Accountants and auditors hold a crucial role in global legal and economic systems, providing objective assurance on business finances. They have access to financial records and have the unique role of examining accounts, records, and business governance. However, auditors and accountants face significant challenges in their profession due to their access to clients’ financial records and activities. This access, while essential for their work, also increases their potential exposure to money laundering risks, particularly when clients are involved in such activities. Additionally, criminals use their means to exploit accountants and audit professionals to engage in illicit activities within legal structures.  

For this purpose, the UAE’s AML regulatory framework has identified accountants and auditors as one of the Designated Non-Financial Businesses and Professions (DNFBPs) and entrusted the responsibility of combating money laundering, terrorism financing, and proliferation financing. Thus, the accountants and auditors in the UAE must adhere to AML/CFT laws and regulations. This guide provides a detailed analysis of the AML regulatory framework for accounts and auditors in the UAE. 

In addition, this guide covered AML Compliance Obligations of an Independent Accountant and Auditor in detail so that accounts and auditors in the UAE can easily understand what they need to do to avoid any statutory penalties and fines due to non-compliance.

1. goAML Registration  
2. Appointing a right AML Compliance Officer  
3. Adopting a Risk-Based Approach and Conducting Enterprise-Wide Risk Assessment (EWRA)  
4. Crafting the AML/CFT Policies, Procedures, and Controls  
5. Customer Due Diligence (CDD) Program  
6. Ongoing Monitoring Business Relationships  
7. Compliance with Targeted Financial Sanctions (TFS)  
8. Reporting the ML/FT Suspicion and other goAML Reporting  
9. AML Training  
10. AML Governance  
11. AML Record Keeping 

This comprehensive eBook can aid accountants and auditors in safeguarding their organisations against money laundering and terrorism financing while maintaining regulatory compliance.  

Check out this ready reckoner aimed at helping independent accountants and auditors navigate AML compliance smoothly.

• What Skills Should an AML Compliance Officer Possess?
• AML Compliance Officer: Role and Responsibilities
• AML Risk Assessment before launch of a new product or service
• How to update the AML Policies, Procedures, and Controls in line with UAE AML Laws?
• A complete guide to effective customer due diligence
• AML Implications for Politically Exposed Person (PEP)
• Best practices for KYC compliance
• Customer Identification – A Critical Component of AML Compliance
• How to Detect High-risk Customers and Safeguard Your Business
• Targeted Financial Sanctions (TFS): Legal Requirements in UAE
• The Challenges of The Sanction Screening Process
• Red Flag Indicators For AML/CFT
• High-Risk Country Reporting (HRC and HRC) on the goAML Portal
• Article Why is AML training critical for your employees?
• Importance of AML Training
• In-house AML Compliance Department Setup
• Why is Record-Keeping of Customer Identity and Transactions necessary?

• Law Federal Decree-Law No. 20 of 2018
• Law Cabinet Decision No. 10 of 2019
• Terrorism Lists Regulation – Cabinet Resolution No. 74 of 2020
• goAML Pre Registration Guide Reporting Entities

• Reporting on goAML Portal under UAE AML Regulations
• Role of AML Compliance Officer in UAE
• An illustrative list of factors for conducting AML Business Risk Assessment
• Filing of Fund Freeze Report (FFR)
• Filing of Partial Name Match Report (PNMR)
• When to file SAR under UAE AML Law
• When to file STR under UAE AML Law?
• Responsibilities of Senior Management around the AML Program
• Elements of AML Compliance Officer’s Report to Senior Management under UAE AML Regulations
• Independent AML Audit 

• Top videos on AML compliance: Defending against financial crime
• AML/CFT Compliance Requirements in UAE
• AML Business Risk Assessment (BRA) and how to conduct BRA
• Factors for AML Enterprise-Wide Risk Assessment
• Elements of effective AML Policies and Procedures
• Decoding the types of Customer Due Diligence
• Mitigating high ML/FT risk with Enhanced Due Diligence
• Source of funds and source of wealth Essential element of Customer Due Diligence
• Sanctions Screening in UAE
• Differentiating Suspicious Activity vs. Suspicious Transaction
• Promoting Compliance Culture