UAE fines 137 companies AED65.9 million for non-compliance with AML – News

Inspections were conducted of companies in designated non-financial business or professional sectors, including real estate agents, precious metals, gemstone dealers

Ministry of Economy fines 137 companies operating in UAE Designated Non-Financial Business or Professional (DNFBP) sector in Q1 2023 after inspecting 840 companies for non-compliance with antitrust laws – Money Laundering and Combating the Financing of Terrorism (AML/CFT) legislation.

This initiative is in line with the Ministry’s efforts to ensure that the sector fully complies with the provisions of Federal Decree No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations and its implementing regulations and related legal provisions. Compliance with the law is necessary to ensure that the country fully complies with An international standard issued by the Financial Action Task Force (FATF).

The Department of Economic Affairs conducted inspections to monitor the operations of designated non-financial business or professional (DNFBP) industry firms regulated by it, which include real estate agents and brokers; dealers in precious metals and gemstones; auditors; and corporate service providers .

The Ministry of Economy revealed that a total of 831 cases of violations by offenders were detected, including failure to take the necessary measures and procedures to identify the risk of crime in their field of work. The companies failed to have internal policies and procedures in place to check the names mentioned on the customer database and the Transactions and Terrorism List issued pursuant to the UAE Cabinet Resolution No. 74 of 2020 on Terrorist Lists.

Abdullah Sultan Al Van Shamsi, Assistant Undersecretary of the Ministry of Economy for Control and Follow-Up and Chairman of Violators Fines Committee, said: “Imposing fines to violators is in line with the Ministry of Economy’s role as responsible for monitoring the DNFBP industry and ensuring its The strategy and efforts of the agency in full compliance with the legislation.”