Development of AML-CFT Framework

Developing an effective AML-CFT framework is essential for entities to detect and mitigate the risks of money laundering and financing terrorism (ML-FT). Jitendra Chartered Accountants (JCA), one of the leading AML consultants in Dubai, can help companies develop an effective AML-CFT framework for their companies.

An AML-CFT framework or program lays down the policies, controls, and procedures for implementing the UAE Anti-Money Laundering and Combatting the Financing of Terrorism (AML-CFT) laws and regulations.

An AML-CFT framework should be a formally written document approved by the senior management. The key compliance staff, independent AML auditors, and supervisory authorities should be able to access the framework.

AML-CFT Framework to Counter ML-FT Crimes

The alarming rise in ML-FT crimes has put UAE businesses at risk. Falling prey to ML-FT crimes will put an organization’s integrity and reputation in peril. As a counteraction, entities must take complete control over their processes and operations to shield them from getting exposed to ML-FT activities. JCA provides tailor-made AML framework services in Dubai to help organizations comply with the AML Laws.

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Importance of AML-CFT Framework Services in Dubai

It is a legal compliance requirement for businesses to develop an AML-CFT framework and policy in the UAE.

Entities need to implement policies and procedures within the organization to check the possibilities for ML-FT impact on their businesses. We provide AML-CFT services in the UAE to help organizations put in place AML/CFT rules and control systems in their operations to eliminate ML-FT risks.

Who should hire our AML-CFT Services in Dubai?

The following types of businesses must hire JCA’s AML services:

Financial institutions (FIs): These include banks, exchange houses, private lenders, etc.
Designated Non-Financial Businesses & Professions (DNFBPs): DNFBPs include real estate agents, dealers in precious metals or precious stones, auditors, trust and company service providers.
Virtual Assets Service Providers (VASPs): VASPs in UAE include crypto exchanges, service providers offering Crypto-ATMs, etc.

Who should hire our AML-CFT Services in Dubai?

JCA’s AML Framework Development Services in Dubai

As one of the leading AML advisers in Dubai, we can help you set the right policies and procedures regarding the AML-CFT frameworks. Our services typically include:

Risk identification
Preparation / Assessment of existing AML policies
Gap analysis
Creation of appropriate AML-CFT frameworks & Policies
Creation of required KYC forms including process for the enhanced/simplified due diligence
Training the staff on the AML-CFT framework
Registration on the GoAML Portal
Subscription on the UAEIEC website for the amendment to the sanctions list

Why Hire JCA to Create AML-CFT Framework?

JCA has a bunch of professionals who are dedicated to helping businesses reduce their risk of ML-FT crimes. Our clients trust JCA’s AML Services in the UAE due to reasons such as:

We act as your AML adviser and provide periodic assessment of your AML/CFT frameworks
JCA can help craft the best AML/CFT strategy to mitigate ML-FT risks
We are well-versed in all the UAE AML-CFT laws, regulations, rules, guidelines, and notifications
Our team is composed of qualified AML experts, strategists, and compliance professionals
We offer the best customer service to our clients
We rely upon the best AML practices that are accepted globally

Frequently Asked Questions (FAQs):

What is covered in an AML/CFT Policy?

An AML/CFT framework should include policies and procedures implemented by an organization to prevent money laundering and terrorist financing.

Why is the AML-CFT Program important?

Developing and implementing AML-CFT framework and policies is essential for businesses to prevent ML-FT risks and protect their reputation. It will also help them to comply with the UAE AML-CFT laws and regulations.

Whose responsibility is it to review and update the AML-CFT framework?

A company’s AML compliance officer or Money Laundering Reporting Officer (MLRO) should review and update the organization’s AML-CFT framework. AML service providers such as JCA can help businesses review and update their AML-CFT program or framework.