Navigating the Evolving AML and KYC Regimes in the UAE
The AML and KYC regimes in the UAE are rapidly evolving and the regulatory environment has significantly toughened, making risk assessment and ensuring compliance with the region’s regulations a crucial aspect for any entity competing in this dynamic business landscape. Due to the UAE Government’s pursuit of achieving FATF status, a rigorous examination of the entire financial services sector has taken place, leading to the introduction of a range of new regulations.
A solid understanding of the key elements in the onboarding process, embracing technology and third-party assessments, and also, mastering the best AML practices are vital aspects for any organization’s success.
Organisers: Middle East & Africa Compliance Association (MEACA), The Ascent Group, Cedar Rose, Abler Group, KYC Executive Search
- The key elements in the onboarding process including the required documentation, risk assessment, sanctions, adverse news screening, monitoring on clients and KYC documents.
- The significance of the proof of address documentation requirement in the UAE
- The role of technology in automating risk assessments and ensuring compliance with AML and KYC regulations in the UAE, third-party risk assessments to mitigate risks, and how AML & KYC data management can be conducted in line with the requirements in the UAE.
- The best AML practices, the rise in enforcement actions by regulators, how compliance assessment/audit can help in assessing compliance, and why AML training is important.
