UAE companies fined AED 66 million in money laundering crackdown

Thursday, 1 June 2023 06:01

By ARN News Staff

The Ministry of Economy has imposed fines worth AED 65.9 million on 137 firms, in the first quarter of 2023, for failing to comply with anti-money laundering legislation.

It follows an inspection of 840 firms operating in the UAE’s designated non-financial business or professions (DNFBP) sector, including real estate agents and brokers, precious metals and gemstone dealers, auditors and corporate service providers.

A total of 831 violations were found under anti-money laundering and combating the financing of terrorism (AML/CFT) legislation, including failure to adopt necessary measures and procedures to identify the risks of crime in their field of work.

The companies failed to establish internal policies and procedures to check customer databases and transactions against names mentioned on the UAE's terrorism list, issued in 2020.

The initiative falls in line with the Ministry’s efforts to ensure the sector’s full compliance with the 2018 legislation on anti-money laundering and combating the financing of terrorism and illegal organisations and its executive regulations and related laws.

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