Anti Money Laundering (AML) Consulting Firms in UAE

Jitendra Chartered Accountants (JCA) is a division of Jitendra Consulting Group (JCG), established in 2001 in Dubai, UAE. JCA as an AML consulting firm has been phenomenal in helping clients across the UAE, especially whose operations are subject to the implementation of Anti Money Laundering programs. With extensive knowledge and diversified experience, our chartered accountants, legal consultants and industry specialists are capable to understand the risk and provide plan and policies to financial institutions that are struggling to comply UAE AML and CFT law.

What is Money Laundering?

The standard definition of money laundering is:

Any illegal and deceptive act kept secret or categorized as a violation of the trust. Money laundering can be perpetrated by the individual or organizations to gain money, property or services to secure personal or business advantages.

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Anti Money Laundering Compliance Services

Financial institution and firms are facing immense pressure to comply with AML regulations. Whether administrating an urgent issue or addressing compliance on a large scale, the organization need to come up with a comprehensive plan to combat the risk of non-compliance with local and international regulation.

Comply with local and international AMP regulation is not optional, it’s mandatory. Some of the regulation may not directly promote business growth and managing the both may be a difficult task and here Jitendra Chartered Accountants come to help you. Following are the services we offer related to Anti-Money Laundering (AML) and combating the Financing of Terrorism (CFT):

– Compliance Policy and procedures

– Assessment of tools and controls design

– Current AML Policy review

– AML/ KYC/ CFT Plan and framework

– AML audit and reporting

– Due diligence Frameworks and process implementations

– Anti-corruptions and financial frauds frameworks

– Corporate Training

UAE Anti Money Laundering Law

As per the federal law no. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations:

  1. Any person, having the knowledge that the funds are the proceeds of a felony or a misdemeanour, and who willfully commits any of the following acts, shall be considered a perpetrator of the crime of Money Laundering:
  2. Transferring or moving proceeds or conducting any transaction with the aim of concealing or disguising their illegal source.
  3. Concealing or disguising the true nature, source or location of the proceeds as well as the method involving their disposition, movement, ownership of or rights with respect to said proceeds.
  4. Acquiring, possessing or using proceeds upon receipt.
  5. Assisting the perpetrator of the predicate offence to escape punishment.
  6. The crime of Money Laundering is considered as an independent crime. The punishment of the perpetrator for the predicate offence shall not prevent his punishment for the crime of Money Laundering.
  7. Proving the illicit source of the proceeds should not constitute a prerequisite to sentencing the perpetrator of the predicate offence.

The new UAE Anti-Money Laundering Law is implemented to ensure the regulatory role of UAE government through the central bank of the emirates. The central bank of UAE regulates and monitor the operations of financial institutions and bank across the Emirates. In accordance with the AML compliance law, any activity or transaction suspected to be related to Money-Laundering shall be reported to the central bank of the UAE. Most suspected types of activity that could be related to Money-Laundering are:

  • Large cash transfers or deposits
  • Numerous exchange of money into other currencies
  • Alleged setup of business with no commercial purpose
  • Unusual and enormous transactions of debit and credit into the accounts
Importance of Anti Money Laundering Compliance

Financial institutions are realizing the importance of anti-money laundering compliance due to the increasing regulatory inspection. The implementation of the AML compliance program is complex and diverse but once it is followed, it gives an immensely positive effect on the company internal financial controls as well as the economy of the country. However, implementing AML and accessing its risk of choosing tools and techniques to the money laundering is a big challenge for financial institutions.

UAE as a country is deeply committed to preventing money laundering and financing of terrorism and illegal organizations. The authorities have established the law and framework to detect, prevent and discourage financial crimes. The authorities are constantly working to enhance and improve the capabilities of the institutions that are devoted to enforce the law. The government is also improving the effectiveness of the efforts by following internationally accepted Anti Money laundering standards and procedures recommended by FATF, MENAFATF, United Nations, International Monetary Fund and the World Bank.

Who Are Our Customers For AML Compliance Services in UAE?

Our existing AML compliance clients are from the following industries:

– Banks

– Real estate brokers and dealers

– Money transmitters

– Insurance agencies

– Law firms

– Financers and investors and their advisors

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