Video on Avoiding Risky Business Relationships UAE AML Law
Video on Avoiding Risky Business Relationships UAE AML Law
It is crucial to apply Customer Due Diligence measures to identify potential risks associated with an individual customer before establishing a business relationship.
If the individual is listed as designated by the UNSC Consolidated List’s UAE Local Terrorist List, the regulated organization is required to refuse their onboarding or, in the case of any current clients, to end the business relationship.
The regulated entity should not onboard the individual if they refuse to provide the information needed to complete the CDD measures or if they act in an evasive or uncooperative manner.
The regulated entity shall not enter into a business relationship in case owners cannot be recognised or have their identities confirmed. This restriction will lessen the abuse of legal structure and launder illicit activities.
It is prohibited for regulated entities to establish business relationships with fictitious banks that only exist on paper and with someone using a pseudonym or an anonymous basis.
The regulated entities need to include these limitations around business relationships in their AML framework and raise awareness among the compliance team.
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Chapters
- 0:00 Introduction on Avoiding Risky Business Relationships UAE AML CFT Law
- 0:47 How a person is designated under the UAE Local Terrorist List?
- 1:21 Why is CDD important for onboarding a person?
- 1:58 How the misuse of legal structure created to launder criminal proceeds can be reduced?
- 2:23 Why no business relationship must be set up with a person on an anonymous basis?
- 2:58 Which limitations must be included in AML framework of any business relationship?
- 3:19 Conclusion
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This post first appeared on A Detailed Guide Of AML Compliance Requirements For Auditors And Accountants In The UAE, please read the originial post: here
