The UAE Ministry of Economy (MoE) announced that all Designated Non-Financial Businesses and Professions (DNFBPs) must complete their registration in the following anti-money laundering systems by March 31, 2021. This is part of the UAE’s Federal Decree No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.This move will ensure that all DNFBPs can avoid penalties resulting in revocation of the non-compliant parties’ licenses and the closure of such facilities. Experts note that this framework will encourage the target groups to register with the ministry and combat money laundering and terrorism financing in the country.
The following entities or firms are considered as DNFBPs:
- Brokers and Real Estate Agents
- Dealers in Precious Metals and Precious Stones
- Independent Accountants
- Providers of Corporate Services and Trust Services
The registration consists of two stages:
- The first stage is the registration stage in the protection system (SACM) of the goAML portal.
- The second stage is the registration stage in the goAML system.
The businesses that will not comply with this regulation by March 31 may face the revocation of the non-compliant parties’ licenses and the closure of such facilities, as well as financial penalties ranging from AED 50,000 to AED 5 million for each violation.
Your Fichte & Co team of financial lawyers can support you in both stages of the registration.
Contact us today to speak with your legal consultant today!