The Government of the United Arab Emirates has issued a Resolution of the Cabinet of Ministers No. 10 of 2019 on the implementation of new legislation to combat money laundering (AML), adopted in late 2018. By means of the new legislation the following is being introduced:
Risk analysis-based approach to AML;
Companies undertake to conduct compliance checks of clients at the initial stage of cooperation in respect of all transactions exceeding AED 55,000 or AED 3,500 for electronic transfers;
Conducting more detailed and thorough compliance checks for high-risk clients, including politically exposed persons;
The requirement to establish the identity of the beneficial owner of the client’s company, etc.