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STR/SAR Filing on goAML Portal: Common lapses and best practices

STR/SAR Filing on goAML Portal: Common lapses and best practices The UAE AML regulations mandate the reporting entities to identify the suspicion related to money laundering, terrorism financing or proliferation
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Proliferation Financing Institutional Risk Assessment by FIs, DNFBPs, and VASPs

Proliferation Financing Institutional Risk Assessment by FIs, DNFBPs, and VASPs

Proliferation Financing Institutional Risk Assessment by FIs, DNFBPs, and VASPs Have you conducted an Enterprise-Wide Risk Assessment to identify the money laundering (ML) and terrorism financing (TF) risks to your
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12 best practices for setting up an AML compliance department

A Guide to Avoiding Common Mistakes in AML Compliance for VASPs

A Guide to Avoiding Common Mistakes in AML Compliance for VASPs With the rise of instances of money laundering in the virtual assets ecosystem, the UAE government introduced anti-money laundering
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Beneficial Owner

Guide to Beneficial Owner under Singapore AML regulations

Guide to Beneficial Owner under Singapore AML regulations Several terms and jargon are used when discussing anti-money laundering laws and the various compliance requirements. One of them is identifying the
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trade-based money laundering

Trade-Based Money Laundering: Concept, Red Flags, and Mitigation Measures

Trade-Based Money Laundering: Concept, Red Flags, and Mitigation Measures Money launderers use innovative methods to launder money, trying hard to evade the attention of the authorities and succeed in their
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Skills should an AML Compliance Officer possess

Skills should an AML Compliance Officer possess

Skills should an AML Compliance Officer possess Appointment of an AML Compliance Officer is mandatory as per Singapore AML rules and regulations. The AML laws provide that the regulated entities,
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Time to Review Your Enterprise-Wide Risk Assessment

Signs It’s Time to Review Your Enterprise-Wide Risk Assessment (EWRA)

Signs It’s Time to Review Your Enterprise-Wide Risk Assessment (EWRA) In recent times, where the regulatory frameworks and the risk trends are continuously evolving, it is essential for the regulated
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Simplified Due Diligence by Dealers in Precious Stones and Precious Metals in Singapore

Simplified Due Diligence by Dealers in Precious Stones and Precious Metals in Singapore

Simplified Due Diligence by Dealers in Precious Stones and Precious Metals in Singapore The AML regulations in Singapore provide for adopting a risk-based approach to mitigate the identified money laundering
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Employee Due Diligence - N

Employee Due Diligence: A Crucial Element of Internal AML Framework

Employee Due Diligence: A Crucial Element of Internal AML Framework In the context of anti-money laundering (AML) compliance and its effectiveness, Employee Due Diligence is equally essential as Customer Due
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Adverse Media Search: Strengthening Customer Due Diligence

Adverse Media Search: Strengthening Customer Due Diligence As we know, Customer Due Diligence is one of the important anti-money laundering measures, focused on identifying the customers and their beneficial owners
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Top 10 AML compliance mistakes made by cash-intensive businesses

Top 10 AML compliance mistakes made by cash-intensive businesses

Top 10 AML compliance mistakes made by cash-intensive businesses Are you dealing more in cash in your business? Or working in a cash-only entity? Yours is a cash-intensive business, and
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ACRA’s AML Compliance Review and Best Practices for RFAs

ACRA’s AML Compliance Review and Best Practices for RFAs

ACRA’s AML Compliance Review and Best Practices for RFAs Registered Filing Agents in Singapore must comply with AML/CFT obligations as provided in the ACRA (Filing Agents and Qualified Individuals) Regulations
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12 best practices for setting up an AML compliance department

12 best practices for setting up an AML compliance department

12 best practices for setting up an AML compliance department Who forms the heart of AML compliance in a regulated entity? The AML compliance department. It is a department dedicated
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Know Your Transaction

Know Your Transaction: Boosting AML compliance with KYT

Know Your Transaction: Boosting AML compliance with KYT We understand that KYC (Know Your Customer), the crucial aspect of AML compliance, identifies the customers with whom business transactions are executed.
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Best practices when seeking third-party assistance in AML Compliance

Best practices when seeking third-party assistance in AML Compliance The Financial Institutions, Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Asset Service Providers (VASPs) have been identified as regulated entities
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AML compliance best practices for real estate agents

AML compliance best practices for real estate agents in UAE

AML compliance best practices for real estate agents in UAE The nature of the real estate business makes it vulnerable to money laundering risks. So, UAE includes real estate agents
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Threat of Luxury Watches in Financial Crimes

The Threat of Luxury Watches in Financial Crimes: A Growing Concern

The Threat of Luxury Watches in Financial Crimes: A Growing Concern Luxury goods like gold jewellery, precious gems and stones, high-end watches, art and antiques, boats and yachts, and luxury
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Mistakes to avoid during goAML registration

Mistakes to avoid during goAML registration Every regulated entity – a Financial Institution, Designated Non-Financial Business and Profession (DNFBP) and a Virtual Asset Service Provider (VASP) is required to access
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Navigating the AML regulatory changes: Elevating the Compliance

Navigating the AML regulatory changes: Elevating the Compliance AML regulations keep evolving. Authorities update them to factor in the changes in international AML requirements and newer sophisticated methods invented by
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What is Integration in Money Laundering?

