The Federal Tax Authority (FTA) has announced that businesses must complete Corporate Tax registration within 90 days from the Date of Incorporation / MOA.
Anti-Money Laundering (AML) is a global effort to prevent criminals from disguising illegally obtained funds as legitimate income. In the United Arab Emirates, AML regulations are not just a legal formality but a cornerstone of the nation’s commitment to maintaining its reputation as a transparent and secure global financial hub. The UAE has a robust legal framework, primarily governed by Federal Decree-Law No. 20 of 2018 and its executive regulations, aimed at combating financial crime.
In recent years, the UAE has significantly strengthened its AML framework to align with international standards set by the Financial Action Task Force (FATF). This has led to a wave of new updates and stricter enforcement measures. Non-compliance is no longer a minor issue; it now carries severe penalties, including hefty fines and the potential for business closure.
Recent Changes in UAE AML Regulations
The period of 2024–2025 has been marked by a continuation of legislative and enforcement reforms. Key updates include:
- Removal from the FATF Grey List: Following significant progress in strengthening its AML/CFT (Counter-Financing of Terrorism) framework, the UAE was removed from the FATF's "Grey List" in early 2024. This achievement has been followed by a renewed focus on sustained compliance and enforcement.
- Enhanced Penalties: The UAE Cabinet has passed resolutions establishing a more comprehensive framework of administrative fines for regulated entities. These penalties range from AED 50,000 to AED 5 million for specific violations, with the ability to be doubled for repeat offenses.
- Focus on Specific Sectors: Regulators have intensified their scrutiny of sectors deemed to be at higher risk, such as real estate, precious metals and gemstones, and virtual assets.
- Whistleblower Protection: New regulations came into force in mid-2024 to enhance protections for whistleblowers, encouraging the reporting of financial crimes.
Who Needs AML compliance in Dubai and the Rest of the UAE?
The list includes, but is not limited to:
- Financial Institutions: Banks, exchange houses, insurance companies, and financial service providers.
- DNFBPs:
Real estate brokers and agents
Dealers in precious metals and gemstones
Auditors and independent accountants
Corporate service providers (CSPs)
- Virtual Asset Service Providers (VASPs): Companies dealing with cryptocurrencies and other virtual assets.
Core Steps to Achieve AML Compliance
To stay compliant with AML laws, businesses must implement a robust compliance program based on a risk-based approach. The foundational steps include:
- Know Your Customer (KYC) and Customer Due Diligence (CDD): This is the most crucial step. Businesses must verify the identity of their customers and beneficial owners before establishing a relationship. For high-risk customers, Enhanced Due Diligence (EDD) is required.
- Transaction Monitoring and Suspicious Activity Reporting (SAR/STR): Businesses must continuously monitor transactions for unusual patterns. If a suspicious transaction or activity is identified, it must be reported immediately to the UAE Financial Intelligence Unit (FIU) via the goAML portal.
- Internal Controls, Staff Training, and Record-Keeping: Companies must appoint a qualified Compliance Officer, establish clear internal policies and procedures, and provide regular AML training for all employees. Records of transactions and customer identification data must be maintained for at least five years.
Role of Professional AML Consulting Services
Navigating the complexities of UAE AML regulations can be challenging, especially for small businesses with limited resources. This is where professional AML consulting services become indispensable.
- Expert Guidance: AML consultants assist in developing tailored policies and procedures, conducting risk assessments, and ensuring all regulatory requirements are met.
- Compliance Audits and Reporting: Consultants can perform independent audits to identify gaps in your compliance framework and help with the accurate submission of reports to the FIU.
- Ongoing Monitoring and Updates: The regulatory landscape is constantly evolving. An AML consultant ensures your business stays abreast of all updates and adapts its compliance program accordingly.
For businesses searching for best AML consultants near me, it's crucial to choose a firm with a deep understanding of the local market and a strong track record of success in the UAE.
Secure Your Business's Future with Reyson Badger
The UAE's intensified focus on AML compliance is a clear signal to all businesses to take their obligations seriously. A robust AML framework is not merely a legal hurdle; it is a strategic necessity that protects your business from financial crime and reinforces its credibility in the global market.
Don't leave your business vulnerable to costly penalties and reputational damage. At Reyson Badger, we are a leading FTA-certified firm with extensive experience in helping businesses of all sizes in the UAE achieve and maintain full AML compliance. Our team has the necessary approvals and expertise to guide you through every step, from initial registration on the goAML portal to developing comprehensive, tailored compliance frameworks.
Contact Reyson Badger today to review your compliance framework and secure your business's future.
