- 71
- 69 634
AML UAE
United Arab Emirates
Приєднався 30 кві 2021
Welcome to the world of anti-money laundering, where understanding the complex jargon is just as important as staying informed about the latest developments. And that's exactly what AML UAE is here to help you with!
You'll learn about the strategies & technologies used to detect and prevent money laundering, as well as the legal and ethical considerations involved.
We know that KYC, CDD, EDD, Sanctions, PEPs, SAR, STR, PNMR, FFR, REAR, DPMSR can be confusing to the average person, which is why we're here to simplify AML Compliance for you.
And we're not just speaking to English speakers, we also offer videos in Arabic, & we have plans to expand to Hindi, Gujarati, Malayalam, & more in the near future.
You'll have access to the latest information and expert insights on all things AML, from the latest news and trends to in-depth analysis and interactive tutorials.
So, are you ready to join the fight against money laundering? Then don't wait, subscribe to our UA-cam channel today.
You'll learn about the strategies & technologies used to detect and prevent money laundering, as well as the legal and ethical considerations involved.
We know that KYC, CDD, EDD, Sanctions, PEPs, SAR, STR, PNMR, FFR, REAR, DPMSR can be confusing to the average person, which is why we're here to simplify AML Compliance for you.
And we're not just speaking to English speakers, we also offer videos in Arabic, & we have plans to expand to Hindi, Gujarati, Malayalam, & more in the near future.
You'll have access to the latest information and expert insights on all things AML, from the latest news and trends to in-depth analysis and interactive tutorials.
So, are you ready to join the fight against money laundering? Then don't wait, subscribe to our UA-cam channel today.
A guide on mistakes to avoid in AML compliance for VASPs in UAE | AMLUAE
Hello AML UAE Viewers!
Today, the video discovers the AML compliance mistakes made by Virtual Asset Service Providers (VASPs). Avoiding these mistakes shall enable VASPs to comply with AML regulations effectively.
But first, let’s understand why VASP face money laundering threats.
What makes VASPs vulnerable to Money Laundering
The characteristics of the virtual assets ecosystem that make the VASPs vulnerable to money laundering threats are:
• Decentralization of virtual asset transactions.
• Element of anonymity or pseudo-anonymity while dealing with virtual assets facilitates criminals to disguise their true identities and actual nature of transactions.
• Facilitation of high-value and high-frequency transactions.
• Ease of quick transfer of virtual assets from one person to another across the globe.
• Evolving nature of Regulatory frameworks for virtual assets and VASPs.
AML compliance measures for VASPs
To fight these threats, VASPs must implement an AML compliance program in their business. Such an AML program needs to include the main components of:
• Creating AML framework, including policies, procedures, and controls.
• Applying appropriate customer due diligence (CDD) measures, including Know Your Customer (KYC), Sanctions Screening and customer risk profiling
• Applying adequate Know Your Transaction (KYT) measures
• Training employees on AML and CFT compliance measures and individual roles and responsibilities.
• Complying with Financial Action Task Force (FATF) travel rule requirements.
• Maintaining adequate records and information for prescribed duration.
• Monitoring customers and transactions during the business lifecycle.
• Reporting of suspicious activities and transactions (SAR/STR) to the UAE’s Financial Intelligence Unit (FIU) through the goAML portal.
Mistakes to avoid in AML compliance for VASPs
But while creating and implementing these measures of AML compliance program, VASPs must be mindful of avoiding the most common mistakes that generally VASPs make while ensuring AML compliance such as:
1. Inability to manage changes per AML regulatory updates.
2. Difficulty in keeping pace with technological innovations and developments.
3. Failure to assess risks to their business.
4. The absence of a well-defined, customized AML framework.
5. No focus on customer identification or inadequacy of the CDD and KYC measures applied
6. No plan in place to comply with Know Your Counterparty VASPs.
7. Lack of AML training for employees .
8. Inability to find the right balance between user privacy and AML compliance requirements.
9. Insufficient and incomplete records and reports.
These mistakes need to be avoided to ensure that AML compliance measures remain effective.