What is Integration in Money Laundering? We all understand that the instances of money laundering are increasing day by day. This warrants the development and implementation of strong measures to
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Remedial Action Plan

AML/CFT Remedial Action Plan (RAP) Implementation Steps and Best Practices

AML/CFT Remedial Action Plan (RAP) Implementation Steps and Best Practices As a part of its supervisory function, the relevant Supervisory Authority conducts investigations on the level of AML/CFT compliance of
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AML Employee training Niye

Why is AML training critical for your employees?

Why is AML training critical for your employees? Awareness of money laundering threats and mitigating measures is essential for any company to safeguard the business from being exploited by financial
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Sanctions Compliance and the FFR and PNMR Reporting on goAML

Practices to streamline Sanctions Compliance and the FFR and PNMR Reporting on goAML

Practices to streamline Sanctions Compliance and the FFR and PNMR Reporting on goAML Compliance with Targeted Financial Sanctions is an inevitable aspect of AML regulations. So are the reporting obligations.The
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Comprehensive AML policies, procedures, and controls

Comprehensive AML policies, procedures, and controls: Bolstering AML efforts

Comprehensive AML policies, procedures, and controls: Bolstering AML efforts Do you have a sound and robust plan to comply with the UAE AML regulations?Are you well-prepared to prevent, mitigate, or
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address verification important under AML Customer Due Diligence

Why is address verification important under AML Customer Due Diligence

Why is address verification important under AML Customer Due Diligence Customer Due Diligence is a critical aspect of the Anti-Money Laundering (AML) Program, aiming to identify the customer and the
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FATF Travel Rule and Know Your Corresponding VASPs

FATF Travel Rule and Know Your Corresponding VASPs: Key Compliance Requirements for VASP in UAE

FATF Travel Rule and Know Your Corresponding VASPs: Key Compliance Requirements for VASP in UAE The acceptance of virtual assets is rapidly increasing worldwide, including in the UAE. This has
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AML Inspections under UAE AML Laws

Managing the AML Inspections under UAE AML Laws

Managing the AML Inspections under UAE AML Laws The authorities are making various efforts to combat financial crimes – money laundering and terrorism financing and safeguard the stability and integrity
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Sanctions Screening Requirements under IFSCA (AML, CFT and KYC) Guidelines, 2022

Sanctions Screening Requirements Under IFSCA (AML, CFT And KYC) Guidelines, 2022 The International Financial Services Centres Authority (Anti-Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022, provides detailed guidance
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Common mistakes to avoid while submitting a Real Estate Activity Report

Common mistakes to avoid while submitting a Real Estate Activity Report

Common mistakes to avoid while submitting a Real Estate Activity Report The UAE AML regulations mandate that real estate agents/brokers and lawyers/law firms furnish a Real Estate Activity Report (REAR)
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Common Mistakes by Chartered Accountants

Common Mistakes by Chartered Accountants in AML Compliance

Common Mistakes by Chartered Accountants in AML Compliance Chartered Accountants (CAs) manage accounting, auditing, and financial reporting services for clients, set up a company, assist in operating and managing the
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AML Case Management Software

AML Case Management Software: Significant element of AML Compliance

AML Case Management Software: Significant element of AML Compliance With changing times where automation is impacting every aspect of business, anti-money laundering is no exception. The regulated entities in UAE
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Suspicious Transactions around Precious Metals and Stones

Suspicious Transactions around Precious Metals and Stones: Timely Identification and Reporting

Suspicious Transactions around Precious Metals and Stones: Timely Identification and Reporting To prevent the misuse of the precious metals and stones sector, the UAE authorities have brought the sector under
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Counting on Compliance

Counting on Compliance: The Vital Role of Accounting in AML

Counting on Compliance: The Vital Role of Accounting in AML With growing instances of money laundering and terrorist financing, the UAE AML laws are evolving, imposing more regulatory compliance and
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AML Risk Assessment before launch of a new product or service

AML Risk Assessment before launch of a new product or service

AML Risk Assessment before launch of a new product or service The regulated entities in the UAE are required to assess the overall exposure of the business to financial crimes.
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How to update the AML Policies

How to update the AML Policies, Procedures, and Controls in line with UAE AML Laws?

