The Federal Decree by Law No. (20) of 2018 on Anti-Money Laundering, Combating the Financing of Terrorism and Financing of Illegal Organisations creates an obligation on all Relevant Person to report suspicious activities directly through its electronic system or by any other means approved by the FIU of the UAE.
In addition, Rule 14.3.1 of the AML Rulebook creates further obligations for Relevant Persons to ensure that they have in place a robust process for investigating, reporting and documenting suspicious activities to the FIU through the new “goAML” Anti-Money Laundering System.
Relevant Persons are reminded that the failure to report suspicions of money laundering or terrorist financing is a criminal offence under the laws of the UAE, and may also constitute a breach of the AML Rulebook. The Financial Services Regulatory Authority (FSRA) will not hesitate to take appropriate action against Relevant Persons that contravene the Federal Laws and FSRA requirements.
FIU team are available for queries via: firstname.lastname@example.org