For more such insightful videos on VA’ s, VASP requirements and AML Compliance pertaining to VASPs stay tuned to AMLUAE!
Thank you!
Timestamps:
0:00 Introduction
0:20 What makes VASPs vulnerable to Money Laundering
0:56 AML compliance measures for VASPs
1:56 Mistakes to avoid in AML compliance for VASPs
2:52 Summary
#AMLUAE #VASPs #KYC #CDD #amlcompliance #FATF #SAR #STR #goAML #sanctionscreening
Today, the video discovers the AML compliance mistakes made by Virtual Asset Service Providers (VASPs). Avoiding these mistakes shall enable VASPs to comply with AML regulations effectively.
But first, let’s understand why VASP face money laundering threats.
What makes VASPs vulnerable to Money Laundering
The characteristics of the virtual assets ecosystem that make the VASPs vulnerable to money laundering threats are:
• Decentralization of virtual asset transactions.
• Element of anonymity or pseudo-anonymity while dealing with virtual assets facilitates criminals to disguise their true identities and actual nature of transactions.
• Facilitation of high-value and high-frequency transactions.
• Ease of quick transfer of virtual assets from one person to another across the globe.
• Evolving nature of Regulatory frameworks for virtual assets and VASPs.
AML compliance measures for VASPs
To fight these threats, VASPs must implement an AML compliance program in their business. Such an AML program needs to include the main components of:
• Creating AML framework, including policies, procedures, and controls.
• Applying appropriate customer due diligence (CDD) measures, including Know Your Customer (KYC), Sanctions Screening and customer risk profiling
• Applying adequate Know Your Transaction (KYT) measures
• Training employees on AML and CFT compliance measures and individual roles and responsibilities.
• Complying with Financial Action Task Force (FATF) travel rule requirements.
• Maintaining adequate records and information for prescribed duration.
• Monitoring customers and transactions during the business lifecycle.
• Reporting of suspicious activities and transactions (SAR/STR) to the UAE’s Financial Intelligence Unit (FIU) through the goAML portal.
Mistakes to avoid in AML compliance for VASPs
But while creating and implementing these measures of AML compliance program, VASPs must be mindful of avoiding the most common mistakes that generally VASPs make while ensuring AML compliance such as:
1. Inability to manage changes per AML regulatory updates.
2. Difficulty in keeping pace with technological innovations and developments.
3. Failure to assess risks to their business.
4. The absence of a well-defined, customized AML framework.
5. No focus on customer identification or inadequacy of the CDD and KYC measures applied
6. No plan in place to comply with Know Your Counterparty VASPs.
7. Lack of AML training for employees .
8. Inability to find the right balance between user privacy and AML compliance requirements.
9. Insufficient and incomplete records and reports.
These mistakes need to be avoided to ensure that AML compliance measures remain effective.
For more such insightful videos on VA’ s, VASP requirements and AML Compliance pertaining to VASPs stay tuned to AMLUAE!
Thank you!
Timestamps:
0:00 Introduction
0:20 What makes VASPs vulnerable to Money Laundering
0:56 AML compliance measures for VASPs
1:56 Mistakes to avoid in AML compliance for VASPs
2:52 Summary
#AMLUAE #VASPs #KYC #CDD #amlcompliance #FATF #SAR #STR #goAML #sanctionscreening
Переглядів: 77
Відео
AML compliance vs AML risk management Key Distinctions | AML UAE
Переглядів 8014 днів тому
Businesses under the Anti Money Laundering (AML) regime need to possess a clear understanding of compliance and risk management. The aim of both is to protect businesses from money laundering risks, but the two concepts differ. We will explore these differences in this video. First, let us understand what compliance and risk management are in general. Compliance means adhering to regulations, l...
Mastering Customer Risk Assessment and EDD | AML UAE
Переглядів 570Місяць тому
Confused about what the process of Customer Risk Assessment (CRA) and Enhanced Due Diligence (EDD) entail? Look no further! Safeguard your business against Money Laundering (ML) and Financing Terrorist (FT), and Proliferation Financing (PF)risks that customers may pose with our latest Webinar. Through this Webinar, our Anti-Money Laundering expert Dipali Vora has explained the nitty-gritties of...