How to update the AML Policies, Procedures, and Controls in line with UAE AML Laws? In the present times, where the money laundering and terrorism financing typologies are evolving every
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Right AML Solution to foster Corporate Services

Right AML Solution to foster Corporate Service Providers’ AML Function

Right AML Solution to foster Corporate Service Providers’ AML Function With emerging financial crime typologies and ever-changing regulatory requirements, the regulated entities, including the Corporate Service Providers, need robust AML
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Exploring unusual transaction trends for VASPs under UAE AML Regulations

Exploring unusual transaction trends for VASPs under UAE AML Regulations With the growing acceptance of virtual assets (used to store the value, medium of exchange, for investment purposes, etc.), criminals
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Sanctions Compliance by VASPs in UAE

Sanctions Compliance by VASPs in UAE: Safeguarding the Virtual Asset segment against financial crimes

Sanctions Compliance by VASPs in UAE: Safeguarding the Virtual Asset segment against financial crimes The overall Anti-Money Laundering compliance landscape covers implementing measures to comply with the Sanctions regime. Even
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Enhanced Due Diligence by Dealers in Precious Metals and Stones

Enhanced Due Diligence by Dealers in Precious Metals and Stones: EDD for High-Risk Customers

Enhanced Due Diligence by Dealers in Precious Metals and Stones: EDD for High-Risk Customers Precious metals like gold, silver, platinum, and precious stones such as diamonds, sapphires, pearls, etc., are
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AML lapses by Senior Management: Staying cautious to foster AML Compliance

AML lapses by Senior Management: Staying cautious to foster AML Compliance

AML lapses by Senior Management: Staying cautious to foster AML Compliance The role of senior management of the regulated entity is very crucial in ensuring compliance with the AML regulatory
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A Comprehensive Guide to AML Customer Risk Assessment for DNFBPs in UAE

A Comprehensive Guide to AML Customer Risk Assessment for DNFBPs in UAE

A Comprehensive Guide to AML Customer Risk Assessment for DNFBPs in UAE As per UAE AML regulations and to cope with the ever-evolving financial landscape, the regulated entities – Financial
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Uncovering the ML/FT Red Flag Indicators for IFSCA-regulated Entities

Uncovering the ML/FT Red Flag Indicators for IFSCA-regulated Entities

Uncovering The ML/FT Red Flag Indicators For IFSCA-Regulated Entities The regulated entities operating from the GIFT City must follow the IFSCA (Anti-Money Laundering, Counter Terrorist-Financing and Know Your Customer) guidelines,
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Conducting Independent AML Audits in DNFBPs

Conducting Independent AML Audits in DNFBPs: A Comprehensive Handbook

Conducting Independent AML Audits in DNFBPs: A Comprehensive Handbook In recent years, anti-money laundering (AML) regulations have become increasingly important for the non-financial sector in the United Arab Emirates. The
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Role of an AML Compliance Officer in a real estate agent or brokerage firm in UAE

Role of an AML Compliance Officer in a real estate agent or brokerage firm in UAE Real Estate is considered one of the typologies criminals exploit to launder illicit money.
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AML Governance for VASPs in the UAE: Building trust and strengthening compliance

AML Governance for VASPs in the UAE: Building trust and strengthening compliance

AML Governance for VASPs in the UAE: Building trust and strengthening compliance Virtual assets are increasing their acceptance and significance in the financial system of the UAE. However, with this
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AML Compliance Requirements for Law Firms in UAE

AML Compliance Requirements for Law Firms in UAE

AML Compliance Requirements for Law Firms in UAE With the increase in financial crimes, the introduction and implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) regulations is
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Employee-training-on-effective-suspicious-activity-reporting

What is smurfing in money laundering? Smurfing technique, risks, and protective measures

What is smurfing in money laundering? Smurfing Technique, Risks, and Protective Measures One of the widely used money laundering techniques, smurfing, poses a high risk to Financial Institutions worldwide. Smurfing
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Reliance on Third Parties for Customer Due Diligence

Reliance on Third Parties for Customer Due Diligence

Reliance on Third Parties for Customer Due Diligence The regulated entities operating in the International Financial Services Centres (IFSC) in India are required to comply with the IFSCA (Anti Money
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Employee-training-on-effective-suspicious-activity-reporting

How to ensure effective Suspicious Activity Reporting?

How to ensure effective Suspicious Activity Reporting? In UAE, Anti-Money Laundering and Combating of Financing of Terrorism (AML/CFT) measures and regulations are critical to identifying potential risks and timely reporting
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Shining the business conduct with LBMA’s Global Precious Metals Code, 2022

Shining the business conduct with LBMA’s Global Precious Metals Code, 2022

Shining the business conduct with LBMA’s Global Precious Metals Code, 2022 London Bullion Market Association (LBMA) has issued LBMA’s Global Precious Metals Code, 2022, laying down the highest standards for
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detect high-risk customers

How to Detect High-risk Customer and Safeguard Your Business

How to Detect High-risk Customers and Safeguard Your Business Money laundering and terrorism financing are significant threats to the integrity of the global economy. Various countries have implemented regulatory anti-money
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The Vital Role of an AML Compliance Officer in Safeguarding VASPs in the UAE

The Vital Role of an AML Compliance Officer in Safeguarding VASPs in the UAE With the increasing acceptance of virtual assets, Virtual Asset Service Providers (VASPs) also continue to grow
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Explaining the Concept of Designated Transactions Under the PSPM Act 2019

Explaining the Concept of Designated Transactions Under the PSPM Act 2019 Individuals and entities engaged in money laundering (ML), terror financing (TF), and proliferation financing (PF) activities frequently use precious
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Customer Lifecycle Management

Customer Lifecycle Management and AML Compliance in the Digital World

Customer Lifecycle Management and AML Compliance in the Digital World Customer lifecycle management(CLM) has become automated, quick, and efficient in the digital world. This risk assessment environment is different from
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What is Placement in Money Laundering?

