Conducting an anti-money laundering (AML) audit is a crucial procedure for financial institutions to verify adherence to regulations and thwart money laundering and terrorist financing. When executed successfully, this audit plays a pivotal role in enabling an organization to recognize and address risks, bolster internal controls, and elevate the standards of customer due diligence practices.…
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The establishment of an Anti-Money Laundering (AML) compliance department is a crucial step in fortifying a financial institution’s defenses against illicit activities. However, having skilled employees with AML-specific expertise is equally essential. Proficiency in risk management is paramount, as these professionals play a pivotal role in identifying and mitigating potential risks associated with money laundering.…
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When onboarding new clients, conducting a customer risk assessment becomes imperative. This process aids in identifying individuals with a potentially elevated risk, enabling the implementation of appropriate measures to thwart money laundering. In the dynamic landscape of contemporary business, it is essential to comprehend and navigate these risks effectively for sustained prosperity. This guide explores…
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Hey there, if you own a business in the UAE and feel a bit overwhelmed about dealing with corporate tax, don’t worry! We’ve got a simple guide to help you through the steps of registering for corporate tax in the UAE. This way, you can make sure you’re following the rules and making the most…
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Terrorist Financing Terrorist financing is the covert provision of funds to individuals, groups, or organizations engaged in acts of terrorism directly or indirectly. This illicit financial activity is a critical component of the broader strategy employed by terrorists to carry out attacks, recruit members, and sustain their operations. Funds may be acquired through various means,…
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In the ever-evolving and changing landscape of global finance, staying ahead of emerging risks is paramount. One such risk that has gained increasing attention in recent years is Proliferation Finance. As the world grapples with the complex interplay of economic interests and geopolitical tensions, financial institutions find themselves on the frontline, tasked with identifying and…
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AML (Anti-Money Laundering) and CFT (Counter Financing of Terrorism) are two pillars that form the foundation of a robust system that aims to safeguard financial institutions and economies from illicit activities. One crucial aspect of this defense mechanism is the AML/CFT Risk Assessment – an intricate process that unveils potential vulnerabilities and fortifies the walls…
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Welcome to the vibrant world of business in the UAE, where opportunities abound and dreams take flight Know About Bookkeeping Services in UAE What are Bookkeeping Services? Imagine bookkeeping as the storyteller of your business’s financial journey. It involves systematically recording, organizing, and tracking every financial transaction – from expenses and income to purchases and…
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Anti Money Laundering Services in Abu Dhabi, AML Services in Abu Dhabi and Dubai Ever wondered how Abu Dhabi, the capital city of UAE and the bustling city of growth and opportunities, keeps its financial system safe? Well, a big part of the answer lies in compliance with anti-money laundering regulations in the UAE. In…
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The UAE implemented a corporate tax starting from June 1, 2023. This tax is levied on the adjusted accounting net profits of businesses exceeding 375,000 AED. A single corporate tax return will suffice per fiscal year, eliminating the need for advance tax payments or provisional tax returns. The Ministry of Finance outlined the corporate tax…
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