Cost effective ISO 9001 & 27001 Certified AML Advisory a compliance service your manage & operate your AML Obligations.
AML BUSINESS IMPACT
If your business operates with any of the following business activities: real estate broker & agent, dealer of precious metals and precious stones, accountant, auditors, or corporate service provider, you are obliged to comply with the Anti-Money Laundering legislation enacted under Legislation Federal Decree by Law No. (20) of 2018 on Anti Money Laundering.
This requires material changes to your business including mandatory AML registration, the appointment of a compliance office, implement AML policies and procedures, update KYC identify and report through the AML platform. Your business will be subject to an audit and failure to comply incurs significant penalties.
We can assist in implementing your AML policies and procedures and provide complete outsource support to manage your AML obligations.
*Initial Consultation is FREE
What Sets Our Service Apart
Insight on AML
Full Support To Manage AML
Experienced Team & Quality Processes
How We Deliver
We advise you to secure Specific on the obligations and register you on the AML FIU system
Policies & Procedures
We provide a full set of policies and procedures to manage your AML obligations. These are required under the MoF audit to demonstrate your business is managing KYC and risks to avoid fines.
You can appoint us as your MLRO to take care of your AML operations and provide annual reporting support.
Want to Improve Cost & Performance?
SimplySolved provides best practice quality processes, expertise and platforms to run your business more effectively.
AML Compliance Resources
The go AML system was developed by the United Nations On Drugs and Crime (UNODC) to combat Anti-Money Laundering and terrorist financing.
The UAE’s Ministry of Economy goAML Registration has extended the grace period for the targeted establishments to register until March 31, 2021.
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Our transactions are complex and we were unsure how to manage the new VAT rules, with SimplySolved they helped us fully comply to the FTA and submit our report with all the details available for us to understand.
Managing our business takes up most of our time and so with the additional procedures and our limited understanding of the newly introduced VAT law, we were worried until SimplySolved took on the challenge and provided us the full solution with a service we can rely on. Great customer service as well!
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Very reliable and professional team and company, we work together since few months, and they support us on daily basis that made our daily work easy. They are managing our day to day accounting work, tax advices and financial analysis advices.
I’m having a very good experience by working with this company. They have the skills for problems solving and working professionally under pressure.
Who needs to register?
AML mandatorily applies to businesses undertaking specific activities including financial services, real estate broker & agent, dealer of precious metals and precious stones, accountant, auditors or corporate service providers
What is required to register successfully?
Registration through the MoF site and FIU is required with accurate information and declaration including the appointment of an internal compliance officer
What are the possible penalties?
26 violations can be applied for failing to comply. This could lead to fines of up to AED1,000,000 and cancellation of your trade license.
What does your business need to manage?
You will need to appoint an MLRO office, provide evidence of policies and procedures and demonstrate your operations is trained to manage the AML requirements
Does AML affect businesses in each sectors differently?
Yes. Although all sectors require universal management of KYC, risk assessment, and reporting, some businesses have additional requirements. e.g. gold and diamond have specific reporting for transactions above AED55,000
LET US SIMPLYSOLVE IT FOR YOU
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Whether you have an existing Finance, Tax, HR, & IT function operating its own system and process or a small company needing complete outsourcing services, we have the flexibility to serve your business.