We are providing MLRO (Money Laundering Reporting Officer) service in the UAE (United Arab Emirates), ensuring that the Financial Institutions (FIs) or Designated Non-Financial Business and Professions (DNFBPs) complies with the regulations and guidelines related to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) or Proliferation Financing (PF).
FIs and DNFBPs in UAE are required to register a Money Laundering Reporting Officer (“MLRO”) with the respective regulator. The following categories of businesses in UAE need to be complied with AML UAE’s AML/CFT legal and regulatory framework.
The Financial Free Zones have their own regulators such as Abu Dhabi Global Market (“ADGM”) are regulated by the Financial Services Regulatory Authority (“FSRA”) and the Dubai Financial Services Regulatory Authority (“DFSA”) regulates firms in the Dubai International Financial Centre (“DIFC”).
The companies licensed under the Department of Economy and other Free Zone entities should register with the Financial Intelligence Unit, Central Bank of UAE.
The specific responsibilities of an MLRO in the UAE may vary depending on the size, type, and complexity of the organization. However, some common responsibilities of an MLRO in the UAE include but not limited:
In addition to the above responsibilities, an MLRO in the UAE may also be required to maintain records of all AML/CTF activities, participate in AML/CTF investigations, and provide regular reports to the organization’s senior management and board of directors.
We have a person who has approved of taking on the role of the Compliance Officer/MLRO. Please contact us for further details.
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