High-Risk Country Reporting in the UAE | AML UAE
Переглядів 176Місяць тому
Hello AML enthusiasts! In the recent era of globalisation, transactions between countries have increased, leaving space to transact with persons or entities hailing from high-risk countries subject to call for action. Considering this possibility, the UAE’s AML/CFT regulatory framework requires that all regulated entities file high-risk country reports capturing details about such transactions....
Unlocking Essential Insights on Screening: The key for safeguarding Business! | AML UAE
Переглядів 3632 місяці тому
Want to explore the screening requirements in the UAE? Want your business to stay safe in today’s challenging business environment and compliant with Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT) regulations, and Targeted Financial Sanctions (TFS) Compliance? Then, you should watch our recent webinar video on UA-cam! The webinar endeavoured to dive deep into the concepts suc...
Decoding KYC Requirements: A crucial element of AML Compliance in the UAE | AML UAE
Переглядів 9243 місяці тому
The Federal Decree Law No. (20) of 2018 and related cabinet decisions and guidelines require DNFBPs and VASPs to adopt a risk-based approach and carry out Customer Due Diligence (CDD). Know Your Customer (#KYC) has been a crucial component of CDD requirements and we often get queries from DNFBPs and VASPs related to the legal requirements around it. The webinar on "Decoding KYC Requirements: A ...
Keeping the AML Policies, Procedures, and Controls Updated | AML UAE
Переглядів 3344 місяці тому
In today's dynamic environment, the landscape of financial crime and regulatory frameworks undergo regular updates to combat evolving threats. Staying compliant with the Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regime has become increasingly essential. This video highlights several factors that necessitate the need to update AML policies, procedures, and controls. Vari...
Adverse Media Screening Process | AML UAE
Переглядів 5815 місяців тому
Hello AML Enthusiasts, We understand that adverse media screening is one of the important measures of the customer identification process. In this video, we will go through all the methods of adverse media screening whether it's through internet, or using social media, or some tools. We will also discuss how to proceed with business relationships based on the adverse media screening results. Bu...
Setting the right compliance framework with Robust AML/CFT Policies and Procedures | AML UAE
Переглядів 6636 місяців тому
Uplift your AML compliance program with robust and effective AML/CFT policies, and procedures by UAE’s AML regulatory framework: Watch Our Exclusive Webinar! Navigate the peculiarities of what AML/CFT policies and procedures should cover to manage your financial crime risk while achieving regulatory compliance in our recorded webinar featuring CS Dipali Vora, an AML compliance risk management e...
What are VA Activities? & Who can carry out VA Activities in Dubai? | AML UAE
Переглядів 2387 місяців тому
Hello, and welcome to AML UAE’s UA-cam channel. The Virtual Assets and Related Activities Regulations 2023 issued by the Virtual Assets Regulatory Authority (#VARA) govern the Virtual Assets landscape in Dubai. Schedule 1 of the Regulations lists the virtual assets-related activities subject to strict regulations and supervision in Dubai by VARA. Virtual asset-related activities contained in Sc...
Overview of AML CFT Obligations of VASPs under VARA Regulations 2023 | AML UAE
Переглядів 2087 місяців тому
Greetings for the Day, AML compliance enthusiasts! The Virtual Assets and Related Activities Regulations 2023 were brought into force to check the exploitation of virtual assets and related activities by criminals to move their illicit funds in and out of Dubai. The backbone behind the regulation is Law No. 4 of 2022 on Regulating Virtual Assets in the Emirate of Dubai - commonly known as the D...
Mastering Regulatory Reporting: A Deep Dive into SAR/STR Compliance | AML UAE
Переглядів 1,1 тис.8 місяців тому
Navigate the intricacies of UAE's SAR/STR landscape with confidence. This comprehensive video equips you with all the knowledge you need. Understand the legal framework, master identifying suspicious activity, and implement best practices for effective reporting. Stay compliant, safeguard your reputation, and contribute to a safer financial ecosystem. Timestamps: 0:00 Introduction on A Deep Div...
