise and reliable KYC systems, which protect the most vulnerable members of society.

UAE as a country is deeply committed to preventing money laundering and financing of terrorism and illegal organizations. The authorities have established the law and framework to detect, prevent and discourage financial crimes. The authorities are constantly working to enhance and improve the capabilities of the institutions that are devoted to enforce the law. 

Industries We Serve

Banks

Lawyers, notaries and other legal professionals and practitioners

Company and Trust Service Providers

Auditors & Accountants

Financial Companies

Real Estate Agents & Brokers

Insurance Providers

Dealers in precious metals and stones (DPMS)

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