Register for UAE anti-money laundering system before March 31!
According to the latest circular from the Ministry of Economy, all local companies falling under the Designated Non-Financial Business and Professions (DNFBPs) must be registered in the UAE anti-money laundering system by 31 March 2021. This is crucial to avoid the applicable fines.
Activities and transactions of financial institutions and DNFBPs
The following are considered financial activities and transactions:
- Receiving deposits and other funds that can be paid by the public, including deposits in accordance with Islamic Sharia.
- Providing private banking services.
- Providing credit facilities of all types.
- Providing credit facilities of all types, including credit facilities in accordance with Islamic Sharia.
- Providing cash brokerage services.
- Financial transactions in securities, finance and financial leasing.
- Providing currency exchange and money transfer services.
- Issuing and managing means of payment, guarantees or obligations.
- Providing stored value services, electronic payments for retail and digital cash.
- Providing virtual banking services.
- Trading, investing, operating or managing funds, option contracts, future contracts, exchange rate and interest rate transactions, other derivatives or negotiable financial instruments.
- Participating in issuing securities and providing financial services related to these issues.
- Managing funds and portfolios of all kinds.
- Saving funds.
- Preparing or marketing financial activities.
- Insurance transactions, in accordance with Federal Law No. (6) of 2007 concerning the Establishment of the Insurance Authority and the Organisation of its Operations.
- Any other activity or financial transaction determined by the Supervisory Authority.
Business activities shall be considered a DNFBP
- Brokers and real estate agents when they conclude operations for the benefit of their Customers with respect to the purchase and sale of real estate.
- Dealers in precious metals and precious stones in carrying out any single cash transaction or several transactions that appear to be interrelated or equal to more than AED 55,000.
- Lawyers, notaries, and other independent legal professionals and independent accountants, when preparing, conducting or executing financial transactions for their Customers in respect of the following activities:
- Purchase and sale of real estate.
- Management of funds owned by the Customer
- Management of bank accounts, saving accounts or securities accounts.
- Organising contributions for the establishment, operation or management of companies. (e) Creating, operating or managing legal persons or Legal Arrangements.
- Selling and buying commercial entities.
- Providers of corporate services and trusts upon performing or executing a transaction on the behalf of their Customers in respect of the following activities:
- Acting as an agent in the creation or establishment of legal persons.
- Working as or equipping another person to serve as director or secretary of a company, as a partner or in a similar position in a legal person.
- Providing a registered office, work address, residence, correspondence address or administrative address of a legal person or Legal Arrangement.
- Performing work or equipping another person to act as a trustee for a direct Trust or to perform a similar function in favour of another form of Legal Arrangement.
- Working or equipping another person to act as a nominal shareholder in favour of another person.
- Other professions and activities which shall be determined by a decision of the Minister.
For more clarifications & registration, please visit the link below: