This means that they are expected to oblige to requirements of AML/CFT whilst concluding a transaction for the benefit of their clients in relation to the purchase and sale of real estate. This is also applicable to lawyers, notaries, other self-employed lawyers and accountants who provide services such as preparing, executing or carrying out financial transactions for their clients in relation to the purchase or sale of real estate. The sector in the UAE is considered a high risk as it may attract funds from illicit sources and is categorised as Designated Non-Financial Business and Professions (DNFBP). Hence, the DNFBPs must register in the financial intelligence unit system called goAML before March 31, 2021. Such businesses should also ensure that they have implemented appropriate due diligence procedures set out by the UN, FATF and the UAE Ministry of Economy.
So have you set up an effective AML governance system yet? We can help you with this, without much hassle. Our system can immediately integrate with your existing client database and produce reports to meet the KYC requirements and also set up a robust AML governance framework which includes the review of current AML policies, corporate AML training for employees, AML audit & reporting, implementation of due diligence frameworks etc.
Pre-transactional due diligence on potential clients to uncover inherent legal, financial or operational red flags. Reports are focused on AML /CFT risks amongst other risk factors and include validated compliance database search and relevant local sources over and above public domain information.
Provide general guidance to property developers and consultants with the latest regulatory landscape that are applicable on real estate transaction/s. The tools and requirements to be met in order to be compliant to these laws and regulations. We can customize course material to meet any specific topic of discussions such as financial red flags or risk of individuals operating in specific countries/ industry sectors.