Money laundering is all about hiding the source and nature of the illicit funds to make them appear as if they were obtained from some legitimate activities. The process of
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Transaction Monitoring Program

Implement a Transaction Monitoring Program to strengthen the AML Efforts

Implement a Transaction Monitoring Program to strengthen the AML Efforts As money laundering and terrorism financing is an ongoing process, so do regulated entities need to deploy Anti-Money Laundering and
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what-is-layering-in-money-laundering

What is Layering in Money Laundering?

The idea of money laundering is simple in principle. The person who has received some illicit gains or funds will try to ensure they can use these funds freely without
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Understanding WMD Proliferation and Proliferation Financing (PF)

What is Weapons of Mass Destruction (WMD) Proliferation and Proliferation Financing (PF)? Weapons of Mass Destruction (WMD) Proliferation refers to the illegal manufacture, acquisition, possession, development, export, trans-shipment, brokering, transport,
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How employee engagement enhances AML compliance program

How employee engagement enhances AML compliance program Compliance with AML rules is mandatory for Financial Institutions, Virtual Asset Service Providers (VASPs) and some Designated Non-Financial Businesses and Professions (DNFBPs). Achieving
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What Skills Should an AML Compliance Officer Possess?

What Skills Should an AML Compliance Officer Possess? Every profession and professional requires specific skills, knowledge, and accreditations to operate professionally, and an AML Compliance Officer is not an exception
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Customer Identification – A Critical Component of AML Compliance

What is Money Laundering? Money Laundering is the process that hides the origin of illegally obtained money and runs it through banking or any other legit financial institution to make
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Money Laundering risk associated with nominee shareholders and directors

Money Laundering risk associated with nominee shareholders and directors

Money Laundering risk associated with nominee shareholders and directors There is a significant Money Laundering risk involved with Nominee Shareholders and Directors as they are misused by criminals to conceal
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TFS Implementation Criteria

TFS Implementation Criteria: Ownership, Control, and Acting on behalf of a Designated Person

TFS Implementation Criteria Targeted Financial Sanctions are restrictions imposed on Designated Persons from the financing of terrorism and proliferation perspective, mandating the business organizations not to make any funds or
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A comprehensive AML Guide for ADGM companies

A comprehensive AML Guide for ADGM companies The Financial Services Regulatory Authority (FSRA) supervises Abu Dhabi Global Market (ADGM) entities. FSRA has issued rules and guidelines for implementing AML and
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A Guide to Avoiding the Top 6 AML Record-Keeping Mistakes

A Guide to Avoiding the Top 6 AML Record-Keeping Mistakes

A Guide to Avoiding the Top 6 AML Record-Keeping Mistakes AML record-keeping is one of the most crucial obligations of the regulated entities. The entities need to ensure that they
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Adverse media and social media checks under AML compliance

Adverse media and social media checks under AML compliance Customer Due Diligence (CDD) is the most critical element of an AML compliance framework. The purpose of conducting CDD is to
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Transaction Monitoring

AML Transaction Monitoring: A powerful tool to detect financial crimes

AML Transaction Monitoring: A powerful tool to detect financial crimes Ever received a call from your bank to confirm if you have conducted a specific high-value transaction? If yes, then
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The ABC of AML screening: 8 common mistakes you can’t afford to make

The ABC of AML screening: 8 common mistakes you can’t afford to make AML screening helps assess the risks of an existing or potential customer for your business. These risks
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Use of Digital ID for Customer Due Diligence -New Guidance issued by CBUAE for LFIs

Use of Digital ID for Customer Due Diligence -New Guidance issued by CBUAE for LFIs The Central Bank of the UAE (CBUAE) has issued new Guidance on anti-money laundering and
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10 Mistakes To Avoid In Defining Risk Appetite For A Solid Risk-Based Approach

10 Mistakes To Avoid In Defining Risk Appetite For A Solid Risk-Based Approach In the world of Anti-Money Laundering, risk appetite is the amount of Money Laundering (ML), Terrorism Financing
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Understanding the Predicate Offences to prevent money laundering

Understanding the Predicate Offences to prevent money laundering No significant financial crime can be executed without resorting to the smaller crimes, as generally, there exists a network of crime to
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Best Practices for Selecting a Name Screening Software

Best Practices for Selecting a Name Screening Software As a regulatory requirement, regulated entities in India must perform screening of their existing and potential customers. The customers are screened for
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Uncovering the Red Flags of NFT-Related Money Laundering

Uncovering the Red Flags of NFT-Related Money Laundering With the increased acceptance of artwork using Non-Fungible Tokens (NFTs), comes the increased risk of money laundering and terrorism financing, induced by
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Best practices for identifying and implementing the right AML controls

Best practices for identifying and implementing the right AML controls

Best practices for identifying and implementing the right AML controls The challenges of money laundering are rising day by day. These and other financial crime threats are affecting many aspects
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Staying cautious while appointing an AML Principal Officer in India

Staying cautious while appointing an AML Principal Officer in India

Staying cautious while appointing an AML Principal Officer in India AML regulations in India, whether it is the Prevention of Money Laundering Act, 2002 (PMLA) or the IFSCA (AML, CFT,
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NFT money laundering

What is NFT money laundering and how to combat it?

