AML Compliance

The UAE enforces stringent AML regulations through the Federal Decree Law, mandating all financial institutions, Designated Non-Financial Businesses and Professions (DNFBPs), and Virtual Asset Service Providers (VASPs) to implement robust compliance programs. Non-compliance can result in financial penalties ranging from AED 50,000 to AED 50,000,000.

First Link Accounting & Taxation LLC’s AML Compliance Services:

First Link provides a holistic suite of services to help businesses navigate the complexities of AML compliance and mitigate potential risks:

1. GoAML Registration:

• Facilitate seamless registration with GoAML, the global platform for reporting suspicious transactions and activities.

2. AML Policies & Procedures:

• Develop and implement comprehensive AML policies and procedures tailored to your specific business model and risk profile.

3. Name Screening:

• Utilize advanced name screening tools to identify individuals or entities linked to money laundering or terrorist financing activities.

4. KYC & Risk Assessments:

• Conduct thorough Know Your Customer (KYC) checks and risk assessments to identify and mitigate potential money laundering and terrorist financing risks.

5. Transaction Monitoring & Reporting:

• Implement a robust transaction monitoring system to detect and flag suspicious transactions in real-time, enabling timely reporting of Suspicious Transaction Reports (STRs), Suspicious Activity Reports (SARs), and International Suspicious Transaction Reports (ISTRs).

6. Sanctions List Monitoring:

• Continuously monitor international sanctions lists and ensure your business does not engage with sanctioned individuals or entities.

7. Staff Training:

• Provide comprehensive AML training programs to equip your staff with the knowledge and skills to identify and report suspicious activities.

8. Liaison with Authorities:

• Act as your liaison with the Financial Intelligence Unit (FIU) and other government authorities, ensuring smooth communication and cooperation on AML matters.

9. AML Compliance Audits:

• Conduct independent AML compliance audits to assess your adherence to regulations, identify any gaps, and recommend improvements.