The issuance of the violations and fines list supports the UAE’s efforts in combating money laundering crimes and financing of terrorism:
Administrative Fine of AED 50,000 for the following violations:
- Failure to undertake the actions and procedures to mitigate the risks identified
- Failure to implement internal policies, procedures, and controls within the facility aimed at combating crime
- Failure to prevent involvement in suspicious business relationships
- Failure to take the due diligence measures to manage low risks
- Failure to undertake the measures to understand the purpose of the business relationship or failure to acquire any information pertaining to this
- Failure to undertake the measures to understand the nature of the customer’s business, ownership, and control
- Failure to take the due diligence measures to supervise the customers while conducting the business relationship
- Failure to appoint a compliance officer
- Failure to create records that keep track of financial transactions with the customers prevents data analysis and tracking of transactions
- Failure to keep records and documents related to the financial transactions for a period of five years from the date of concluding the transaction
- Failure to make all the information available to the competent authorities upon request
- Failure to provide training for the facility’s employees on combating money laundering and the financing of terrorism
Administrative Fine of AED 100,000 is for the following violations:
- Failure to undertake the actions and procedures to identify the risks associated with the crime
- Failure to identify and assess the risks that may arise in the violator’s field of work
- Failure to undertake the customer due to diligence measures before establishing the business relationship
- Failure to verify the identity of the customer and the real beneficiary or their representative
- Delay in notifying the Financial Intelligence Unit of the suspicious transaction report in case there is suspicion
- Failure to conduct due diligence measures on politically exposed persons
- Failure to create records for keeping track of financial transactions with customers
To be continued….