Avyanco Auditing LLC

Level 36, Burj Al Salam Tower, Trade Center First, Sheikh Zayed Road, Dubai, UAE.

AML Compliance Services in Dubai, UAE

Anti-Money Laundering Compliance Services in UAE

Stay ahead of AML regulations with our comprehensive suite of AML services in UAE. We ensure your business complies with the AML regulatory framework to avoid any penalties.

AML Compliance Solutions

Money laundering causes significant damage to economies worldwide. Hence, the UAE is quite strict with its anti-money laundering policies to protect its economy. The nation has implemented a comprehensive AML/CFT regulatory framework to ensure that companies are carefully following the protocol.

At Avyanco, we understand the significance of AML compliance for financial institutions (FI) and Designated Non-Financial Businesses and Professions (DNFBPs). Our team of seasoned experts provides a wide range of AML consulting services to help you stay compliant and mitigate ML/CFT risks.

AML/CFT Compliance & Regulatory Services

To assist FIs and DNFBPs with AML/CFT compliance, we offer a wide range of AML compliance solutions. Our consulting services are tailored to your specific requirements to help every unique case in the best possible manner.

goAML registration

AML: goAML registration

Every regulated entity must register in the goAML system to comply with the UAE's AML regulations. Businesses must submit suspicious transactions in the goAML portal to inform the Financial Intelligence Unit (FIU). Our AML consultants assist you with goAML registration and guide you through the entire process to avoid any errors.

AML policy creation

AML policy creation

Regulated financial institutes (RFIs) and DNFBPs must develop policies and procedures aligned with local and international standards. Our AML consultancy services involve helping you develop and implement robust AML policies. We help you establish a strong foundation for your AML compliance framework.

Annual AML audit

Annual AML audit

Yearly AML audits keep you informed and prepared for possible AML non-compliance issues. Our expert AML auditors conduct a comprehensive annual AML audit to ensure your AML regulatory framework works effectively. This thorough review identifies gaps, provides recommendations, and ensures your compliance practices remain up-to-date.

Design AML compliance framework

Design AML compliance framework

Financial institutes and DNFBPs are required to create and implement a strong AML regulatory framework. Our experienced AML consultants assist you with developing a tailored AML compliance framework with efficient procedures and controls. We ensure the framework addresses your unique business requirements, risks, suspicious transactions, reporting, and regulatory obligations.

Risk assessment questionnaire assistance

AML: risk assessment questionnaire assistance

Risk assessment questionnaires can be daunting and complex for FIs and DNFBPs. Risk assessment involves reviewing transactions and financial records and even conducting KYC/due diligence on customers. Our experienced AML consultants guide you through the process to ensure accurate and appropriate responses for effective risk management.

AML Inspection support

AML inspection support

Relevant authorities conduct AML inspections to prevent ML/CFT in a company. As an FI or DFNBP, you must prepare for regulatory inspections. Our AML experts conduct thorough on-site inspections and provide you with a detailed report. We also offer actionable recommendations to strengthen your AML defence.

AML sanctions screening

AML sanctions screening

All regulated businesses must register in the FIU's automatic reporting system to receive the sanctions list. To safeguard your business from dealing with sanctioned entities or individuals, you must carefully review every profile. As the top AML compliance firm in Dubai, our sanctions screening process analyses global lists to identify partial or complete match-sanctioned entities.

AML In-house compliance department setup

AML In-house compliance department setup

Businesses must create a customised AML regulatory framework based on their specific requirements and establish an in-house AML compliance department. As the best AML regulatory services company in Dubai, we help you set up a department catering to your unique needs. We also provide assistance with staffing, training, and implementing best practices.

AML training

AML training

We offer AML training conducted by our AML experts to keep your teams updated and informed. AML training is a crucial part of AML compliance for every organisation to ensure that there are no scenarios in which staff members do not comply. We conduct interactive workshops with real-life scenarios to equip them with the necessary skills for effective compliance management.

AML regulatory reporting

AML regulatory reporting

All FIs and DNFBPs must report any suspicious activity or transaction to the goAML portal. DNFBPs are also required to submit TFS-related reports to the system. We help you stay up-to-date with regulatory reporting requirements. Our AML consultants assist you with timely and accurate reporting, minimising non-compliance risk.

Why Do You Need AML Compliance Services in UAE?

Every financial institution or DNFBP needs to be AML-compliant. Due to the complexity of the laws and regulations surrounding AML/CFT, they require a reputable company or consultant who provides AML compliance solutions. Here are some reasons why you need an AML consultant in the UAE. 

Eliminate Non-Compliance Risks

Failure to comply with the UAE's strict AML regulations can result in severe consequences, such as administrative penalties ranging from AED 50,000 to AED 5,000,000 for each violation. Therefore, engaging professional AML compliance services helps you mitigate non-compliance risks.

Find and Rectify Operational Risks

Another result of non-compliance with AML regulations is corrupted internal processes and systems, which can result in significant financial and operational losses. AML compliance service providers conduct deep assessments to identify and fix potential vulnerabilities so you can avoid costly disruptions to your business operations.

Avoid Public Humiliation

If a business is found to be involved in money laundering activities, it suffers immense reputational damage and negative publicity. Some may even lose clients and future business prospects. Reliable AML compliance experts can help you protect your company's reputation and public image by ensuring transparency.