The Complete Guide on Identity Verification | AML UAE
Переглядів 3208 місяців тому
Hello everyone, welcome to our guide on Identity Verification. Today, we embark on a journey to unravel the essentials of Identity Verification, exploring why it's a cornerstone in today's digital landscape and ensuring anti-money laundering compliance. Let's explore the various methods of identity verification. We cover everything from traditional checks like ID cards to modern biometric appro...
AML/CFT Remedial Action Plan (RAP) Implementation Steps and Best Practices | AML UAE
Переглядів 2788 місяців тому
Hi everyone! Today, we're tackling a crucial topic: AML/CFT and what happens when you receive a Remedial Action Plan from the authorities. Think of it as an opportunity to level up your compliance game! Imagine this: you're a financial institution, a Designated Non-Financial Business and Profession, or a Virtual Asset Service Provider, and suddenly, a document arrives outlining areas where your...
A Deep Dive into Customer Risk Assessment | AML UAE
Переглядів 8769 місяців тому
A Deep Dive into Customer Risk Assessment | AML UAE
Understanding the importance of Enhanced Due Diligence as part of the AML Program | AML UAE
Переглядів 4809 місяців тому
Understanding the importance of Enhanced Due Diligence as part of the AML Program | AML UAE
Methodology To Effectively Implement Sanctions Compliance Program | AML UAE
Переглядів 37810 місяців тому
Methodology To Effectively Implement Sanctions Compliance Program | AML UAE
Key Components of Customer Due Diligence | AML UAE
Переглядів 37010 місяців тому
Key Components of Customer Due Diligence | AML UAE
Identifying the Right AML Solution | AML UAE
Переглядів 25310 місяців тому
Identifying the Right AML Solution | AML UAE
Checklist for effectively implementing the AML Program | AML UAE
Переглядів 30411 місяців тому
Checklist for effectively implementing the AML Program | AML UAE
Avoiding Risky Business Relationships UAE AML/CFT Law | AML UAE
Переглядів 18911 місяців тому
Avoiding Risky Business Relationships UAE AML/CFT Law | AML UAE
When to file Suspicious Activity Report (SAR) under UAE AML Law? | AML UAE
Переглядів 60211 місяців тому
When to file Suspicious Activity Report (SAR) under UAE AML Law? | AML UAE
Countering the Proliferation Financing - Concept and Mitigation Measures | AML UAE
Переглядів 42111 місяців тому
Countering the Proliferation Financing - Concept and Mitigation Measures | AML UAE
Elements of AML Compliance Officer's Report | AML UAE
Переглядів 665Рік тому
Elements of AML Compliance Officer's Report | AML UAE
Source of funds and source of wealth Essential element of Customer Due Diligence | AML UAE
Переглядів 458Рік тому
Source of funds and source of wealth Essential element of Customer Due Diligence | AML UAE
AML Compliance with Robust Transaction Monitoring Rules | AML UAE
Переглядів 579Рік тому
AML Compliance with Robust Transaction Monitoring Rules | AML UAE
Enhanced Due Diligence by Dealers in Precious Metals & Stones | AML UAE
Переглядів 707Рік тому
Enhanced Due Diligence by Dealers in Precious Metals & Stones | AML UAE
Decoding the types of Customer Due Diligence | AML UAE
Переглядів 592Рік тому
Decoding the types of Customer Due Diligence | AML UAE
Additional AML Obligations of VASPs: KYT and KYV | AML UAE
Переглядів 262Рік тому
Additional AML Obligations of VASPs: KYT and KYV | AML UAE
Factors for AML Enterprise Wide Risk Assessment | AML UAE
Переглядів 655Рік тому
Factors for AML Enterprise Wide Risk Assessment | AML UAE
For more information read our blog from here : amluae.com/high-risk-country-reporting-hrc-and-hrca-goaml-fiu-uae/
Helpful 😊
very informative, indeed. Kindly arrange more like these insightful webinars,please.
