The UAE Ministry of Economy has launched the annual data collection for the risk assessment related to Money Laundering (AML) and Terrorism Financing (TF) for the DNFBP (Designated Non-Financial Businesses and Professions) sector. This mandatory requirement aims to enhance financial transparency and prevent crimes in this area.

What You Need to Know:

• Who is Required to Participate?
  All companies operating in sectors such as real estate, audit, legal consulting, and others under the scope of DNFBPs in UAE.

• What Data is Required?
  Answers to 291 questions for the period from January 1 to December 31, 2023.

• Deadline:
  December 16, 2024.

• Consequences of Non-Participation:
  Fines ranging from AED 50,000, administrative sanctions, or legal liability.

Key Points:

• Notifications have already been sent by the Ministry of Economy to registered email addresses.

• If one email address is used for multiple organizations, it must be reported to the Ministry.

• Data for 2024 will be requested separately in the future.

Why Is This Important?
Participating in this process is not just about fulfilling legal requirements; it helps create a stable business environment by protecting companies from risks associated with financial violations.

How Make Fortune can help:
Make Fortune offers professional services to ease your compliance efforts:

• Preparation and submission of reports in accordance with Ministry of Economy requirements.

• Consultation on AML/TF compliance.

• Risk mitigation and prevention of potential sanctions.

Contact us for expert assistance and ensure your business is fully compliant with UAE legislation.

For More Information:
For any clarifications or questions related to the risk assessment, please contact amlra@economy.ae.
Learn more about the procedure on the UAE Ministry of Economy’s website.

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