In the rapidly evolving regulatory landscape of the UAE, maintaining strict Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance is not just a legal obligation—it’s a cornerstone of business integrity.
At Groventures, we provide comprehensive AML compliance services designed to protect your business from significant legal penalties and reputational damage.
The UAE has one of the world’s most stringent AML/CFT frameworks. Non-compliance can result in:
✓ Definition of UBO: A UBO is any individual who ultimately owns or controls a legal entity. Companies must disclose this information to enhance ownership transparency.
✓ Compliance Requirements: Companies must maintain a register of their UBOs and keep the information accurate and up-to-date.
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Penalties: Non-compliance can result in fines and other sanctions, emphasizing the importance of adherence.
For comprehensive details on UBO regulations, refer to the Ministry of Economy.
✓ Mandatory Reporting: Financial institutions and designated non-financial businesses must report suspicious transactions through goAML.
✓ User-Friendly Interface: Simplifies the submission process to facilitate compliance.
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Data Protection: Ensures confidentiality of information submitted, protecting the identities of reporters.
The goAML system is a critical tool in the UAE’s efforts to combat financial crimes.
We offer a full suite of AML services, combined with expert guidance to implement and maintain effective compliance frameworks.
We guide your business through the mandatory registration process on the goAML portal and assist with accurate, timely submission of Suspicious Transaction Reports (STRs).
Creation of robust, customized policies and procedures tailored to your operations, including KYC and Enhanced Due Diligence (EDD) implementation.
Thorough evaluation and mitigation of money laundering and terrorism financing risks, with actionable compliance strategies.
Independent audits to identify gaps, ongoing monitoring, and auditing to ensure your AML/CFT framework meets regulatory standards.
Training programs to ensure your team understands their responsibilities and can identify suspicious activities.
Support with Ultimate Beneficial Ownership disclosure and maintenance of accurate records (Ministry of Economy).
With our in-depth knowledge of the UAE's regulatory framework and our commitment to tailored solutions, we are your trusted partner in AML compliance. We ensure your business not only meets but exceeds regulatory expectations, allowing you to focus on growth and success.
