AML UAE conducted AML training programs designed to elevate compliance standards for a prominent UAE-based real estate company.

Our client, a leading real estate entity in the UAE, faced significant challenges in implementing effective Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) measures. With a large and diverse team, including real estate agents, compliance officers, and senior management, the company struggled with timely compliance and understanding of AML regulations.

To address the need and requirements of AML compliance, our client had the following objectives that made it approach AML UAE to undertake the AML training program:

• Increase AML awareness and best practices across all employee levels to identify, prevent, detect, and report suspicious transactions.
• Equip employees with fundamental AML/CFT concepts and their importance to support and oversee compliance efforts.
• Empower professionals and managers to ensure robust AML/CFT compliance and nurture a culture of compliance.
• Provide advanced training for the Compliance Officer/Money Laundering Reporting Officer (MLRO) to combat financial crime effectively.

Therefore, these challenges underscored the need for a tailored, comprehensive AML/CFT training program to address both general and industry-specific issues.

The real estate professionals were governed by:

• Federal Decree Law No (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations
• Federal Decree Law No (26) of 2021 to amend certain provisions of Federal Decree Law No (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations
• Cabinet Decision No (10) of 2019 concerning the Executive Regulations of Federal Decree Law No (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations
• Guidelines for Designated Non-Financial Businesses and Professions (DNFBPs)
• Supplemental Guidance for the Real Estate Sector issued by the Ministry of Economy

The AML/CFT framework in the UAE includes real estate entities and professionals within the list of Designated Non-Financial Businesses and Professions (DNFBPs). As a DNFBP, the client was required to adhere to stringent AML regulations to combat financial crimes effectively.

For this purpose and to combat ML/FT crimes, they need to implement robust measures, which include equipping staff with AML compliance requirements through training programs.

AML UAE crafted and delivered a comprehensive training and awareness program tailored to the real estate sector.

The overall approach of the training program was designed to address the unique needs of the client and equip staff with the knowledge to identify, detect, and respond to ML/FT activities, including red flags and the importance of reporting suspicious transactions promptly.

The training was delivered in virtual mode to ensure flexibility and effectiveness.

Additionally, based on training, AML UAE also conducted tests to analyse the level of understanding of the staff. Furthermore, all participants were provided with a certificate on completion of training and passing the test.

AML UAE also provided a training video, adding value to the client not one time but to continue to grow with changes in the employee base.

Through collaboration with the AML UAE team, the client experienced a significant improvement in its overall efficiency in undertaking AML measures, leading to enhanced compliance with AML regulations and mitigating the risk of regulatory fines and penalties.

As a result of this successful collaboration, the real estate entity experienced a 45% reduction in compliance-related issues.

Further, with the tailored training program focusing on how to approach customers, real estate agents and professionals saw a 65% increase in effective customer onboarding and streamlined the collection of critical documents, facilitating the compliance team’s ability to meet AML requirements more efficiently.

The client was able to take the proactive approach to AML compliance with well-trained staff, who were empowered to play an active role in preventing financial crime and upholding integrity and professionalism.

Through this successful collaboration, the real estate firm navigated complex regulatory landscapes effectively and established a strong culture of compliance, demonstrating its dedication to upholding the highest standards in the industry.