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AML/CFT Compliance Requirements in the UAE

Federal Decree No. (20) of 2018 is a fundamental pillar of the UAE’s AML/CFT efforts. This Decree stipulated the establishment of:

a committee dedicated to AML/CFT objectives, under the chairmanship of the Governor of the CBUAE; and

an independent Financial Information Unit (FIU) to receive and investigate all reports submitted by financial institutions and other corporate establishments regarding the suspected illicit financial activity.

As implemented by Cabinet Decision No. (10) of 2019, Federal Decree No. (20) of 2018 has raised the effectiveness of the AML/CFT legal and institutional framework of the nation, in line with FATF requirements and recommendations.

The reporting and compliance under this Regulation have gained momentum with the introduction of the new GoAML Platform and strict guidelines from the Regulator.

It is mandatory for the following specified businesses to comply with the Regulations.