Anti Money Laundering in Dubai, UAE

Professional services in Dubai, United Arab Emirates, for Anti-Money Laundering (AML). We assist companies in adhering to risk assessments, KYC protocols, AML legislation, and regulatory reporting obligations.

What is Anti Money Laundering (AML)?

The process of carrying out transactions to ultimately turn money gained unlawfully into legal money is called anti-money laundering, or anti-money laundering (AML). Even while your organization complies with the regulations, this does not imply that your business colleagues and partners follow the same AML compliance legislation. You take the danger that the businesses or people you deal with, especially when conducting business internationally, do not adhere to the government’s anti-money laundering laws. Therefore, it is crucial to carry out a due diligence investigation on your suppliers, partners, and customers.

Stages of anti-money laundering

The money laundering process includes 3 stages: Placement, Layering, and Integration.

Placement puts the "dirty cash" into the legitimate financial system and at the same time, hiding its source.
Layering or “structuring” hides the source of the money through a series of transactions and accounting tricks. This activity involves breaking the funds into small transactions and makes it difficult to detect the laundering activity.
In the final step, integration, the now-laundered money is withdrawn from the legitimate account and real records to be used for whatever reasons the criminals have as a top priority for it.

Financial service companies are subject to more stringent Anti Money Laundering Act (AML) requirements. They must be shielded from terrorism, financial crimes, and/or financial action.

Therefore, AML operations are designed to combat this persistent problem by implementing procedures, guidelines, and enforcement of anti-money laundering checks, as well as laws and regulations that mandate companies to keep a close eye on the organizations they do business with. Market manipulation, illicit goods trading, tax evasion, bribery, securities fraud, and other types of financial corruption are among the practices they pursue under the Secrecy Act.

Importance of research to prevent money laundering

The Money Laundering and Terrorist Financing ( Prevention) Act (WWFT) – an anti-money laundering act was intended to prevent money laundering that finances terrorism. Financial institutions are required by this Act to report suspicious transactions or unusual activity; failure to do so, whether on purpose or not, may result in sanctions. The United States Department of the Treasury is fully dedicated to combatting all aspects of money laundering at home and abroad, through the mission of the Office of Terrorism and Financial Intelligence (TFI).

In addition, you are obliged to do a UBO check regularly : who is the Ultimate Beneficial Owner of a company?

It is therefore very important that you regularly research partners, suppliers and customer identification ensuring adherence to anti money laundering regulations, anti money laundering policy and compliance programs using due diligence software. Nexis Diligence+ is a risk and compliance check tool that gives you the opportunity to screen individuals and organizations to take financial action. Enter the name of the organization or person and search the database for financial statements, suspicious transactions, past crimes, adherence to compliance laws and regulations, violations and more. This ultimately gives you a professional and safe audit trail.

RMC Auditors Diligence+ offers:

Company information and Profiles

Access to more than 400 databases and more than 200 million international, listed and private companies.

Sanction, PEP and Watchlists

To ensure that your organization does not work with a ‘blacklisted’ company, screen the company against all international sanctions, watchlists (1400 from more than 80 countries) such as OFAC, HM Treasury, FBI, UBO- data and more 800,000 PEPs (Politically Exposed Persons) with the help of due diligence software;

Negative news check

Check companies by searching over 60,000 national and international news sources, including newspapers, blogs and online news under secrecy act.

Legal database

Search our powerful legal database for international cases and judgments;

Biographies

Dig deeper into a person’s background using the best due diligence software. Search resources such as Gale Biographies, SGA Executive Tracker, Professional Contacts, The Complete Marquis Who’s Who Biographies, and The Official Board Biographies.

The 5th EU AML Directive

To combat money laundering as well as counter-terrorism financing (CTF), the European Parliament recently adopted the 5th Anti-Money Laundering Directive. Rather than a new law, this directive is an amendment to the EU’s 4th Anti-Money Laundering Directive, which aims to bring greater transparency to the financial system and prevent its use for the funding of criminal activities. Countries like Afghanistan has the highest money laundering risk score 8.16 followed by Haiti (8.15), Myanmar (7.86), Laos (7.82), Mozambique (7.82), Cayman Islands (7.64), Sierra Leone (7.51), Senegal (7.30), Kenya (7.18), Yemen (7.12).

regulation of virtual currencies
information on beneficial owners (persons who reap the benefits of ownership even though the title of a given property is in someone else’s name)
use of anonymous prepaid cards
powers of financial intelligence units (FIUs) – entities that help investigate and prosecute serious criminal activities, such as money laundering, terrorism financing, tax evasion, organised crime and financial crimes
stricter due diligence requirements for business relationships or suspicious transactions that involve high-risk countries

EU member states, including the UK, must begin the enforcement of necessary anti-money laundering regulations and laws and comply with the directive by 10 January 2020. The United Kingdom remains the global money-laundering capital with an estimated £90 billion laundered each year through the City of London.

Due-diligence checks

Due diligence procedures like risk and compliance assessments are more important than ever in light of the pervasive risk of corruption on a global basis. Companies must make sure they have fast and accurate business intelligence through due diligence inspections in order to safeguard themselves against money laundering and regulatory non-compliance programs and to guarantee effective, ethical business transactions.

A due diligence check is a process used to find, assess, and confirm all accessible information on a person or organization with the aid of risk and compliance check tools or due diligence software. You can feel secure in your company interactions if you carry out thorough due diligence risk and compliance assessments using a trustworthy source.

RMC Auditors Diligence+™

RMC Auditors Diligence+™ AML solutions let you conduct enhanced due diligence, anti-money laundering checks, risk and compliance checks and comprehensive research to investigate and monitor third parties, customer identification and other entities with whom you do business. Using the anti money laundering online supervision account and due diligence software/tools means you can stay compliant with international AML procedures and safeguard your business. The tools give you access to an unparalleled collection of global news and information all in one place, including:

More than 150 databases of premium commercial information
Millions of public and private company profiles covering developed and emerging markets
Politically exposed individuals (PEP) lists, international restrictions and wchalists
More than 26,000 current news sources from newspapers, blogs and nouswire, as well as a collection of 40 years ago
International court cases and decisions of RMC Auditors database
Risk-analysis report
More than 500 biographical sources and executive profiles

What is more, the diligence+ underlying report builder enables you to produce your ongoing compliance efforts- and the date-stamped reports are able to produce reports, do you go through any type of regulatory audit.

Finally, with the complete picture of those and companies you are working with, you will improve your decision making power and will be able to protect your business with hard work due to the third party – RMC Auditors Diligence+™.

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