Download the Presentation on Decoding KYC Requirements from here: amluae.com/wp-content/uploads/2024/06/Decoding-KYC-requirements-A-complete-guide-as-per-AMLCFT-regulations-in-UAE.pdf
For more information read our blog on Identifying the Right AML Solution from here: amluae.com/right-aml-solution-to-foster-corporate-service-providers-aml-function/
For more information download our webinar presentation on Customer Risk Assessment from here: amluae.com/exclusive-webinar-on-customer-risk-assessment/
Download infographic on The Complete Guide on Identity Verification from here: amluae.com/a-complete-guide-to-id-verification-best-practices-and-tools/
For more information download our webinar presentation on Mastering Regulatory Reporting: A Deep Dive into SAR/STR Compliance from here: amluae.com/webinar-on-mastering-regulatory-reporting-a-deep-dive-into-sar-str-compliance/
For more information visit our service page from here: amluae.com/aml-cft-policy-controls-and-procedures-documentation/
For more information download our webinar presentation on setting the right AML/CFT compliance framework from here: amluae.com/webinar-on-setting-the-right-aml-cft-compliance-framework/
Download the infographic on Adverse Media Screening Process from here: amluae.com/portfolio/adverse-media-screening-process/
Download the infographic on What are VA Activities? & Who can carry out VA Activities in Dubai? from here: amluae.com/portfolio/what-are-virtual-asset-activities-and-who-can-carry-out-such-va-activities-in-dubai/
Download the infographic on Overview of AML CFT Obligations of VASPs under VARA Regulations 2023 from here: amluae.com/portfolio/overview-of-aml-obligations-of-vasps-under-vara-regulations/
For more information from our blog on AML/CFT Remedial Action Plan (RAP) Implementation Steps and Best Practice from here: samluae.com/aml-remedial-action-plan-rap-implementation-steps-and-best-practices/
Could you please do a webinar on how 5o document or draft the aml kyc policy
Download the infographic on Understanding the importance of Enhanced Due Diligence as part of the AML Program from here: amluae.com/portfolio/what-does-enhanced-due-diligence-edd-help-you-with/
Download the infographic on Methodology To Effectively Implement Sanctions Compliance Program from here: amluae.com/portfolio/sanctions-compliance-program-step-by-step-process-to-manage-the-tfs-risk/
Download the infographic on Key Components of Customer Due Diligence from here: amluae.com/portfolio/elements-of-the-customer-due-diligence-process/
Download the infographic on Avoiding Risky Business Relationships UAE AML/CFT Law from here: amluae.com/portfolio/restrictions-on-business-relationships-under-uae-aml-law/
Download the infographic on Checklist for effectively implementing the AML Program from here: amluae.com/portfolio/checklist-for-implementing-an-effective-aml-program/
Download the infographic on When to file Suspicious Activity Report (SAR) under UAE AML Law? from here: amluae.com/portfolio/when-to-file-sar-under-uae-aml-law/
Download the infographic on Countering the Proliferation Financing - Concept and Mitigation Measures from here: amluae.com/portfolio/countering-the-proliferation-financing/
Download the infographic on Elements of AML Compliance Officer's Report from here: amluae.com/portfolio/elements-of-aml-compliance-officers-report-to-senior-management/
Download infographic on Source of funds and source of wealth: Essential element of Customer Due Diligence from here: amluae.com/portfolio/source-of-funds-and-source-of-wealth/
Download infographic on AML Compliance with Robust Transaction Monitoring Rules from here: amluae.com/portfolio/aml-compliance-with-robust-transaction-monitoring-rules/
Download infographic on Decoding the types of Customer Due Diligence from here: amluae.com/portfolio/understand-the-types-of-cdd-measures-to-effectively-mitigate-the-ml-ft-risks/