What is NFT money laundering and how to combat it? Technology has entered every field of work. The art field is the latest to have been impacted by technology in
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Strengthening the KYC process

Strengthening the KYC process by averting these 12 common mistakes

Strengthening The KYC Process By Averting These 12 Common Mistakes With the rise in financial crimes, Know Your Customer (KYC) has become a critical part of the anti-money laundering (AML)
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guide to sanction and PEP screening

A guide to sanction and PEP screening in customer onboarding process

A guide to sanction and PEP screening in customer onboarding process Sanctions are basically the penalties imposed on institutions or organizations that fail to comply with laws and regulations. Government
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High-Risk Customers

AML Measures when Dealing with High-Risk Customers under IFSCA AML Guidelines

AML Measures when Dealing with High-Risk Customers under IFSCA AML Guidelines The regulated entities operating in the International Financial Service Centre (IFSC) are required to identify and assess the money
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Crypto money laundering

Crypto money laundering and how to combat the same

Crypto money laundering: Money laundering is on the rise globally. Money launderers and financial criminals are increasingly exploiting technological advancements to conduct financial crimes. They are misusing loopholes in regulations
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structured transactions

Detecting structured transactions under PMLA and IFSCA (AML, CFT, & KYC) Guidelines, 2022

Detecting structured transactions under PMLA and IFSCA (AML, CFT, & KYC) Guidelines, 2022 One of the standard techniques criminals use to launder illegally obtained money is through structuring. In this
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Top 10 mistakes to avoid while conducting ML/FT Enterprise-Wide Risk Assessment

Top 10 mistakes to avoid while conducting ML/FT Enterprise-Wide Risk Assessment

Top 10 mistakes to avoid while conducting ML/FT Enterprise-Wide Risk Assessment Enterprise-Wide Risk Assessment is an essential ingredient of an AML compliance program, enabling regulated entities to stay wary of
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customer risk ass

AML Customer Risk Assessment: Identifying The ML/FT Risk

AML Customer Risk Assessment: Identifying The ML/FT Risk In accordance with the Prevention of Money Laundering Act, 2002 (PMLA) and the IFSCA (AML, CFT, and KYC) Guidelines, 2022, the reporting
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trade-based money laundering

What is trade-based money laundering?

What is trade-based money laundering? Trade-based money laundering is one of the most common forms of money laundering. It is an easy way exploited by criminals to launder money between
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High risk

High-Risk Country Reporting – HRC and HRCA

High-Risk Country Reporting – HRC and HRCA With increased monitoring emphasized on transactions with persons or entities hailing from high-risk countries, the Ministry of Economy provides for filing of a
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The risk based approach to AML – Anti-Money Laundering Compliance

The risk based approach to AML – Anti-Money Laundering Compliance The risk-based approach (RBA) is basically the realization of control in Anti-money Laundering management according to the risk appetite of
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Enhanced Due Diligence

A guide to Enhanced Due Diligence – Element of AML Compliance framework

A guide to Enhanced Due Diligence – Element of AML Compliance framework Enhanced Due Diligence (EDD) is one of the critical elements of the entire customer onboarding journey, forming part
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sharjah-trade-license-process-benefits-and-activities

Sharjah Trade License 2023: Check all The Important Details

Sharjah Trade License 2023: Check all The Important Details If you have planned to start and run a business in Sharjah, it is a wise decision, as it is a
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A deep dive into the AML compliance requirements for the real estate sector in the UAE

AML compliance requirements for the real estate sector in the UAE The real estate sector is one of the main non-financial sectors that are highly vulnerable to money laundering activities.
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proliferation and proliferation financing

What is Proliferation and Proliferation Financing?

What is Proliferation and Proliferation Financing? Along with the risk assessment pertaining to money laundering and financing of terrorism, it is obligatory on the part of DNFBPs to assess the
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Risk indicators for DPMS

Risk indicators for DPMS – Strategic Analysis by UAE FIU

Risk indicators for DPMS – Strategic Analysis by UAE FIU Given the fact that precious metals and stones are being highly exploited by criminals to launder money given their size
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what-are-fatf-blacklist-and-grey-list-countries

What are FATF Blacklist and Grey list countries?