Reduce Chances of AML Notifications

Financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) may receive AML notifications from relevant authorities if they believe the business was involved in ML/FT. Our AML consultants work closely with you to track and report any suspicious transaction/activity, as well as high-risk jurisdictions and potential matches. We ensure timely reporting and implementation of necessary measures to avoid notifications due to negligence.

Why Hire Us

Expert Consultants

Avyanco has a team of industry-leading AML professionals to assist you with AML compliance and other challenges. Our extensive expertise in AML consulting services enables us to offer perfect solutions to your AML issues.

Tailored Solutions

We offer solutions uniquely tailored to address your specific needs. Different businesses and industries face different challenges, and we are here to ensure you remain AML-compliant regardless of your business's nature.

Quality Assurance

Our expert AML consultants are deeply committed to providing the best services. We go the extra mile to maintain the highest standards of compliance and ethical practices in your AML compliance regulatory framework.

Constant Support

AML/CFT laws and regulations are complex, and as sanctions lists are updated regularly, they are difficult to keep up with. As the best AML compliance service provider in the UAE, we offer continuous support and guidance to keep you AML compliant and avoid any fines.

Track Record

We have a proven track record of successfully assisting businesses in crafting and implementing their AML policies, procedures, and controls. Our expert AML professionals have ensured that businesses comply with AML regulations and avoid getting penalised.

Challenges

Challenges to Stay Informed & Updated

  • The anti-money laundering and combating the financing of terrorism laws, guidelines, and regulations are complex, and it's hard to stay updated and informed all the time. 
  • Also, interpreting the AML/CFT regulatory expectations accurately is more complex and challenging than it seems. 
  • Additionally, having subsidiaries in more than one country increases the complexity, as you have to deal with the different AML compliance expectations of multiple nations.

Challenges in KYC/EDD Implementation

  • Know Your Customer (KYC) and Enhanced Due Diligence (EDD) become tough as the number of customers increases.
  • Poor KYC/EDD standards may allow fraudsters to find loopholes and hide their true identity. 
  • Incompetent verification processes and finance tracking result in an inability to find a customer's correct income source or identity.

How we help with AML UAE?

Our comprehensive approach ensures you overcome AML compliance challenges:

Risk Assessments

We Conduct complete risk assessments to identify potential vulnerabilities.
01

KYC implementation

We help you implement strict KYC and EDD procedures.
02

STR/SAR Reporting

We regularly analyse your financial records to identify suspicious transactions or activity and immediately report them to the FIU.
03

AML Training

We provide ongoing training and support to your compliance team to improve internal awareness of financial crimes.
04

Regular Audits

We conduct regular audits and inspections to monitor compliance framework, finding and fixing vulnerabilities.
05

Be Prepared

We ensure that your policies, processes, and controls are constantly updated and comply with the latest guidelines.
06

AML Consultants in Dubai: Avyanco

As one of the best AML consultants in UAE, we help you in multiple ways.

AML Consultancy Services

As AML consultancy service providers in the UAE, we handle all your AML-related tasks. Our team of AML experts manages customer onboarding, sanctions screening, transaction monitoring, STR/SAR reporting, and audits.

AML Compliance Software

AML compliance software makes your job easier by managing large amounts of data. The software must have enhanced security features and fulfil your requirements. Our AML compliance professionals help you choose the software best suited to your needs.

Trusted Partner

By partnering with us, you gain access to AML's best practices and cutting-edge methodologies in the field. We work as your trusted partner to implement a robust AML compliance framework in your company using our extensive experience.

Meet Our Specialists

As the top accounting solutions company in Dubai, we have a pool of expert chartered accountants. Our accounting specialists deeply understand various business models and how to deal with different tax regimes. Our accounting consultants never miss a deadline and ensure you get maximum benefit from our partnership. Let’s meet them:

Popular Questions

FAQs on AML Compliance in UAE

What is the importance of AML compliance in the UAE?

AML compliance in the UAE is important for businesses to mitigate risks, avoid penalties, and maintain a strong reputation. A strong AML compliance framework helps businesses identify fraud and report on it immediately to take necessary actions.

How can your firm assist with AML compliance?

We offer a wide range of services, from policy creation to training and audits, to ensure AML compliance in a company. We also assist with audits and help you customise the AML framework to meet your unique requirements.

What sets your firm apart from other AML consultants?

Our team has years of experience in the field and a proven track record. We offer tailored solutions, and our commitment to ethical practices makes us your trusted AML consultant.

How do you ensure your consultants stay up-to-date with AML regulations?

We prioritise continuous professional development by providing all the resources required to stay updated and informed with AML regulations. This way, our consultants are always aware of any updates or changes that can be crucial for an organisation.

Can you provide support for businesses of all sizes and industries?

Yes, our services are tailored to address the unique AML compliance needs of businesses of all sizes across various industries.

How do you approach risk assessments and due diligence processes?

Our experienced AML consultants conduct thorough risk assessments and KYC/EDD by following industry best practices. They update their methodologies to execute the best-suited and recommended methods during assessment.

Can you assist with establishing an in-house AML compliance department?

Yes, we can assist you with establishing an in-house AML compliance department. We provide guidance and support to ensure the in-house AML compliance department is tailored to your business needs.

How often do you recommend conducting AML audits and inspections?

We recommend annual AML audits and regular inspections to ensure ongoing compliance and recognise areas for improvement. If suspicious activity or transactions are found, you may report them immediately if there are constant reviews. This allows you to avoid penalties while staying AML-compliant.