The violation activities relating to anti-money laundering and prevention of terrorism financing pertain to 4 main categories: brokers and real estate agents, dealers of precious metals and gemstones, auditors, and corporate service providers. The first step is to register in two systems: Financial Intelligence Unit (goAML) and on the Committee for Commodities Subject to Import and Export Control system (Automatic Reporting System for Sanctions Lists). Ministry of Economy (MoE) has extended the period for registering till March 31st so that everyone will get ample time to be compliant with money laundering and terrorism financing violations. For more info about the steps of registration in the goAML system, please visit: https://www.economy.gov.ae/arabic/AML/Pages/goAML-registration.aspx
MoE stated that failing to register would incur penalties, including license suspension and facility closure. Additionally, fines are also issued that range from AED 50,000 to AED 1 million and can be doubled up to AED 5 million based on the provisions of the law and according to the assessment of the Supreme Committee. The newly issued violations are 26. Of which, 3 incurs a fine of AED 1 Million. These three deals with fake banking. 5 Violations result in a fine of AED 200,000. A list of 7 which has AED 100,000. Lastly a list of 11 Violations which can be charged AED 50,000. For more info on the violations and the fines, please visit: https://assets.wam.ae/uploads/files/FinesCombatMoneyLaundering.pdf
The Ministry should intimate the violator within 15 days from the date of its issuance and the violator can plead grievance within 15 days of the notice date. The Ministry can either uphold, replace or cancel the fine. The decision on the grievance is considered final, and failure to respond to the grievance within 30 days is considered a rejection. For more info about automatic reporting system for sanctions lists please visit: https://www.economy.gov.ae/arabic/AML/Pages/circulars-notices.aspx
Further, the MoE spokesperson confirmed that all queries will be answered by the Department via the Ministry’s call centre number 800-1222. The amendments enhance the business sector’s and non-financial professions’ compliance levels as defined by the provisions of the law and its implementing regulations.
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