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.
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 can support you in both stages of the registration.
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