Best Practices for Crafting an Effective AML-CFT Policy

Crafting effective Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policies is important for businesses in the UAE to combat financial crime effectively, including Money Laundering (ML), Terrorism Financing (TF), and proliferation financing (PF).

Here are key best practices businesses must understand and consider:

• Building a competent compliance team that possesses deep knowledge of UAE laws and international regulations relating to ML/FT and PF.
• Implementing a risk-based approach to identify and assess ML/FT and PF risks specific to the business.
• Identifying AML/CFT national and international regulations and further aligning AML/CFT policies for effective practices.
• Defining methodology for screening, monitoring, and identification of red flags.
• Defining effective reporting mechanism structure in the AML/CFT policy for accurate and prompt reporting.
• Assessing performance through regular audits to find our deficiencies and promptly address them.

By watching this video, businesses can understand the structured approach to crafting AML/CFT policies that help them strengthen their defences against financial crimes.