LOADING

ALERT: KYC/ AML Compliance for Professional Services Firms in the UAE

Why KYC? In this session, the experts discuss KYC/ AML obligations, compliance deadlines and low cost tools for KYC checks.

Deepak Bhawnani
Pioneer & Industry Veteran with over 33 years of experience educating, advising and supporting corporations with Risk Mitigation and Fraud Investigation.
About This Event

As a professional services firm, are you unknowingly committing a criminal offence?

Under the laws of the UAE, failure to report suspicions of money laundering or terrorist financing is a criminal offence.

Unsurprisingly, on 3 March 2021, the UAE issued a circular reminding all law firms, accounting firms, real estate brokers, company service providers, and dealers of precious metals to register with the goAML platform introduced by the government by 31 March 2021.

Not just that, in October 2020, 200 law firms in the UAE were suspended for failing to comply with KYC/ AML procedures.

This underscores the importance for professional services firms to comply with the KYC/ AML regulation, particularly the Federal Decree No. 20 of 2018 on Anti-Money Laundering and Countering the Financing of Terrorism.

Failure to comply with these laws could attract penalties ranging from AED 50,000 to AED 500,000.

In addition, a perception that the firms' clients are engaged in unethical behaviour will make quality clients shun any association with the firm. This will create a chain of events that will hamper growth and drive potential clients to competitors.

Regulatory fines, embezzlement, and other malfeasance can be prevented by low-cost KYC checks to identify potential warning signs.

In this session we discuss:

  • What does KYC entail?
  • Strategies to avoid fraud and financial crime risk
  • Early warning signals and red flags
  • Tools for conducting KYC checks

March 24, 2021
10:00 am
 - 
11:00 am
[GMT +4]
more great events

You May Also Be Interested In

Day 2
  —  
3:00 pm

Digital Twin: a new strategic asset

Learn to create a Digital Twin as it can be a powerful tool to start an actual digital transformation process

Day 2
  —  
6:30 pm

How Performance Measurement Systems Can Improve Your Profitability

A webinar that gives an insight on KPIs and Balanced Scorecard based Performance Measurement Systems

Post event Sessions
  —  
11:00 am

Neuroscience Selling

Get inspired on how you and your salespeople become stronger in communication with customers, activate more pains, which help customers make decisions and close more sales.

Day 3
  —  
11:00 am

Conversational AI: Phoenix of Chatbots

Did we sound the death knell of chatbots early? Learn how Conversational AI is making a definite comeback.

Day 2
  —  
2:00 pm

How to make customer centricity your superpower?

How does your customer perceive their interactions with your company? Join us to learn how to excel at customer experience.

Day 2
  —  
1:00 pm

Leading customers to action using predictive analytics

Find out how you can demystify market behaviour using predictive analytics and unlock marketing quick wins in the present, while gaining long-term strategies for the future.

See All Events

Location

Suite 304, Saaha Offices B,
Old Town Island, Downtown Dubai,
Dubai, U.A.E.

Follow Us

Contact Us