What is AML Compliance?
AML (Anti-Money Laundering) regulations require businesses to prevent illegal financial activities. Dubai has strict rules to stop money laundering and terrorist financing.
Who Needs to Follow AML Rules?
- Banks & financial institutions
- Real estate agents
- Dealers in precious metals/stones
- Law & accounting firms
- Corporate service providers
- Any business handling large cash transactions
Key AML Requirements
1. Appoint a Compliance Officer
- Assign someone to oversee AML processes
- Report suspicious activities to authorities
2. Customer Due Diligence (CDD)
- Verify customer identities (passport, visa, address proof)
- Check if they are politically exposed persons (PEPs)
- Monitor high-risk clients
3. Record Keeping
- Save customer documents for 5+ years
- Keep transaction records
4. Suspicious Activity Reporting
- Report unusual transactions to the Financial Intelligence Unit (FIU)
- File STRs (Suspicious Transaction Reports)
5. Employee Training
- Train staff to spot red flags
- Update them on new AML laws
Penalties for Non-Compliance
- Fines up to AED 5 million
- Business license suspension
- Legal action against owners
How Ez Bizz Corporate Services LLC Can Help
✔ Set up AML compliance programs
✔ Train your team
✔ Conduct risk assessments
✔ Prepare audit-ready documentation
Contact Us:
📞 +971 52 610 6577
📧 info@ezbizzsetup.com
FAQs
Do small businesses need AML compliance?
Yes, if they handle financial transactions or high-value goods.
How often should staff be trained?
At least once a year.
What’s a PEP (Politically Exposed Person)?
High-profile individuals (government officials, etc.) needing extra checks.
Can I handle cash without AML rules?
No, large cash transactions must be monitored.
Following AML rules protects your business from legal risks. Professional guidance ensures you meet all requirements correctly.