Download infographic on Additional AML Obligations of VASPs - KYT and KYV from here: amluae.com/portfolio/know-your-transaction-kyt-and-know-your-virtual-asset-service-providers-kyv/
Download infographic on Factors for AML business risk assessment from here: amluae.com/portfolio/an-illustrative-list-of-factors-for-conducting-aml-business-risk-assessment/
Download infographic on Independent AML Audit from here: amluae.com/portfolio/check-your-aml-compliance-with-independent-aml-audit/
Download infographic on Differentiating: Suspicious Activity vs. Suspicious Transaction from here: amluae.com/portfolio/difference-between-suspicious-activity-and-suspicious-transaction-under-uae-aml-regulations/
Download infographic on Promoting Compliance Culture: Role of Senior Management towards AML from here: amluae.com/portfolio/responsibilities-of-senior-management-around-aml-program-under-uae-aml-laws/
Download infographic on goAML Reporting requirement in UAE from here: amluae.com/portfolio/reporting-on-goaml-portal-under-uae-aml-regulations/
Download the infographic on the Role of AML Compliance Officer under UAE AML Regulations from here: amluae.com/portfolio/role-of-aml-compliance-officer-in-uae/
Download infographic on Determining the Customer's Risk Profile from here: amluae.com/portfolio/key-factors-for-customer-risk-assessment-under-aml-regulations/
Download infographic on Essential Element of Sanctions Compliance in UAE - Filing Partial Name Match Report from here: amluae.com/portfolio/filing-of-partial-name-match-report-pnmr-under-uae-aml-laws/
Download infographic on Ultimate Beneficial Owners: Unveiling the real names from here: amluae.com/portfolio/identify-ubos-to-complete-your-aml-customer-due-diligence-process/
Download infographic on Upgrading AML Compliance with Employee Due Diligence from here: amluae.com/portfolio/significance-of-employee-due-diligence-under-uae-aml-regulations/
Download the infographic on the Role of AML Compliance Officer under UAE AML Regulations from here: amluae.com/portfolio/role-of-aml-compliance-officer-in-uae/
Download infographic on Mitigating high MLFT risk with Enhanced Due Diligence from here: amluae.com/portfolio/applying-enhanced-due-diligence-measures-under-uae-aml-regulations/
Download the infographic on एंटी मनी लॉन्ड्रिंग स्ट्रैटेजिस फॉर बिजनेस रिस्क एसेसमेंट from here: amluae.com/portfolio/how-to-conduct-aml-business-risk-assessment/
Download infographic on Defeating Financial Crime: Inside the AML Training Program from here: amluae.com/portfolio/designing-a-comprehensive-aml-training-program/
Download infographic on goAML Registration from here: amluae.com/portfolio/simplifying-uae-fiu-goaml-registration-a-visual-guide/
Download infographic on पॉलिटिकली एक्सपोज़्ड पर्सन्स (पैप) स्क्रीनिंग from here: amluae.com/portfolio/pep-and-pep-screening-under-uae-aml-regulations/
Download infographic on Filing of Real Estate Activity Report (REAR) on goAML from here: amluae.com/portfolio/filing-of-real-estate-activity-report-rear-on-goaml/
Download the infographic on Money Laundering 101: Three Stages of Money Laundering from here: amluae.com/portfolio/stages-of-money-laundering/
Download the infographic on AML Business Risk Assessment and how to conduct a business risk assessment from here: amluae.com/portfolio/how-to-conduct-aml-business-risk-assessment/
Download infographic on Checklist For Filing STR and SAR on the goAML Portal from here: amluae.com/portfolio/checklist-for-filing-str-and-sar-on-goaml-portal/
Download infographic on AML ના નિયમો હેઠળ પોલિટિકેલી એક્સપોઝ્ડ પર્સન્સ (પેપ) સ્ક્રીનીંગ from here: amluae.com/portfolio/pep-and-pep-screening-under-uae-aml-regulations/
Download the infographic on Filing of Fund Freeze Report (FFR) under UAE AML Laws from here: amluae.com/portfolio/filing-of-fund-freeze-report-ffr-under-uae-aml-laws/
Download the infographic on Sanction Screening in UAE from here: amluae.com/portfolio/sanctions-screening-regulatory-requirements-in-uae/