UAE: The Ministry of Commerce issued an important notice to some companies, warning that violations will be punished- News

Companies are advised to contact the authorities if they have not been notified in order to avoid penalties

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The Department of Economic Affairs has issued an important circular for all Designated Non-Financial Businesses and Professions (DNFBPs).

In a post on social media, the authority warned that “data collection for money laundering and terrorist financing risk assessment” had started for all DNFBPs, adding that an email (in Arabic or English) had been sent, It contains the registration and linking process to get started.

It warns that participation is mandatory. Entities will be penalized if they do not participate, or if they are found to have entered incorrect information, the ministry added.

If a company falls within the designated non-financial business and professional sectors, excluding lawyers and legal professionals, and has not been notified about data collection for money laundering and terrorist financing risk assessments, the entity is advised to contact the ministry via AMLRA@economy.ae .

Companies must attach a copy of their trade license and the Emirates ID of the company compliance officer to the email.

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