AML Periodic Inspection
Vertex Compliance assist clients in compiling, reviewing, and validating all documentation and AML/CFT processes required by the Ministry of Economy (MoE) during periodic inspections. Our team ensures that every submission is accurate, complete, and aligned with the Ministry’s latest compliance expectations. By preparing proactively, businesses can demonstrate a strong control framework and avoid findings or penalties during inspection.
Company Information & Governance
We ensure that your corporate documentation, ownership records, and organizational structure are complete, current, and fully inspection-ready. This includes a thorough review of your Trade License, Memorandum and Articles of Association (MOA/AOA), UBO and shareholder registers, and all organizational and group structure documentation. We also verify the accuracy of your board and staff lists and review any outsourcing agreements and service level agreements (SLAs) to ensure full compliance with the Ministry of Economy’s inspection requirements.
AML/CFT Policies and Procedures
We help you review and update your AML/CFT framework to ensure full alignment with the Ministry of Economy’s latest compliance standards. Our support covers a comprehensive review of your AML/CFT policies and procedures, entity-wide risk assessment methodology, and the processes for KYC, UBO identification, and PEP management. We also assess your record-keeping practices and the implementation of targeted financial sanctions to confirm that your AML controls are effective, compliant, and inspection-ready.
Compliance Officer Review
We verify that your Compliance Officer framework fully meets the regulatory expectations set by the Ministry of Economy. This involves reviewing the appointment process and profile documentation of the Compliance Officer, evaluating any outsourced compliance arrangements, and ensuring that all Compliance Officer reports, training records, and GoAML submissions are complete, accurate, and up to date in line with inspection requirements.
Transaction Monitoring & Ongoing Monitoring
We assess the design and effectiveness of your transaction monitoring framework, ensuring that your systems, controls, and escalation mechanisms operate in line with regulatory expectations. This includes evaluating your ongoing monitoring processes, the adequacy of red flag indicators, and the handling of alerts to confirm they are aligned with risk-based principles. We also review the consistency and accuracy of your GoAML reporting to ensure all suspicious activity is identified, documented, and reported in accordance with Ministry of Economy requirements.
Record Keeping & Audit Readiness
We ensure that your documentation and record-keeping practices fully align with the Ministry of Economy’s inspection expectations and regulatory retention requirements. Our review covers the completeness and accessibility of AML-related records, including sample transaction and client files, as well as internal audit reports and evidence of AML control testing. We also assess the consistency of your GoAML reporting and documentation to verify that all compliance activities are properly recorded and easily traceable during inspections.
Frequently Asked Questions
Learn more about ML/TF Risk Assessment Data Collection Process through these frequently asked questions.
Why is completing this compliance questionnaire important for DNFBPs?
This questionnaire is designed to help DNFBPs in the UAE assess their adherence to the AML/CFT regulations set by the Ministry of Economy. It ensures entities like real estate brokers, law firms, and accountants comply with national and international standards, minimizing the risk of financial crime.
What is the purpose of ML/FT Risk Assessments in this questionnaire?
ML/FT Risk Assessments identify potential vulnerabilities within your business that may be exploited for money laundering or terrorism financing. Completing these assessments helps DNFBPs implement effective controls to mitigate risks.
Is compliance mandatory for all DNFBPs in the UAE?
Yes, all DNFBPs, including Real Estate Agents, Dealers in Precious Metals and Stones, Corporate Service Providers, Law Firms, and Accountants, are required to comply with the AML/CFT regulations outlined by the Ministry of Economy.
What happens if a DNFBP fails to comply with AML/CFT regulations?
Non-compliance can result in severe penalties, including fines, suspension of business licenses, and reputational damage. The MOE regularly monitors and enforces these requirements to ensure adherence.
Get in touch
For more information on how our Managed KYC Services can enhance your compliance framework and streamline your operations, contact us. Our team is dedicated to providing tailored solutions and expert support to meet your specific needs.