Key Points
Introduction
Who Needs to Follow AML Rules in the UAE?
AML regulations apply to a wide range of sectors, including:
- Financial institutions
- Real estate brokers
- Dealers in precious metals and stones
- Accounting, auditing, and bookkeeping firms
- Lawyers, notaries, and corporate service providers
- Trust and company service providers
If your business falls under these categories, you must implement proper AML procedures.
Core AML Requirements Every UAE Business Must Follow
1. Risk Assessment
The government expects businesses to adopt a risk-based compliance programme that prioritizes higher-risk areas.
2. Customer Due Diligence (CDD)
This includes:
- Verifying customer identity
- Understanding the purpose of the business relationship
- Screening customers using approved AML systems
- Enhanced due diligence for high-risk clients
Keeping all documentation updated is essential.
3. goAML Registration
All reporting entities must register on the goAML portal to submit:
- Suspicious Transaction Reports
- Suspicious Activity Reports
- High-risk customer notifications
Failure to register alone can lead to heavy penalties.
4. Ongoing Monitoring
Businesses must continuously monitor transactions and client behaviour.
Unusual patterns must be flagged and reviewed.
5. Record Keeping
Maintain detailed records of:
- Customer files
- Transactions
- Due diligence reports
- Internal reviews
Penalties for AML Non-Compliance
Quick Table: AML Requirements Summary
AML Requirement | What Businesses Must Do |
Risk Assessment | Identify client, product, and geographic risks |
Customer Due Diligence | Verify identity, screen clients, monitor risk |
goAML Registration | Register, update info, file mandatory reports |
Monitoring | Detect and review unusual patterns |
Record Keeping | Keep documents for at least 5 years |
Why Local AML Expertise Matters
Working with UAE-based AML specialists can make compliance smoother and more accurate. They help translate regulations into practical steps, set up goAML reporting, and provide hands-on guidance that fits your business model.
If you prefer expert support with audits, training, or building compliance manuals, local consultancy firms are often the safest path.
For businesses that want professional, precise, and locally aligned AML support, Fintrack Tax Consultants provides structured AML assistance.
Our team helps with risk assessments, CDD frameworks, goAML registration, staff training, and day-to-day compliance guidance — all delivered in a warm and supportive way that makes compliance less stressful.
Frequently Asked Questions (FAQs)
Do all UAE businesses need AML compliance?
Only entities classified as DNFBPs or financial institutions must fully comply.
How long does AML registration take?
goAML registration can take a few days if documents are prepared correctly.
What happens if I miss an AML requirement?
You may face fines, penalties, or regulatory action depending on the severity.
What is Enhanced Due Diligence?
It is extra monitoring and verification required for higher-risk customers.
Can a consultant handle AML compliance for me?
Yes, consultants help create frameworks, write policies, train teams, and monitor compliance.
