Outsourced Compliance Officer & Anti-Money Laundering Reporting Officer (MLRO) Services

As a member of the Financial Actions Task Force (FATF), the UAE is committed to combating money laundering and terrorist financing and detecting and deterring them.The Federal Decree Law No. 20 (2018) and compliance with the UAE Anti- Money Laundering (AML) Law applies to:

  1. Real Estate Brokers and agents
    — When entering into operations in the interest of their clients for purchase and sale of real estate.
  2. Dealers/Traders of Gold, precious metals and stones
    — When they perform any single-cash transaction or several seemingly related transactions with a value of Dh55,000 or more. 
  3. Professionals of Accounting and Audit firms
    Buying and selling real estate.
    — Managing money that the client owns.
    — Managing financial, savings or stock accounts.
    — Contributing to establishing, operating or managing companies.
    — Establishing, operating or managing companies, or legal arrangements.
    — Buying and selling commercial entities.
  4. Corporate service providers and trusts
    — Work as an agent in establishing companies.
    — Working or preparing someone else to work as a director or company secretary, or as a partner in the company.
    — Providing a registered office, business address, place of residence, address for correspondence, administrative address of a legal person, or legal arrangement.
    — Act as trustee for a direct trust fund or to perform a similar function for another form of the legal arrangement. 
  5. Law Firms, Notaries, independent legal professionals including company formation services

What are the required reporting entity’s responsibilities?

  • Register on the GoAML portal
  • Subscribe for the Automatic Reporting
  • System for Sanctions list
  • Appoint a compliance officer and file adequate returns
  • Have defined policies, perform a risk assessment and customer due diligence
  • Staff Training to detect suspicious transactions
  • Independent outsourced audit function that performs periodic AML review


Businesses that fail to arrange the AML compliance by the deadline will face fines ranging from Dh50,000 to up to Dh1 million. Based on the provisions of the law and according to the assessment of the Supreme Committee for Combating Money Laundering, and Financing of Terrorism and Illegal Organizations the fines can be raised up to Dh5 million.

How can Fundforth assist you?

With our Outsourced Anti-Money Laundering Reporting Officer (MLRO)/Compliance Officer services our qualified and experienced experts keep your business in compliance  through :

Step 1: Performing and Entity Risk Assessment(ERA) and impact assessment of GoAML on your business using a risk based approach

Step 2 :GoAML implementation, which covers the following:

  • Designing policies and procedures to assess and mitigate GAML risks
  • Setting up Governance frameworks for GoAML
  • Setting compliance mechanism to perform customer due diligence 
  • Perform ongoing monitoring
  • Subscribe for Automatic Reporting System for Sanctions list. (World & UAE).
  • Staff Training on a regular basis for senior and subordinate staff
  • Undertake the annual periodic AML review.

Step 3 : GoAML Reporting:

  • Identifying and indicating the suspicious transactions
  • Reporting suspicious transactions to the Financial Intelligence Unit (‘FIU’).

WHAT’S MORE?

At Fundforth, we let you decide the monthly/yearly fees based on your volume of transactions.
*Terms & Conditions apply: After considering a standard fee.

Interested in our service?

DOES YOUR ACCOUNTANT KNOW ABOUT AML?
IF NO, YOU MIGHT BE AT RISK...
REGISTER YOUR ACCOUNTANT TODAY