AML Software for Auditors and Accountants in UAE

AML software for auditors and accountants in the UAE enables them to automate their compliance functions. Manual processes are time-consuming and ineffective, and hence accounting professionals resort to AML software to counter ML/FT risks and provide a world-class customer experience

Regulatory Framework Governing Auditors and Independent Accountants in UAE

Auditors and Independent Accountants in the UAE are required to adhere to the AML, CFT, and CPF laws in the UAE, namely:

Federal Decree-law No. (20) of 2018

Federal Decree-law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.

Cabinet Decision No. (20) of 2019

Cabinet Decision No. (20) of 2019 Regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combating of Terrorism, Terrorists Financing & Proliferation of Weapons of Mass Destruction, and Related Resolutions

Guidelines for Designated Non-Financial Businesses and Professions

Cabinet Decision No. (10) of 2019

Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree-law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.

Cabinet Decision No. (74) of 2020

Cabinet Decision No. (74) of 2020 Regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combating of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing and Relevant Resolutions.

Supplemental Guidance for Trust & Company Service Providers

Federal Decree-law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree-law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
Cabinet Decision No. (20) of 2019 Regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combating of Terrorism, Terrorists Financing & Proliferation of Weapons of Mass Destruction, and Related Resolutions
- Requires Auditors and Independent Accountants to ensure that customers are screened across relevant UNSCRs to prevent terrorism financing.
Cabinet Decision No. (74) of 2020 Regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combating of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and their Financing and Relevant Resolutions.
- Subscribe to the mailing list maintained by the Executive Office for Control and Non-Proliferation (EOCN),
- Screen customers and transactions,
- Apply adequate TFS measures
- Submit relevant reports to the authorities
- Taking TFS measures and making it impossible for individuals or organisations to secure funds, assets, or economic resources to proceed with their illicit intentions.
Guidelines for Designated Non-Financial Businesses and Professions
Supplemental Guidance for Auditors

Look before You Leap into Compliance

Map the Regulatory Landscape

Accountants and Auditors and Their AML Compliance Obligations in the UAE

Appointment of an AML Compliance Officer

The auditors and independent accountants in the UAE are obligated by the AML regulations to appoint an AML Compliance Officer, as they play a crucial role in overseeing the appropriate implementation of AML/CFT and TFS policies and ensuring a compliance-adherent environment in an organisation. Failing to appoint an AML Compliance Officer leads to a domino effect. Auditors and independent accountants cannot register on the goAML portal, as the key requirement for goAML Registration is the name and details of an AML Compliance officer.

goAML Registration

When an auditor or independent accountant in the UAE comes across a suspicious activity or transaction, they are required by AML regulations to report the instance to the relevant authorities. To report suspicious activity or transactions, accounting professionals must register on the UAE FIU’s goAML portal.

ML/FT and PF Risk Assessment

The auditors and independent accountants operating in the UAE must:

Refer to our YouTube Video:

The Blueprint for a Successful Enterprise-Wide Risk Assessment

AML/CFT Policy & Procedures Drafting

In the UAE, the auditors and independent accountants are obligated to draft, review, and timely update the AML, CFT, and CPF policies, procedures, and controls to identify, assess, and mitigate ML, FT, and PF risks. The policies stating the control measures must consider a distinctive and risk-based approach to safeguard the accounting professionals and their business relationships. For in-depth insights into AML/CFT policies and procedures, refer to:

Our eBook :

Videos :

Staff Training and Awareness

To acknowledge and fight against the challenge of unskilled or unaware staff, auditors and independent accountants must ensure that their staff are adequately trained to identify and report ML, FT, and PF red flags to the UAE FIU through the goAML portal.

For more insights into Staff Training and Awareness, refer to: AML/CFT Training and Awareness Programs for Effective KYC Implementation

Regulatory Reporting

The auditors and independent accountants, in the UAE, when suspicious of any activity or transaction, are mandated to file the following reports through the FIU-managed goAML portal:

For detailed insights into suspicious transactions, check out our blog: An Ultimate Guide To Investigating Suspicious Transactions

Ensuring Adequate Record-Keeping

The key component of an effective AML compliance procedure is record-keeping, as it assists the auditors and independent auditors to track and document financial transactions while keeping transparency and accountability in mind. A prescribed duration for record-keeping varies based on the supervisory authority, such as ADGM, DIFC, VARA, SCA, etc.

