Dealers in Precious Metals & Stones,
Precious Safeguards: Navigating the
UAE's Anti-Money Laundering
Landscape
Money Laundering Fines and Penalties of Dirhams 200,000 and above
If the Enhanced Due Diligence process is not followed to identify the high-risk
customers.
If the FIU- Financial Information Unit is not informed of the STR- Suspicious
Transaction Report in cases where the institutions cannot follow the customer
verification process- due diligence process before creating or maintaining a business
relationship or carrying out a transaction for the benefit of the client or in his name.
If the FIU has asked for additional information for the reported suspicious transactions
and organizations fail to comply, then a fine is also levied in such cases.
Due to suspicions about the nature of the business relations- its process or intentions
are disclosed directly or indirectly to the customer or a third party. In that case, such
actions attract a penalty of AED 200,000 or more.
If the measures identified by the National Committee for Combating Money
Laundering regarding customers from high-risk countries are not implemented, the
fines are levied.
Money Laundering Fines and Penalties of Dirhams 100,000 and above
If the requisite measures are not adopted for identifying risk and evaluating the same
when the services are provided or undertaken with new professional activities.
If the requisite due diligence measures are not taken for clients before establishing or
continuing a business relationship or making a transaction that benefits the customer.
If the customer identity and that of the UBO or their deputy is not verified before or
while establishing a business relationship or before with a client with whom there’s no
previous business relationship.
If there’s a delay of information about the STR to the FIU in events where there’s a
suspicion that the customer is related to crime wholly or partly- if there’s reasonable
ground to suspect that the client money is involved in establishing the business
relationship has been obtained from criminal activities.
If the due diligence measures are not followed for PEPs-Politically exposed Persons
before establishing or maintaining a business relationship.
If proper records are not maintained on the financial transactions with the customers.
Conclusion: Precious Metals, Precious
Safeguards
In conclusion, it is crucial for dealers in precious metals or
stones in UAE to comply with Anti Money Laundering rules
to prevent illegal activities.
Our AML solutions assist in putting in place stringent
monitoring procedures to ensure complete adherence to
legal requirements.
Thanks
!
Do you have any
questions? @nrdoshi.com
+971
www.nrdoshi.ae