What are FATF Blacklist and Grey list countries? The Financial Action Task Force (FATF) is an independent agency that works internationally to prevent money laundering and financing. It provides several
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Decentralized Finance (DeFi) and AML implications in UAE

Decentralized Finance (DeFi) and AML implications in UAE The scope of Decentralised Finance is growing rapidly as the concept of virtual assets is being widely accepted across the globe. Decentralized
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Ras Al Khaimah mainland company formation

RAK Mainland Company Formation: All You Need to Know

RAK Mainland Company Formation: All You Need to Know Ras Al Khaimah is an attractive destination for investors and entrepreneurs. Its stable banking system, advanced infrastructure, and quick business setup
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Why gold is still the second-best mode

Why gold is still the second-best mode for money launderers

Why gold is still the second-best mode for money launderers Other than using Gold for Money Laundering, the uses of gold are wide-ranging and well-documented. Since ancient times, gold has
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Mainland Company Formation in Abu Dhabi: All you need to know

Mainland Company Formation in Abu Dhabi: All you need to know

Mainland Company Formation in Abu Dhabi: All you need to know Abu Dhabi is an attractive destination for foreign and local investors. Companies from UAE, GCC, and other foreign nations
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What is terrorist financing

What is terrorist financing?

What is terrorist financing? Terrorist financing is one of the most complex and troublesome financial crimes across the world. The potential and level of impact of terrorist funding have increased
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importance-of-aml-cft-measures

Importance of AML/CFT measures

Importance of AML/CFT measures As the world economy is growing and the entire globe is coming together as an integrated society, two vices are trying to take a toll on
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red flag indicators

Red Flag Indicators For AML/CFT

Red Flag Indicators For AML/CFT AML UAE, with its vast experience and on the basis of the AML/CFT guidelines, has systematically prepared Red flag indicators for AML/CFT pertaining to different
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How to Start a Business in Fujairah: All You Need to Know

How to Start a Business in Fujairah: All You Need to Know Fujairah’s location, infrastructure, and growth prospects hold many investors’ interests. They want to form a company in the
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Best practices for KYC compliance

Best practices for KYC compliance KYC is an abbreviated version of Know Your Customer. It is basically an important function that helps assess the risk-bearing power of your customers and
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How to Start a Business in Ajman: The Complete Guide

How to Start a Business in Ajman: The Complete Guide A city with bright business opportunities is what attracts outsiders. Ajman in UAE is one such Emirate. It has tremendous
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Know Your Business (KYB) – Key element of AML compliance

What is Know Your Business (KYB)? Know Your Business or KYB is the process of identifying the authenticity of a business with which the company deals. It might be suppliers,
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how-to-start-a-business-in-ras-al-khaimah

How to Start a Business in Ras Al Khaimah: Process, Benefits, and Documents

How to Start a Business in Ras Al Khaimah: Process, Benefits, and Documents If you want to know how to start a business in Ras Al Khaimah, you are at
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Socio-economic impact of money laundering

Socio-economic impact of money laundering

Socio-economic impact of money laundering Money laundering is a crime that involves occupying money through illegal means. Corrupt anti-money laundering regimes in various countries allow terrorists and money launderers to
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How to Start a Business in Sharjah: The Complete Guide

How to Start a Business in Sharjah: The Complete Guide The industrial hub of UAE – Sharjah has a growing demand among foreign businesses. It is one of the famous
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Dealers in Precious Metals and Stones Report (DPMSR)

Dealers in Precious Metals and Stones Report (DPMSR)

What is Dealers in Precious Metals and Stones Report (DPMSR)? Ministry of Economy issued a Circular (No. 08/AML/2021 dated 02 June 2021), instructing the dealers in precious metals and stones
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How to Open a Business in Dubai: Dubai Business Setup 2023

How to Open a Business in Dubai: Dubai Business Setup 2023

How to Open a Business in Dubai: Dubai Business Setup 2023 As you are here, you would want to know everything about how to open a business in Dubai: Dubai
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What are AML compliance requirements in DIFC

What are AML compliance requirements in DIFC?

What are AML compliance requirements in DIFC? Dubai is a financial hub and an epicenter for trade activities in the Middle East and Gulf region. Thousands of businesses, along with
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Independent AML Audit

Why is an Independent AML Audit Necessary

Why is an Independent AML Audit Necessary The AML/CFT legal framework is constantly changing and evolving. It necessitates a continuous check and assessment of the AML policies and procedures. An independent
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KYC Automation

Accurate AML Compliance with KYC Automation

Accurate AML Compliance with KYC Automation Know Your Customer of KYC, as we call it, is the fundamental criterion for starting a business relationship with a customer. A robust KYC
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Strengthening the AML Compliance

AML Training to the Employees: Strengthening the AML Compliance

AML Training to the Employees: Strengthening the AML Compliance Financial criminals are developing sophisticated methods of laundering funds and exploiting various legitimate business organizations. To tackle this, the entities must
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Role of Sanctions

The Role of Sanctions in Achieving International Peace and Security

The Role of Sanctions in Achieving International Peace and Security Sanctions are a form of control a country exercises to coerce another country, group of countries, individuals, or entities to
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Enhanced Due Diligence: Navigating the measures to manage high-risk under Singapore AML Laws

Enhanced Due Diligence: Navigating the measures to manage high-risk under Singapore AML Laws

