Anti Money Laundering (AML) Compliance

Anti-Money Laundering (AML) compliance services play a crucial role in helping businesses detect and prevent suspicious financial activities related to money laundering and terrorist financing. Al Marzaan Consultancy offers comprehensive AML compliance services in the UAE to assist businesses in adhering to local and international laws and regulations, as well as their internal policies and procedures. Here’s an overview of Al Marzaan Consultancy’s AML compliance services:

AML Compliance Services in the UAE

Al Marzaan Consultancy specializes in providing AML compliance services with a specific focus on the UAE market. Their services are designed to enhance businesses’ AML and Combating the Financing of Terrorism (CFT) compliance by ensuring the proper enforcement of relevant rules and regulations. By outsourcing your AML compliance to Al Marzaan Consultancy, you can focus on your core business, knowing that your AML obligations are being managed effectively.

Range of AML Compliance Services Offered:

AML Policy and Procedures:

  • Designing, reviewing, and updating AML/CFT policy and procedures.
  • Drafting AML/CFT policy and procedures manuals.
  • Reviewing and updating existing AML/CFT policy and procedures.
  • Drafting anti-bribery and anti-corruption policies.

Risk Assessment and Risk Profiling:

  • Reviewing customer risk assessment methodologies.
  • Assisting in the development of a customer risk assessment model based on regulatory guidelines.
  • Preparing a Risk Register by identifying and mitigating risks.

AML/CFT Health Check:

  • Conducting gap assessments to identify areas of improvement.
  • Periodic review of onboarding documentation and transactions.

AML IT Systems:

  • Assisting in selecting appropriate AML/CFT software.
  • Conducting software demonstrations.
  • Reviewing existing core solutions, risk profiling, screening, and monitoring software.

Compliance Assistance:

  • Assisting in registration on the GoAML Portal.
  • Providing guidance to the AML Compliance Officer in their daily functions.
  • Assisting in conducting Enhanced Due Diligence (ED) for high-risk customers.
  • Assisting in the preparation of statutory reports.
  • Assisting in screening customers and counterparties.
  • Conducting audits and reviews as required by regulations.
  • Assisting in the preparation of documentation standards.

In addition, Al Marzaan Consultancy can provide ongoing AML monitoring and testing to ensure that a business’s AML program remains effective and up-to-date in addressing evolving risks and regulatory changes. If you’re in need of AML compliance services in the UAE, you can rely on Al Marzaan Consultancy’s expertise in this domain.