Anti-Money Laundering (AML) in Dubai

  • 04 February 2020
AML Country Guide / Anti-Money Laundering (AML) in Dubai

Money laundering and terrorist financing cause great damage to the economic sectors. Money laundering and terrorist financing take place through financial systems. Deficiencies in financial service providers make it easier for criminals to commit crimes. Therefore, governments should work with financial institutions to combat financial crime.


Money Laundering Risks in Dubai

Dubai is one of the seven emirates in the United Arab Emirates. Dubai is one of the leading business centers in the Middle East, which does business with companies and individuals worldwide. The fact that the business sector is developed and global in Dubai poses major threats in terms of money laundering, corruption, and bribery. Dubai aims to avoid these threats with its work in the field of AML.

Dubai International Financial Center (DIFC) is a financial center established in 2004 for the Middle East, Africa, and South Asian markets. Dubai Financial Services Authority is under the authority of the Dubai International Financial Center. Dubai Financial Services Authority (DFSA) is Dubai's international standards financial regulator. The regulatory mandate of the Dubai Financial Services Authority includes banks, investment companies, financial service providers such as securities companies, and credit companies. DFSA is responsible for auditing and implementing the AML and CFT requirements enforced in DIFC. DFSA administers the Regulation Law that came into force in 2004. It carries out all the regulations and audits under this law.

Aims of DFSA

Promoting and maintaining transparency and efficiency of financial services.

Increasing confidence in the financial services industry

Ensuring the stability of the financial sector.

Ensuring the prevention of financial crimes.

Supporting the development of DIFC.

Regulation of financial institutions.


What Are The AML Requirements in Dubai?

DFSA is responsible for ensuring Dubai's AML compliance in international areas.DFSA continues its activities by considering the United Nations and FATF regulations. DFSA considers FATF recommendations while continuing its efforts to prevent money laundering. Financial institutions in DUBAI have to meet AML requirements. Financial institutions detect suspicious transactions by performing AML checks. Financial institutions report Suspicious Activity Reports to DFSA. Later, DFSA reviews these reports and decides whether there is a crime. Various penalties are imposed on financial institutions that do not comply with AML compliance.


Anti-Money Laundering Solutions for Dubai

Sanction Scanner provides AML solutions. Sanction Scanner's AML solutions are end-to-end compliant with Dubai's AML regulations. Meet the AML solutions developed by Sanction Scanner with artificial intelligence and machine learning technologies.

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