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hello AML team we understand that the
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UAE AML regulations mandate that
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financial institutions designated
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non-financial businesses and professions
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dnfbps and virtual asset service
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providers VPS design Implement and
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maintain a comprehensive AML program to
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combat money laundering terrorism
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financing and other Financial crimes in
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this video we shall discuss a checklist
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that will enable the regulated entities
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to implement the AML program
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efficiently the primary requirement
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under the AML framework is to get
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registered with the UAE Financial
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intelligence units go AML portal the
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regulated entity must ensure that the
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information and details about the
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business available on the GOL portal are
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not outdated The Entity must review
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whether this information is accurate and
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valid the second essential element
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necessary for driving the AML program is
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having an AML compliance officer who is
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competent enough to design and implement
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the AML policies and procedures further
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the regulated entities must check
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whether the appointed AML compliance
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officer has adequate Authority and
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access to the required records and
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documents enabling the Fulfillment of
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the compliance officer functions
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diligently moving to the AML program
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development part now the regulated
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entities must conduct the enter prise
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wide risk assessment to assess the
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potential exposure to financial crime
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risks and Define the adequate controls
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required to mitigate the identified risk
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the regulated entities must periodically
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review the relevance of the assessed
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business risk to ensure that it aligns
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with the entity's current business
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profile having verified the accuracy and
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adequacy of the business risk assessment
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the regulated entities must proceed with
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determining whether the entity has
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comprehensive internal AML CFT policies
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procedures and and controls the
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regulated entities must ensure that this
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framework is aligned with the entity's
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assessm lft risk and the regulatory
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obligations prescribed by the UAE AML
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regulations further The Entity Senior
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Management must review and approve these
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AML policies and
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procedures while establishing the
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business relationships the regulated
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entities must ensure that the team
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adopts a robust customer due diligence
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process in this context The Entity must
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ensure that the customer on boarding
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process and the due diligence measures
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to be applied are well documented and
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circulated among the team along with the
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defined CDD rules the entity should
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ensure that adequate measures are
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applied in accordance with the
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customer's risk profile for example is
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the team applying the enhanced due
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diligence process when the customer is
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identified as posing increased mlft risk
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while establishing business
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relationships implementing targeted
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Financial sanctions and screening the
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customers and their beneficial owners is
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another vital element of the AML program
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the regulated entity reviews the TFS
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regime followed by The Entity the
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quality of the systems if any deployed
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for customer screening Etc further the
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sanctions compliance policies and
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program must also support the ongoing
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screening requirements imposed under the
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AML regulations to manage the dynamic
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risk profile of the customers once the
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customer is onboarded monitoring the
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business relationship including the
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transactions executed by the customer is
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crucial to identifying and managing the
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risks the regulated entities must
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consider having an ongoing monitoring
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program to trace the transaction
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customer Behavior Etc to detect unusual
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patterns to accurately identify and
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promptly report the risk indicators and
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file the suspicious activity report or
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suspicious transaction report the AML
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complies sance officer and the team must
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be acquainted with the business specific
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M lft red flags and set internal
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mechanisms the regulated entity must
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review and maintain a robust and
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systematic mechanism allowing the
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Frontline employees to promptly report
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The observed risk indicators to the AML
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compliance officer a well-defined
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approach must also be documented that
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assists the AML compliance officer in
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reviewing the received internal reports
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performing independent investigations
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and deciding whether external reporting
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to FIU is needed not just limited to s
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or St Str the AML program must be
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comprehensive covering the circumstances
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where different reports like dpmr or
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fund freeze report Etc are required to
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be filed with the FIU or any other
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concerned
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Authority keeping an entity free from
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individuals and corporates dealing with
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mlft proceeds is an outcome that can be
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achieved only with the relevant team's
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contribution and the Senior Management
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support the regulated entity must
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develop a robust AML training program
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and impart adequate training to the team
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creating awareness around the entity's
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internal AML policy and procedures and
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the roles and responsibilities of the
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employees Senior Management must also be
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involved in the training sessions the
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AML program should clearly provide that
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the AML compliance officer furnishes
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periodic AML reports to the Senior
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Management updating them on the entity
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am L activities key statistics around
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the customers onboarded and transactions
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executed along with the risk profiles
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the mlft suspicion observed and the
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reports filed with the FIU
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Etc the regulated entities must have a
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proper AML recordkeeping policy
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highlighting the documents and
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information to be maintained how this
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information shall be maintained and for
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how long Etc the AML records should be
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maintained in an organized manner with
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easy retrieval but parallel safeguarding
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the data from unauthorized access to
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review the quality relevance and
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comprehensiveness of the AML measures
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the entity must Implement an AML audit
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function the AML auditor must be
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independent of routine AML activities
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and capable of providing an unbiased
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opinion on the regulated entity's AML
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compliance
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status with a systematic approach assess
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the effectiveness of the existing AML
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program and identify the areas that need
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immediate action to strengthen the same
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set your AML Journey right with adequate
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measures to detect and mitigate the
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financial crime risk while staying AML
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compliant trust that this video helps
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manage your AML compliance function
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effectively stay tuned for more
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informative videos thank
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