UAE: 3 companies fined Dh2.25m for breaching anti-money laundering laws – News

Two of the companies operate in the gold and gemstone industries, and one in real estate

The Ministry of Economy fined three companies worth Dh2.25 million after they were found to have violated certain provisions of the UAE’s anti-money laundering laws.

Two of the companies operate in the gold and gemstone industries, and one in real estate.

The companies committed 32 detailed offenses in violation of the federal Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Act, its administrative regulations and related resolutions, the ministry said.

Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary for Surveillance and Follow-up at the Ministry of Economy, said the imposition of sanctions on offending companies and properties is part of the country’s efforts to enhance compliance with AML/CFT requirements in the commercial and financial sectors. (Ministry of Education).

Also read:

“It also complies with Financial Action Task Force (FATF) standards, thereby helping to create a safe business environment in the country free of financial crime,” the education ministry statement said.

The ministry stressed that violators have the right to appeal against fines. These must be submitted within 15 days from the date of notification.

The ministry recently conducted an inspection of the economic activities under its supervision. This includes brokers, real estate agents, gold and gemstone merchants, auditors and service providers. There are currently nearly 15,000 companies operating in these areas.

These activities focus on checking internal systems and their compliance with Federal Decree No. 20 of 2018 of ALM/CFT. This includes assessing the company’s understanding of money laundering risks – whether it meets legal requirements, such as appointing compliance officers and taking due diligence measures when dealing with customers.

The extent to which the remittance procedures it carries out meet the standards of the country’s banking system and whether it deals with suspicious parties will also come under scrutiny.

Authorities also provide technical support to raise awareness of the private sector, thereby facilitating their adoption of procedures and internal workings that will help them grow and thrive.

Also read: