Agreed-Upon Procedures (AUP) for AML in UAE Exchange Houses
The Central Bank of the UAE (CBUAE) mandates the implementation of Agreed-Upon Procedures (AUP) for Anti-Money Laundering (AML) in exchange houses to ensure compliance with regulatory requirements. As per CBUAE guidelines, the submission of external auditor findings based on AUP for AML/CFT must be completed on or before 30 April following the end of the reporting period.
AUP for AML are structured procedures designed to assess, test, and validate an organization’s compliance with AML regulations and internal control frameworks.
Key AUP Areas for AML Compliance
- Customer Due Diligence (CDD): Verification of customer identity using reliable and independent sources
- Transaction Monitoring: Assessment of the effectiveness of transaction monitoring systems
- Recordkeeping: Validation of accurate and up-to-date customer and transaction records
- Employee AML Training: Evaluation of AML training programs and awareness levels
- Internal Controls: Review of internal control mechanisms supporting AML processes
- Reporting and Communication: Verification of procedures for reporting suspicious transactions to authorities
- Periodic Reviews: Regular assessment of AML policies and procedures for effectiveness
- Third-Party Relationships: Due diligence review of correspondent banks and external partners
These procedures should be tailored to the specific regulatory environment and risk profile of each exchange house.
How MBG Supports AUP for AML Compliance
MBG Corporate Services assists organizations in designing and implementing customized AUP frameworks aligned with regulatory expectations and operational realities. Our advisory-led approach, supported by comprehensive Anti-Money Laundering (AML) services, ensures procedures are practical, compliant, and scalable.
MBG Helps You Achieve:
- Regulatory Compliance
- Risk Mitigation
- Enhanced Customer Due Diligence (CDD)
- Operational Efficiency
- Adaptability to Regulatory Changes
