Registration of designated non-financial businesses & professions in anti-money laundering regulations extended till April 30, 2021.

April 18, 2021by Admin0
AML Mon

The UAE Ministry of Economy extended the registration date in government regulations for countering money laundering and terrorism financing until the end of April for non-financial businesses and professions.

The targeted companies including real estate agents and brokers, precious metals and gemstones dealers, auditors, corporate service providers and legal consulting companies (legal consulting companies not pleaded in the Judicial Courts) can register till the new deadline, in the automatic reporting system. The registration can be completed without any fee. 

A fine of Dirham 50,000 to Dirham 5 million will be in place from May 1st and failure may also result in the suspension of the licenses.

Extension of the grace period gives a chance to these companies to comply with the control requirements by registering and avoiding violations and thereby protect their business from money laundering risks.

The Ministry will upload all workshops regarding anti-money laundering onto its YouTube channel for public view. Additionally, all targeted establishments can contact the Ministry’s call center at 8001222 or through other official channels.

Related Services: General Corporate and Commercial Advisory, Insolvency and Aml Compliance

Important links

Registration steps:

Companies requirement based on the executive regulations:

Ministry guide for combating money laundering:

YouTube: https://www.youtube.com/channel/UChqcRa_X-2nIOSzrZ8rNZVw

Source: https://www.khaleejtimes.com/business/banking-finance/uae-anti-money-laundering-registration-for-non-financial-entities-individuals-extended-until-april-30

https://www.economy.gov.ae/english/AML/goAML/Pages/verify.aspx

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