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:

1. Failure to undertake the actions and procedures to mitigate the risks identified
2. Failure to implement internal policies, procedures, and controls within the facility aimed at combating crime
3. Failure to prevent involvement in suspicious business relationships
4. Failure to take the due diligence measures to manage low risks
5. Failure to undertake the measures to understand the purpose of the business relationship or failure to acquire any information pertaining to this
6. Failure to undertake the measures to understand the nature of the customer’s business, ownership, and control
7. Failure to take the due diligence measures to supervise the customers while conducting the business relationship
8. Failure to appoint a compliance officer
9. Failure to create records that keep track of financial transactions with the customers prevents data analysis and tracking of transactions
10. Failure to keep records and documents related to the financial transactions for a period of five years from the date of concluding the transaction
11. Failure to make all the information available to the competent authorities upon request
12. 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:

1. Failure to undertake the actions and procedures to identify the risks associated with the crime
2. Failure to identify and assess the risks that may arise in the violator’s field of work
3. Failure to undertake the customer due to diligence measures before establishing the business relationship
4. Failure to verify the identity of the customer and the real beneficiary or their representative
5. Delay in notifying the Financial Intelligence Unit of the suspicious transaction report in case there is suspicion
6. Failure to conduct due diligence measures on politically exposed persons
7. Failure to create records for keeping track of financial transactions with customers

To be continued….