Anti-Money Laundering Services
Parker Russell UAE is a provider of anti-money laundering (AML) compliance services with a concentration on the UAE market.
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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Anti Money Laundering Compliance Services
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
- 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:
- Transferring or moving proceeds or conducting any transaction with the aim of concealing or disguising their illegal source.
- 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.
- Acquiring, possessing or using proceeds upon receipt.
- Assisting the perpetrator of the predicate offence to escape punishment.
- 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.
- 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
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
Lawyers, notaries and other legal professionals and practitioners
Company and Trust Service Providers
Auditors & Accountants
Real Estate Agents & Brokers
Dealers in precious metals and stones (DPMS)
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Offices in the UAE
Years of Experience
Office No. 504, Port Saeed, Al Wahda Building, Dubai, United Arab Emirates P.O. Box : 31367
Phone No : +971 4 2959958
Fax No : +971 4 2959945
Email : email@example.com
Office No. M03, Building No. 13, Tourist Club Area, Abu Dhabi, United Arab Emirates, P.O. Box : 48517
Phone No : +971 2 6452666 /6459446
Fax No : +971 2 6454499
Email : firstname.lastname@example.org
Office No. 204, Al Jahili Area, Bldg. No. 137, Hessa Bint Mohamed Street, Al Ain, United Arab Emirates P.O. Box : 48517
Phone No :+971 2 645 2666 / +971 55 268 8577
Fax No : +971 2 6454499
Email : email@example.com