Money Laundering Reporting Officer (MLRO)

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. 

Financial institutions (i.e., Banks, Money Exchanges etc.)
Designated Non-Financial Businesses and Professions (DNFBPs)
Non-profit organizations. (i.e., Trust and Company Service Providers)
Money Laundering Reporting Officer in UAE

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:

Developing, implementing, and maintaining the organization’s AML/CTF policies and procedures.
Subscribing to Sanctions Lists to receive update on the UAE Local Terrorist List and the United Nations Consolidated lists.
Conducting risk assessments including Customer Due Diligence and Enhanced Due Diligence.
Identifying potential money laundering or terrorist financing activities in the organization’s business operations including Customer Screening and Ongoing Monitoring and verifying adverse information and media insight in case of Politically Exposed Persons (PEPs).
Ensuring that the organization’s employees are trained and educated on AML/CTF regulations and procedures.
Conducting regular audits and reviews to identify any weaknesses in the organization’s AML/CTF systems and procedures.
Ensure that the registration with GoAML portal has been done to submit the reports such as Fund Freeze Report (FFR), Partial Name Match Report (PNMR), Real Estate Activity Report (REAR), Dealers in Precious Metals and Stones Report (DPMSR), Suspicious Transaction Report (STR), Suspicious Activity Report (SAR), High-Risk Country Report or High-Risk Country Transaction Report (HRC), High-Risk Country Activity Report (HRCA).
Preparing and filing Annual and Semi-Annual AML returns to senior management and regulators and submitting mandatory surveys and other information requested by regulator.
Liaising with other organizations and regulatory bodies to share information and best practices related to AML/CTF.

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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