BEFORE YOU GO...
Check how Shufti Pro can verify your customers within secondsRequest Demo
After examining 840 companies, 137 companies failed to comply with anti-money laundering and combating the financing of terrorism (AML/CFT) legislation in the UAE’s designated non-financial business or professions sector (DNFBP), the Ministry of Economy imposed fines worth Dh65.9 million in the first quarter of 2023.
The Ministry of Economy imposed fines worth Dh65.9 million in the first quarter of 2023 for 137 companies that failed to comply with AML/CFT in the UAE’s designated non-financial business and professions sector (DNFBP). This initiative is part of the Ministry’s ongoing efforts to ensure that all provisions stipulated in Federal Decree-Law No. 20 are followed in the sector. The Anti-Money Laundering Act of 2018 and its executive regulations and related laws have been amended to combat money laundering and terrorist financing. The country must adhere to its legal obligations as a condition of full compliance with the FATF’s international standards.
Those designated non-financial businesses and professions under the supervision of the Ministry of Economy must undergo inspection tours. Many entities provide services to corporate clients, including agents, brokers, jewellers, auditors, and financial services companies.
There were 831 violations reported by the Ministry of Economy, including failures to identify crime risks in the field of work through the necessary procedures and measures. Customers’ databases and transactions were not checked against names listed on the terrorism list by these companies. In accordance with Cabinet Resolution No. 74 for 2020, this list was issued.
Chairman of the fines committee for violators and Assistant Under Secretary of the Control and Follow-Up Sector Abdullah Sultan Al Fan Al Shamsi said, “The imposition of fines on violators is in line with the Ministry of Economy’s strategies and efforts as the authority responsible for the supervision of the DNFBP sector and ensuring its full compliance with the legislation.”