AML compliance services
AML compliance services
AML compliance in UAE is a mandatory provision for financial institutions and many other entities. It helps you prevent financial crimes like money laundering and terrorism financing. By adhering to AML compliance rules, you can protect your business from penalties and reputational damages. Also, you contribute to saving the national and global financial system from money launderers.
With all these benefits, AML compliance services are essential for your business. FAME can address the need for AML compliance in UAE for your business. It includes the services of:
- Handling AML policy creation and implementation
- Business risk assessment
- Transaction monitoring and detecting suspicions
- Customer due diligence and screening
- Employee training in AML procedures
- AML reporting
Safeguard your business with our customized AML compliance services.
FAME Advisory can handle all these services for your business. These services ensure AML compliance of business with the mandatory obligations under the national AML laws. You also get consulting on global AML best practices to incorporate in your business processes. Such a range of expert AML compliance services make your processes free from potential financial crimes.
You get expert help creating and implementing a suitable AML policy and related procedures. Our support in mandatory reporting requirements frees you from these operational complexities and management. You can also enjoy business risk assessments, AML manuals, and help in due diligence frameworks. Thus, you can escape potential money laundering effects with our varied AML compliance services.
All in all, you get full-grown AML consulting services that help you meet the AML regulatory requirements.
Our AML compliance services
By associating with FAME, you get the following AML compliance services:
AML policy and procedures creation, editing, and up dation
We help you design and create AML policies, procedures, manuals, and internal controls. You receive a customized AML strategy and policy based on your AML requirements. It depends on the risks your business faces and your risk appetite.
You need proper AML policies and procedures to avert any chances of financial crimes. These policies ensure your processes run in compliance with AML rules and do not divert from the goals. Besides creation of policies, updating them for relevance is also essential. You’ll enjoy regular reviews of these policies, based on which we make changes to align them with your business operations.
Not only this, you do not have to worry about its execution in your business operations. Our experts execute each aspect of the AML strategy to ensure AML compliance in the UAE.
Business risk assessment
Business risk assessments help you know the risks your business is exposed to. And business risk assessment lets you identify these risks. Such risk analysis involves categorizing risks from customers, transactions, geographies, delivery channels, products/services, and third parties.
Once you know the risks, you can plan actions against them. You can decide the strategies to execute to fight the high-risk aspects. You can measure the impact of low risks; if not much, you can ignore them. Thus, business risk assessment allows you to define the AML strategy to prevent, manage, or mitigate these risks.
We conduct an in-depth assessment of your business to identify different risk types. You can also find the degree of risks and likelihood of their occurrence. Studying each risk’s impact on your operations and defining control measures for them is also included.
Based on the business risk assessment, we help you create AML strategy and AML compliance programs. Thus, risk analysis helps prevent money laundering and other financial crimes. Such business risk assessments let you enjoy AML compliance in UAE and protect your finances.
KYC and CDD
KYC (Know Your Customer) and CDD (Customer Due Diligence) processes are critical to AML compliance in UAE. These help you know your customers before onboarding them and throughout the relationship. You can learn about the risks to your business from customers, their products/services, and transactions.
We help you conduct these customer assessments and due diligence activities. The process involves collecting necessary documents from customers, verifying their identities, and conducting background checks. These procedures enable the creation of risk profiles for each customer. We perform these checks prior to onboarding customers to check their threat levels.
You can also receive our customer due diligence services during your relationship with customers. For this, matching customers’ names against lists of sanctions, PEPs, and terrorists nationwide and globally are essential. Any matches with any of the lists make a customer suspicious. You can decide further whether to keep transacting or stop the business association.
Transaction monitoring
Detecting suspicious transactions and reporting them to authorities is a critical AML compliance requirement in the UAE. Monitoring transactions enable you to detect the suspicious ones. You can investigate these further to more details and decide whether to proceed or not. Thus, transaction monitoring enables you to separate the questionable activity of customers and stop them.
Our experts help you manage this with comprehensive transaction monitoring services. We monitor your business transactions to detect suspicious ones.
Its process requires defining the monitoring rules for your industry and business. Based on these rules, we spot the transactions that deviate from the usual or business norms. You can know every detail of the transaction – the source of the transaction, destination, mode of payment, geographies involved, and other factors.
Thus, you can learn about any doubtful or questionable transaction, customer, activity, or account. Quick detection of any signs of money laundering or terrorist financing in transactions is possible. You can prevent financial crimes, enable AML compliance, and preserve your reputation.
Thus, you benefit from quickly detecting
GoAML reporting services
It is compulsory for regulated entities in UAE to submit reports on the goAML platform. The reporting services ensure you produce and submit the necessary reports under AML compliance in UAE. These reports include your business’s suspicious transactions, customers, and other screening results.
A country’s Financial Intelligence Unit (FIU) uses the goAML portal to receive STRs and SARs. FIU analyzes the reports and shares them with relevant authorities as measures against financial crimes. As an obligation of AML compliance in UAE, you must register on it to submit reports.
We at FAME help you with all the goAML-related services. You get all the support for registering your entity on the goAML portal to allow the submission of reports in the future. You can also easily prepare and submit the necessary reports to authorities with our expertise. These reports include:
- Suspicious Transaction Report (STR)
- Suspicious Activity Report (SAR)
- Funds Freeze Report (FFR)
- Partial Name Match Report (PNMR)
- High-Risk Country Report (HRC)
- High-Risk Country Activity Report (HRCA)
- Real Estate Activity Report (REAR)
- Dealers in Precious Metals and Stones Report (DPMSR)
Not only these reports but our AML experts also help create and maintain other records. These recording and reporting services ensure proper documentation of AML practices in your business. You can submit them to internal or external authorities whenever requested during audits or investigations.
- Suspicious Transaction Report (STR)
- Suspicious Activity Report (SAR)
- Funds Freeze Report (FFR)
- Partial Name Match Report (PNMR)
- High-Risk Country Report (HRC)
- High-Risk Country Activity Report (HRCA)
- Real Estate Activity Report (REAR)
- Dealers in Precious Metals and Stones Report (DPMSR)
Not only these reports but our AML experts also help create and maintain other records. These recording and reporting services ensure proper documentation of AML practices in your business. You can submit them to internal or external authorities whenever requested during audits or investigations.
AML training
Awareness of AML requirements and training on AML processes is critical to AML compliance in the UAE. To bring this awareness in your entity, you can access our AML training services. AML training of employees enable knowledge gaining of important procedures for your business. With this knowledge, you can understand the significance of AML and how to perform its processes.
We conduct extensive AML training programs for your employees at all levels. Your employees handling financial transactions and customer-facing activities must specifically undergo such training. These training programs provide detailed information on:
- UAE’s AML rules and provisions
- Process to conduct transaction monitoring
- Procedure for necessary AML reporting
- Identifying and assessing your business risks
- Conducting KYC, CDD, and EDD
- Parameters of suspicious transactions and clients
Besides theoretical training, you can learn through practical examples for a better understanding. Such customized training programs based on your business and industry help prevent money laundering and other risks. These AML training programs lead to the creation of a positive AML culture in your organization.
Connect to our AML consultants for a prompt analysis of your requirements.
Why FAME for AML compliance services?
As your AML compliance partner, we’ll always provide complete guidance on preventing ML and FT risks. You will never have to worry about the status of your compliance with AML regulations. FAME handles it the best. You get on-time and accurate services without hassles.
As an AML compliance services provider in the UAE, you should trust us because: