AML/CFT compliance is crucial for real estate agents in the UAE to prevent their businesses from being used to launder illicit funds. Real estate transactions are attractive to money launderers due to their high value, and they may use various methods to conceal the illicit origin of the funds. AML/CFT compliance can help identify and prevent such activities, protecting the integrity of the real estate sector and the UAE’s economy as a whole.

Once you have completed the AML initial setup, below are the ongoing AML compliance measures that should be performed.

1. AML/CFT Training

AML/CFT training is another crucial element of AML, educating employees on AML regulations and how to identify and report suspicious transactions is an essential component of any effective AML/CFT compliance program. We can provide AML/CFT training to employees at all levels, ensuring that they are equipped with the knowledge and skills necessary to meet regulatory requirements. Read more >>>

Failure to provide proper staff training could result in fine starting from AED 50,000. All training records should be kept safe for inspection.

2. Duties of Compliance Officer

As per the UAE Anti-Money Laundering (AML) law, Real Estate Agents must appoint an AML Compliance Officer. The role of such an officer is to comply with the anti-money laundering laws as per - Federal Decree-law No. (20) of 2018.

The AML Compliance Officer must ensure that company have robust internal control procedure to detect transactions in financial crimes and to conduct training to relevant employees of the company. The Compliance Officer needs to update the relevant authorities and comply with the latest rules & regulations. The AML Compliance Officer has to submit the reports relevant report to the concerned authorities. 

3. In-house AML/CFT Compliance Department Setup

Compliance Officer must ensure that there is compliance department setup in place that is tailored to company's specific needs, ensuring that they have the necessary infrastructure, policies, procedures, and personnel to meet regulatory requirements.

4. AML/CFT Software Selection

There are many AML software solutions available on the market, each with its own strengths and weaknesses. We can assist businesses in selecting the most appropriate AML/CFT software solution that is in line with their specific needs and budget.

5. AML/CFT Risk Assessment

Real estate agents in UAE must file an annual AML/CFT Risk Assessment Report with the Ministry of Economic (MOE), UAE. To implement a reasonable risk-based approach, real estate agents should identify criteria to assess potential ML/TF risks – customers, or categories of customers, and transactions – to allow real estate agents to determine and implement proportionate measures and controls to mitigate those risks. Read more >>>

Failure to submit AML/CFT Risk Assessment could result in fine of AED 50,000 or more.

6. Regulatory Reporting

Once you have registered your company for gomAML reporting, your company must adhere to regulatory reporting, which is mandatory requirement for businesses that are subject to AML/CFT regulations. Regulatory reporting involves submitting reports on suspicious transactions to the relevant authorities. We can assist businesses in preparing and submitting regulatory reports that are comprehensive, accurate, and in line with regulatory requirements.

Failure to submit Regulatory Reporting could result in fine of AED 200,000 or more.

7. Managed KYC and CDD Report

Managed KYC (Know Your Customer) and CDD (Customer Due Diligence) reports are another service offered by JAS ACCOUNTANTS LLC. KYC and CDD are essential requirements for businesses that are subject to AML regulations. We can assist businesses in conducting KYC and CDD checks that are comprehensive, accurate, and in line with regulatory requirements.

8. Yearly Review of AML/CFT Policies, Procedure & Controls

Every year, an organisation must review their AML/CFT policies, procedure & controls and amend the records by including any new legislation. A robust and effective AML/CFT policy is the foundation of any successful AML/CFT compliance program. JAS ACCOUNTANTS LLC can help businesses to develop comprehensive AML/CFT policies that are in line with regulatory requirements and industry best practices.