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UAE: Ministry issues important notice to some businesses, warns of penalties for non-compliance
Companies are advised to contact the authority if they have not yet received the notification in question, in order to avoid being penalised
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The Ministry of Economy has issued an important notice for all Designated Non-Financial Businesses and Professions (DNFBP).
In a post on social media, the authority warns that the 'Money Laundering and Terrorist Financing Risk Assessment data collection exercise' for all DNFBPs has started, adding that an email — either in Arabic or English — was sent containing a link to register and begin the process.
It warns that participation is mandatory. In the case of non participation, or if information entered is found to be incorrect, entities shall be subject to penalties, the Ministry adds.
If a company belongs to the Designated Non-Financial Businesses and Professions sector, with the exclusion of lawyers and legal professions are excluded, and has not yet received the notification regarding Money Laundering and Terrorism Financing Risk Assessment data collection, the entity is advised to contact the Ministry via AMLRA@economy.ae.
The firm must attach a copy of its trade licence, as well as the Emirates ID of the compliance officer in the company, to the email.
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