Money Laundering in UAE

The UAE was previously indulging in offshore structures and arrangements to attract profits without real economic substance. The UAE was therefore initially placed on the EU Blacklist. However, following commitments, the EU removed the UAE from the blacklist. Therefore, Money Laundering in UAE should be looked at.

Money laundering in UAE is increasing at a very rapid rate. Money laundering and terrorist financing cause great damage to the economic sectors. They both take place through financial systems. In addition, Deficiencies in financial service providers make it easier for criminals to commit crimes. Therefore, governments should work with financial institutions to combat financial crime.

AML Certification in United Arab Emirates

The aspirants who want to become anti money laundering professionals would not need a right education for employment, but also a professional accreditation. The Certified Anti-Money Laundering Professional is one of the kind of designation for AML professionals to combat money laundering. Regtech Times Academy has launched a new course Certified Anti Money Laundering  Professional (CAMP). This course is designed for the compliance professionals. By doing this course one will get the basic knowledge of AML Domain.

It is one of the video based learning certification in compliance domain. In order to differentiate the Certified Anti Money Laundering Professionals from the various other certifications, we offer bouquet of benefits and flexibility to the international AML professionals.

By doing this course, the aspirants will get the overview of international laws, understand risk based approach to money laundering etc.   Data related to the Money Laundering is very sensitive and it is not possible to outsource the data. Money laundering UAE is now becoming a challenge day by day. Hence, it is required to introduce such type of courses in UAE.

Riskpro Learning offers multiple short-term AML certification courses:

  • Certification in Shell company Investigation – This certification is a specialized video learning course for the aspirants who want to know more about the shell company. The knowledge gained from this AML certification program will help one to identify and investigate the shell companies.
  • Certification in Trade Based Money Laundering – Proceeds of crime are laundered through the international trade. This certification explains the different methods of trade and the informal value transfer systems.
  • Risk Based Money Laundering – This online learning course discuss different aspects of risk based kyc approach and identification of the high risk customers.

Why CAMP Certification is Irreplaceable

The CAMP certification is one of the most popular international accreditation globally. When the candidates prepare and pass the CAMP exam with flying colors, they strengthen their knowledge, expand their expertise, and gain the competencies to prevent crimes that are taking place. Therefore, this certification keeps anti money laundering professionals aware of the new industry trends. While thinking in the view of career prospective, CAMP certification would provide with better job opportunities and higher wages.

Money Laundering Risks in Dubai

Dubai is one of the 7 emirates in the United Arab Emirates. Dubai is one of the leading business centers in the Middle East, which does business with companies and individuals all over the world.  Therefore, Dubai aims to avoid these threats with its work in the field of AML.

Additionally, Dubai International Financial Center (DIFC) is a financial center established in 2004 for the Middle East, Africa and South Asian markets. It is under the authority of the Dubai International Financial Center. Dubai Financial Services Authority (DFSA) is Dubai’s international standards financial regulator. The regulatory mandate of the Dubai Financial Services Authority includes banks, investment companies, financial service providers such as securities companies and credit companies. Similarly, DFSA is responsible for auditing and implementing the AML and CFT requirements implemented in DIFC. Hence, DFSA administers the Regulation Law that came into force in 2004. It carries out all the regulations and audits under this law.

Aims of DFSA

  • Promoting and maintaining transparency and efficiency of financial services.
  • Increasing confidence in the financial services industry.
  • Ensuring the stability of the financial sector.
  • Ensuring the prevention of financial crimes.
  • Supporting the development of DIFC.
  • Regulation of financial institutions.

What Are The AML Requirements in Dubai?

DFSA is responsible for ensuring Dubai’s AML compliance in international areas.DFSA continues its activities by taking into consideration the United Nations and FATF regulations. Therefore, it takes into consideration FATF recommendations while continuing its efforts to prevent money laundering. Financial institutions in DUBAI have to meet AML requirements. Hence, they try to detect suspicious transactions by performing AML checks. Since,the  financial institutions report Suspicious Activity Reports to DFSA. Later, they review these reports and decides whether there is a crime. AML compliance imposes penalties on the financial institution.