For more insights into record-keeping under the UAE’s AML/CFT law, refer to:

Governance

To establish an organisational culture adherent to AML compliance, AML/CFT policies and procedures must be supported by senior management. In the UAE, the governance structure followed by auditors and independent accountants implements three lines of defence to safeguard an organisation from any potential ML/FT/PF risks.
For more insights into governance through Three Lines of Defence, refer to:

Independent AML Audit

The auditors and independent auditors, collectively referred to as the accounting professionals, must implement an independent AML audit operation to ensure periodic testing of the quality and effectiveness of the AML/CFT measures.
If any weaknesses or gaps are identified during the audit, appropriate and timely remedial measures must be incorporated to bridge the gaps and act as a shield.

Money Launderers Love Gaps in Compliance

Seal Yours before Someone Else Finds Them

AML Software for Accountants and Auditors

PEP, Adverse Media, and Sanctions Screening Software

Name Screening Software for Auditors and Independent Accountants in UAE

Name Screening Software for Auditors and Independent Accountants in Australia

Name Screening Software for Auditors and Independent Accountants in the UK

Name Screening Software for Public Accountants and Accounting Entities in Singapore

Name Screening Software for Auditors and Independent Accountants in India

KYC Software

KYC Software for Auditors and Independent Accountants in UAE

KYC Software for Auditors and Independent Accountants in Australia

KYC Software for Auditors and Independent Accountants in the UK

KYC Software for Public Accountants and Accounting Entities in Singapore

KYC Software for Auditors and Independent Accountants in India

Customer Risk Assessment Software

CRA Software for Auditors and Independent Accountants in UAE

CRA Software for Auditors and Independent Accountants in Australia

CRA Software for Auditors and Independent Accountants in the UK

CRA Software for Public Accountants and Accounting Entities in Singapore

CRA Software for Auditors and Independent Accountants in India

Transaction Monitoring Software

Transaction Monitoring Software for Auditors and Independent Accountants in UAE

Transaction Monitoring Software for Auditors and Independent Accountants in Australia

Transaction Monitoring Software for Auditors and Independent Accountants in the UK

Transaction Monitoring Software for Public Accountants and Accounting Entities in Singapore

Transaction Monitoring Software for Auditors and Independent Accountants in India

Enterprise-Wide Risk Assessment Software

EWRA Software for Auditors and Independent Accountants in UAE

EWRA Software for Auditors and Independent Accountants in Australia

EWRA Software for Auditors and Independent Accountants in the UK

EWRA Software for Public Accountants and Accounting Entities in Singapore

EWRA Software for Auditors and Independent Accountants in India

Regulatory Reporting Software

Regulatory Reporting Software for Auditors and Independent Accountants in UAE

Regulatory Reporting Software for Auditors and Independent Accountants in Australia

Regulatory Reporting Software for Auditors and Independent Accountants in the UK

Regulatory Reporting Software for Public Accountants and Accounting Entities in Singapore

Regulatory Reporting Software for Auditors and Independent Accountants in India

Case Management Software

Case Management Software for Auditors and Independent Accountants in UAE

Case Management Software for Auditors and Independent Accountants in Australia

Case Management Software for Auditors and Independent Accountants in the UK

Case Management Software for Public Accountants and Accounting Entities in Singapore

Case Management Software for Auditors and Independent Accountants in India

For insights into Manual vs. Automated Approaches for AML Compliance, refer to Mitigating AML Compliance Challenges in UAE: Manual vs. Automated Approaches

Onboarding without Risk Checks? Bold of You

Onboard with Eyes Wide Open

Adopting a Risk-Based Approach (RBA) for Customer Onboarding by Auditors and Independent Accountants in UAE

Auditors and independent accountants functioning in the UAE should be well-equipped to employ various methodologies to cater to customers posing varied levels of ML, FT, and PF risks. It is imperative for the auditors and independent accountants to implement a Risk-Based Approach (RBA) before dealing with a prospective or existing customer.
This enables the accounting professionals to assess and mitigate potential financial and compliance risks efficiently, by adhering to sector-specific guidelines for Auditors, the UAE AML/CFT laws, and the FATF recommendations relating to Customer Due Diligence (CDD) with a Risk-Based Approach (RBA).

AML Software: Auditors and Independent Accountants’ Key to Robust AML Compliance in UAE

For any auditor or independent accountant to maintain an accurate pace with the evolving AML/CFT laws in the UAE, living under a rock by implementing and operating on outdated technology or software is a strict no-no.
According to the UAE’s AML regulations, accounting professionals should enhance their AML/CFT obligations by eliminating repetitive manual tasks. They can achieve this by selecting a unified AML software that automates these tasks, enabling the AML Compliance Officer, staff members, and senior management to concentrate more effectively on compliance measures and controls.