Enhanced Due Diligence: Navigating the measures to manage high-risk under Singapore AML Laws The regulated entities engage with different customers every day, coming from different jurisdictions from various business profiles,
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aml-implications-for-politically-exposed-person-pep/

AML Implications for Politically Exposed Person (PEP)

AML Implications for Politically Exposed Person (PEP) Identifying a Politically Exposed Person (PEP) can be a challenging task. The customer identification process is crucial as the exercise can help a
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KYC Transformation From Manual KYC Checks

KYC Transformation From Manual KYC Checks to Automated

KYC Transformation From Manual KYC Checks to Automated The significance of customer due diligence measures has increased more than ever because of the government’s strict stance and the emphasis on
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AML Compliance Requirements for Jewellers in UAE​ The industry of gems and jewellery, and precious metals and stones is a key contributor to the UAE’s economy. But, it is also
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VAT Treatment of Exports and Imports in UAE

VAT Treatment of Exports and Imports in UAE

VAT Treatment of Exports and Imports in UAE Trade is central to any country’s economy. It results in access to a greater variety of goods, efficient allocation of resources, rise
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Outsourced Financial Controller Services For Small And Medium Scale Businesses

Outsourced Financial Controller Services For Small And Medium Scale Businesses

Outsourced Financial Controller Services For Small And Medium Scale Businesses Efficiently running a business enterprise calls for quite vigorous efforts. The market is full of cut-throat competition, and merely surviving
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Dubai Internet City (DIC) Free Zone

Dubai Internet City (DIC) Free Zone

Dubai Internet City (DIC) Free Zone The internet is a vast space offering several opportunities. A place like Dubai which contains several commercial hubs needs to have an internet city
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Enhanced Money Laundering Risks In The Real Estate Sector

Enhanced Money Laundering Risks In The Real Estate Sector

The Role of Real Estate Agents in Money Laundering (ML) Money laundering is a crime that has been in the business environment for a very long time now. However, the
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VAT implications for the medical sector in UAE

VAT implications for the medical sector in UAE

VAT implications for the Healthcare sector in UAE Healthcare services are important for any country and make up a big part of the national budget. Similar is the case with
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10 simple ways to improve financial management

10 simple ways to improve financial management

10 simple ways to improve financial management As a business owner or an accountant, your prime focus should be on increasing the efficiency of all the financial aspects of your
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Dubai Logistics City (DLC) Free Zone

Dubai Logistics City (DLC) Free Zone

Dubai Logistics City (DLC) Free Zone Dubai Logistics City (DLC) also referred as Dubai World Central is indeed the world’s first platform dedicated to the logistics industry’s growth and development.
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Role of Technology In Anti-Money Laundering Compliance

The Role of Technology In Anti-Money Laundering Compliance

The Role of Technology In Anti-Money Laundering Compliance This article revolves around the role of technology in anti-money laundering compliance and KYC processes. So let us dive deep into it
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A Brief Guide to PEP and PEP Screening

A Brief Guide to PEP and PEP Screening

A Brief Guide to PEP and PEP Screening PEP screening is the verification process for politically exposed persons (PEPs). It is a critical part of the anti-money laundering compliance process.
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The best AML Framework under Singapore AML Regulations

The best AML Framework under Singapore AML Regulations

The best AML Framework under Singapore AML Regulations Money Laundering is a global concern. Companies worldwide are adopting stringent customer verification methods to prevent the misuse of their company for
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VAT Implications for the Automotive Sector in UAE

VAT Implications for the Automotive Sector in UAE

VAT Implications for the Automotive Sector in UAE UAE is not a car manufacturing country. They are manufactured in other countries and a network of authorized distributors sell them in
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Transform Your Business’s Accounting And Bookkeeping Function

Can Outsourcing Transform Your Business’s Accounting And Bookkeeping Function?

Can Outsourcing Transform Your Business’s Accounting And Bookkeeping Function? Bookkeeping and accounting both are science and art. It requires special skills and prior knowledge of the principles to manage everything
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Dubai Airport Free Zone Business Setup

Dubai Airport Free Zone Business Setup

What is DAFZA? Established in 1966, Dubai Airport Free Zone Authority is today one of the best business locations in Dubai. With efficient building facilities, several businesses are currently flourishing
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A guide To establishing an Effective AML/CFT Framework in your business

A guide To establishing an Effective AML/CFT Framework in your business Financial Institutions and Designated Non-Financial Businesses and Professions that do not abide by the Money-Laundering laws or regulations have
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Few illustrations of who can be construed as UBO

Few illustrations of who can be construed as Ultimate Beneficial Owner To ensure transparency in the business operations, it is critical to identify the natural person controlling the legal entity,
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UBO requirements of financial free zones of UAE

UBO requirements of financial free zones of UAE The Ultimate Beneficial Ownership Regulations are implemented in any country as a part of AML/CFT laws. It is one of the recommendations
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Why UAE Needs Economic Substance Regulations

Why UAE Needs Economic Substance Regulations

Why UAE Needs Economic Substance Regulations UAE has been a business-friendly country for many years. It made a name in the international space based on its oil and gas industry
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ESR Appeal to FTA UAE

