The importance of AML for non-financial institutions

The importance of AML for non-financial institutions

RegTech firm Sentinels has revealed how and why non-financial institutions should implement anti-money laundering procedures.

Trade Finance: AML- Why Can’t We Get This Right? | RAW Compliance Webinar

Are we mitigating Anti-Money Laundering (AML) risk in Trade Finance? Why is it so complicated?

Trade Finance poses many AML challenges due to the large paper based aspects of the transactions and the lack of “look through” based on the Financial Institutions role from the provision of a Letter of Credit (LC) to a Correspondent Banking relationship.

​In this webinar we spoke to industry experts on:
– The challenges posed by product activity and role
– Where we are getting it wrong and why?
– What tools can help?
– The roles of Financial Institutions and Government Bodies in fixing the problem

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For information on training materials and enquires please email [email protected]

The Importance of AML/CFT compliance for DNFBPs in the UAE

Refinitiv, in association with the UAE Ministry of Economy hosted a webinar on the importance of AML/CFT compliance for DNFBPs in the UAE. Listen to the playback here.

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AML DNFBP – Designated Non-Financial Businesses and Professions

Article (3)
Anyone who is engaged in the following trade or business activities shall be considered a DNFBP:
1. Brokers and real estate agents when they conclude operations for the benefit of their Customers with respect to the purchase and sale of real estate
2. Dealers in precious metals and precious stones in carrying out any single monetary transaction or several transactions that appear to be interrelated or equal to more than AED 55,000.
3. Lawyers, notaries, and other independent legal professionals and independent accountants, when preparing, conducting or executing financial transactions for their Customers in respect of the following activities:
(a) Purchase and sale of real estate.
(b) Management of funds owned by the Customer.
(c) Management of bank accounts, saving accounts or securities accounts.
(d) Organising contributions for the establishment, operation or management of companies.
(e) Creating, operating or managing legal persons or Legal Arrangements.
(f) Selling and buying commercial entities.
4. Providers of corporate services and trusts upon performing or executing a transaction on the behalf of their Customers in respect of the following activities:
(a) Acting as an agent in the creation or establishment of legal persons;
(b) Working as or equipping another person to serve as director or secretary of a company, as a partner or in a similar position in a legal person.
(c) Providing a registered office, work address, residence, correspondence address or administrative address of a legal person or Legal Arrangement.
(d) Performing work or equipping another person to act as a trustee for a direct Trust or to perform a similar function in favour of another form of Legal Arrangement.
(e) Working or equipping another person to act as a nominal shareholder in favour of another person.
5. Other professions and activities which shall be determined by a decision of the Minister.

Note: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for compliance, tax or accounting advice.

Anti-Money Laundering for Financial Institutions