Anti Money Laundering (AML) - Taxfy

The anti-money laundry law was introduced in the UAE through Federal Degree Law no. 20 of 2018. The national committee on AML/CFT has mandate of overseeing the law implementation under the national action task force. The law aims to develop and implement a legal to ensure compliance with the international standards on AML regulations.

It applies to financial institutions, designated non-financial businesses and professionals, brokers and real estate agents, dealers in precious metals and precious stones, lawyers, notaries and other independent legal professionals and independent accountants, providers of corporate services and trusts and non-profit organizations.

It is of high importance for a business that is operating in the UAE to comply with the anti-money laundry law due to the hefty penalties applied to non-compliant entities. Our AML experts at Taxfy can assess if your business is within the scope of the AML regulations and assist you with the ongoing compliance requirements.