ESR Appeal to FTA UAE against the decision of Administrative Penalties

ESR Appeal to FTA UAE against the decision of Administrative Penalties Sometimes with the decision on ESR administrative penalties, the Licensee may disagree and seek to appeal against such decision.
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Corporate Tax: UAE Federal Decree Law No. 47 of 2022

Corporate Tax: UAE Federal Decree Law No. 47 of 2022 Download Federal Decree-Law No. 47 on Taxation of Corporations and Businesses by President of the United Arab Emirates. Download UAE
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UAE CT – Public Consultation Document issued by the Ministry of Finance, UAE

UAE CT – Public Consultation Document issued by the Ministry of Finance, UAE

UAE CT – Public Consultation Document issued by the Ministry of Finance, UAE The Ministry of Finance has come out with UAE CT Public Consultation Document. The document seeks views
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VAT Implications For The Education Sector in UAE

VAT Implications For The Education Sector in UAE

VAT Implications For The Education Sector in UAE The education industry is a crucial sector for any country. In the UAE, the government is focusing on the education sector to
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The Real Cost of Inefficient Bookkeeping

The Real Cost of Inefficient Bookkeeping

The Real Cost of Inefficient Bookkeeping The profitability of your business depends on how quickly you are able to make data-driven decisions. For that, you will need timely access to
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An exclusive To-Do checklist to start ecommerce business

An exclusive ‘To-Do’ checklist to start ecommerce business

An exclusive ‘To-Do’ checklist to start ecommerce business The Covid-19 pandemic has turned the business world upside down. It has created a new normal of working for companies and individuals.
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Tax Invoice Under VAT in UAE

Tax Invoice Under VAT in UAE

Tax Invoice Under VAT in UAE Businesses in UAE were required to comply with VAT law starting from January 1, 2018. Complying with VAT is essential for businesses engaging in
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5 Secrets You Cannot Afford To Miss About Your Business’s Bank Reconciliation

5 Secrets You Cannot Afford To Miss About Your Business’s Bank Reconciliation You know the importance of a bank reconciliation statement, but there are many underlying things to it that
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100 percent Foreign ownership of companies in UAE

100 percent Foreign ownership of companies in UAE With effect from June 1, 2021, UAE permitted 100% Foreign ownership of companies in UAE. This is a welcome move for the
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All You Need To Know About The Ultimate Beneficial Owner (UBO)

All You Need To Know About The Ultimate Beneficial Owner (UBO)

All You Need To Know About The Ultimate Beneficial Owner (UBO) Several terms and jargon are used repeatedly when we talk about Anti-money laundering laws and their various requirements and
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Special VAT Refund Schemes in UAE

Special VAT Refund Schemes in UAE

Special VAT Refund Schemes in UAE VAT came into effect in the UAE on January 1, 2018. The FTA requires most of the sectors to pay VAT at a rate
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What is Money Laundering

What is Money Laundering?

What is Money Laundering? Money laundering is a process of passing illegally obtained money into the financial system by fraudulently showing the sources of such funds to be legal. The
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ESR Audit by FTA

ESR Audit by FTA: How to Make Yourself Ready

ESR Audit by FTA Compliance with ESR Regulations is mandatory for entities engaged in some specific relevant activities in the UAE. This requirement is under the provisions of the Cabinet
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Corporate Tax On Business Profits In The UAE

9% corporate tax to be introduced on business profits in the UAE

Corporate tax on business profits in the UAE Corporate tax rate on business profits in the UAE From the financial year starting June 1, 2023, and companies will have a
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Administrative Penalties for Ultimate Beneficial Owner Procedures violation

Administrative Penalties for Ultimate Beneficial Owner Procedures violation

Administrative Penalties for UBO Here is the schedule of fines as per Cabinet Resolution No. (53) of 2021 Concerning the Ultimate Beneficiary Owner Administrative Penalties Against Violators of the Provisions
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10 Repercussions of bad bookkeeping in your business

10 Repercussions of bad bookkeeping in your business

10 Repercussions of bad bookkeeping in your business One of the essential aspects of your business is managing your financial resources. Bookkeeping is the best way to manage your finances
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Abu Dhabi Airports Free Zone (ADAFZ)

The A to Z of Abu Dhabi Airports Free Zone (ADAFZ)

Business Setup in Abu Dhabi Airports Free Zone (ADAFZ) Abu Dhabi Airport Free Zone (ADAFZ) is a subsidiary of Abu Dhabi Airports Company (ADAC). ADAC established ADAFZ under the Emirates
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Importance of AML CFT measures

Importance of AML/CFT measures

Importance of AML/CFT measures As the world economy is growing and the entire globe is coming together as an integrated society, two vices are trying to take a toll on
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AML Defense Mechanism for Jewellers in Bahrain

AML Defense Mechanism for Jewellers The Ministry of Industry, Commerce and Tourism has issued a guide, “AML Defence mechanism for Jewellers, Bahrain”, to help them understand their responsibilities for Prevention
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