Make Fortune
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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