Notification – Clause (6) of article (20) of cabinet resolution No. (10) of 2019 regarding the executive regulations of Federal Decree-law No. (20) of 2018 regarding countering money laundering crimes, combating terrorist financing and financing illegal organizations

The Central Bank of the United Arab Emirates (CBUAE) has taken a significant step in enhancing the integrity and effectiveness of the financial system by issuing a mandate requiring reporting entities to undergo regular and thorough assessments of their Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) controls

Under this mandate, reporting entities are obligated in engaging of internal/external independent auditor to review AML/CFT framework with supporting documents such as engagement letter and further on Issuance of independent audit report with supporting documents. This directive is aimed at identifying vulnerabilities, evaluating compliance with established regulations, and ensuring that reporting entities are adequately equipped to detect and prevent illicit financial activities within their operations. CBUAE requires an Independent audit report or official letter assigning an independent audit including AML/CFT in the scope (in case of independent audit being done for the first time).

Furthermore, the CBUAE's insistence on independence in the audit process reflects a commitment to transparency and objectivity. An independent review ensures that the evaluation is conducted without bias and that any deficiencies or areas of improvement are identified objectively, contributing to a more robust and resilient financial ecosystem.

How can MBG help you?

At MBG, we specialize in creating Independent AML Auditor advising on aspects of risk-related, finance and legal compliance matters.

• Study and analyze all matters of concern that pertain to the Client and understand the issues and provide assistance and guidance to the Company.
• Review of the documents collected from the client to establish a client relationship.
• Review of KYC forms and documentations for transactions.
• Assessment of customer risk ratings.