News Archive - ADZ | Corporate Consulting Services | UAE

UAE Ministry of Economy ML/FT Risk Assessment Data Collection Process for DNFBPs

aadmin — Wed, 04 Dec 2024 09:07:48 +0000

The UAE Ministry of Economy – Anti Money Laundering Department has announced ML/FT Risk Assessment Data Collection Process for Designated Non-Financial Businesses and Professions (DNFBPs). This directive applies to Real Estate Agents and Brokers, Dealers in Precious Metals and Stones (jewelry/bullion traders), Corporate Service Providers (CSPs), Audit & Accounting Firms, and Legal Consultants operating in the UAE. The updated process aligns with Clause (1) of Article (13) of the Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) and Clause (1) of Article (44) of the Cabinet Decision No. 10 of 2019 regarding its executive regulations.

The submission deadline for this mandatory compliance is December 16, 2024.

Why Is This Update Important?

This new process aims to strengthen the UAE’s commitment to combating money laundering (ML) and terrorist financing (TF). It requires DNFBPs to submit accurate data reflecting their ML/FT risk assessments and ensure compliance with national and international AML/CFT standards. Please note that nonparticipation or providing wrong information can expose you to legal accountability or financial fines or administrative penalties. Businesses in the DNFBP category are urged to act promptly to meet the submission deadline.

How ADZ Can Help

At ADZ, we specialize in AML compliance services and offer tailored solutions to help your business navigate this critical process efficiently. Our AML and compliance experts provide:

Risk Assessment Support: We conduct ML/FT risk assessments specific to your industry.
Documentation Assistance: We help compile and submit all necessary documentation.
Timely Submission: Our team ensures your submission is accurate and on time, keeping you fully compliant.

Additional Services We Provide

ADZ also offers:

Comprehensive AML training tailored to your business needs.
Independent AML audits to evaluate your compliance readiness.
AML Software with automated risk assessment.
Support in setting up in-house AML compliance departments.
Guidance on managing and submitting the ML/FT Risk Assessment Questionnaire.

Act Now to Stay Compliant

With the December 16 deadline approaching fast, there’s no time to waste. ADZ’s team of experts is ready to guide you through the process and ensure your business remains compliant with MOE AML/CFT regulations.

The post UAE Ministry of Economy ML/FT Risk Assessment Data Collection Process for DNFBPs appeared first on ADZ | Corporate Consulting Services | UAE.

FATF’s October 2024 Grey List: Senegal Exits, Four Nations Added

aadmin — Thu, 31 Oct 2024 11:16:20 +0000

The Financial Action Task Force (FATF), the global standards setter for anti-money laundering (AML), combating the financing of terrorism (CFT), and counter-proliferation financing (CPF), identifies jurisdictions under increased monitoring on its “Grey List.” These nations have committed to working closely with FATF to improve strategic deficiencies in their AML/CFT/CPF frameworks.

Following the October 2024 plenary, Senegal was removed from the Grey List in recognition of its substantial progress, while Algeria, Angola, Côte d’Ivoire, and Lebanon were added to address regulatory shortcomings. This development requires regulated entities to adapt their internal AML policies, prioritizing thorough customer due diligence (CDD) with a risk-based approach to engage with customers from grey-listed jurisdictions. The plenary also featured key decisions, including FATF’s updated AML/CFT evaluation of Argentina and Oman, revisions to risk assessment guidance, and proposed updates to FATF standards.

In addition, FATF introduced initiatives for enhanced regional engagement, inviting Senegal and the Cayman Islands to deepen involvement, encouraging diverse insights and strengthening regional collaboration.

These updates underscore FATF’s dedication to maintaining a secure and compliant global financial system, pressing jurisdictions to advance regulatory frameworks that prevent financial crime and enhance cross-border financial security.

The post FATF’s October 2024 Grey List: Senegal Exits, Four Nations Added appeared first on ADZ | Corporate Consulting Services | UAE.

ADZ Joined Esteemed ICSI Middle East Conference 2024 in Abu Dhabi

aadmin — Mon, 09 Sep 2024 08:28:41 +0000

The ADZ team proudly took part in the distinguished Institute of Company Secretaries of India (ICSI) Middle East Conference 2024, held from 4th to 6th September at the Grand Hyatt, Abu Dhabi. Focused on the theme “Responsible Investment for a Sustainable Future,” the conference brought together global leaders, industry experts, and key influencers to discuss the future of responsible investment and its role in shaping corporate governance.

This high-profile event featured prominent figures, including Chief Guest H.E. Dr. Abdelrahman Almuaini, alongside Guests of Honour Mr. A. Amarnath, Mr. Yusuff Ali M.A., Mr. Abdulla Salem Alnuaimi, and Mr. Hamad Sayah Al Mazrouei. Their insights highlighted the crucial role that responsible investment plays in fostering both financial growth and sustainability.

As part of the discussions, the ICSI leadership team, including CS B Narasimhan (President), CS Dhananjay Shukia (Vice President), and CS NPS Chawla (Council Member & Chairman, International Affairs Committee), emphasized the need to integrate environmental, social, and governance (ESG) considerations into investment decisions.

The ADZ team was honored to participate in this impactful event, gaining valuable insights into global investment trends, green financing, and the role of sustainability in shaping the future of business. The event also focused on the deepening India-UAE partnership, which presents significant opportunities for responsible investments that drive growth while promoting environmental stewardship.

We have shared our experience on our social media channels, where you can find updates and key takeaways from the event.

Stay tuned to ADZ for further updates on sustainable investment practices and corporate governance insights.

The post ADZ Joined Esteemed ICSI Middle East Conference 2024 in Abu Dhabi appeared first on ADZ | Corporate Consulting Services | UAE.