AML/CFT Compliance and Certification Services in Dubai, UAE

Review of AML framework – Gap Assessment

Gap analysis compares the policies and processes in existence with the policies and procedures required by the organisation. It aids organisations in determining “where we are” and “where we want to be.” The following are some of the broad areas that will be examined during the gap analysis of the AML framework:

• AML’s Corporate Governance Policy and Structure are being reviewed.
• Review and development of AML policies and procedures, including Know Your Customer, Due Diligence, and Enhanced Due Diligence.
• The framework for risk management is being reviewed and developed.
• Review of IT systems – core solution and anti-money laundering (AML) solution, which includes risk profiling, screening, and monitoring of customer activities and transactions.
• MIS and Statutory Reporting
• Staff and Board members receive training.
• Determine any discrepancies or variances.
• System for document management.

• Verify to see if the AML Risk Solution adheres to the UAE regulatory authority’s guidelines.
• Verify to see if the screening solution has alternatives for real-time integration with global check, Dow Jones, and other databases.
• Verify to see if the Central Bank of the United Arab Emirates’ lists and other watch lists can be added to the tool for screening.
• Verify to see if the system is capable of lowering the number of false positives.
• Determine and verify the rationale used to match the names to the punishment list and determine the percentage of matches based on various metrics.
• To give extra inputs for client risk profiling systems in order to guarantee that they are compliant with the Regulator’s NRA guidelines.
• Verify that the logic of client risk profiling covers a variety of parameters.
• Verify that the system has the various situations required by the regulatory authority, and that the tool can monitor in real-time or after a transaction has occurred.
• Verify the system’s available escalation process.
• Verify to see if the modules for suspicious transaction reporting and risk rating have been integrated into the system.
• Verify to see if the system allows you to create/develop scenarios/rules depending on business needs and future regulatory requirements.
• Check that reports and audit logs are available.

AML Training – Staff and Senior management including Owners / Board of Directors
Topics covered in the course will include local regulatory standards, international standards, and industry best practises. The following is a partial list of the subjects that will be discussed:

• Money Laundering
• Terrorist Financing
• Methods and Techniques (ML/FT)
• Money Laundering Stages
• CO/MLRO and ACO/Deputy MLRO Roles and Responsibilities
• Internal Controller/Auditor Responsibilities in the AML Framework
• 40 recommendations from the Financial Action Task Force (FATF).
• EU, UN, EGMONT, and other international norms
• AML rules and regulations inDubai, UAE
• AML with a Risk-Based Approach