Who it covers
Designated non-financial businesses and professions include:
- Real estate brokers and agents
- Dealers in precious metals and precious stones
- Accountants and auditors
- Lawyers and notaries, for certain transactions
- Corporate and trust service providers
On the mainland and in commercial free zones, the Ministry of Economy supervises these businesses. Firms in the DIFC and ADGM follow their own regulators' rules.
What you need in place
- goAML registration. Register on the Financial Intelligence Unit's goAML system, which is how suspicious transaction reports are filed.
- A risk assessment. A written assessment of the money laundering and terrorist financing risks in your own business, kept up to date.
- Policies and procedures. Written rules covering customer checks, sanctions screening, reporting and record keeping.
- A compliance officer. A named person responsible for your AML programme.
- Customer due diligence. Verify who your customers and their beneficial owners are, with extra checks for higher-risk customers.
- Suspicious transaction reporting. Report suspicions through goAML, without tipping off the customer.
- Record keeping. Keep records for at least five years.
- Staff training. Train your team regularly so they recognise red flags.
Inspections are the test. When the Ministry of Economy inspects, it looks for written evidence of each item above. Policies that exist only on paper, or a risk assessment that was never updated, are common findings.
Sources
- Mondaq: Federal Decree-Law No. 10 of 2025 on AML/CFT
- Kayrouz & Associates: UAE goAML registration, which businesses must comply
This article is general guidance, not advice for your situation. Rules change; check with us or the FTA before relying on it.