MLRO Services in Dubai

January 3, 2022Dated:  | |

Money Laundering Reporting Officer (MLRO) is an integral part of Anti Money Laundering and Combating Financing of Terrorism procedures (AML/ CFT) in the UAE, vested with the responsibility of identifying possible money laundering activities in an institution and reporting it to the concerning authorities.

The expertise of an experienced MLRO is an asset to the company as they not only ensure that the AML/ CFT regulations are met but also helps ensure financial transparency. They should deal with the Dubai Financial Service Authority (DFSA) in an open and cooperative manner and must disclose appropriately any information that the DFSA requires informed of.

MLRO is further expected to:

  1. Analyze and Review records concerning any suspicious transactions in the company.
  2. Detect and investigate whether any crimes as defined in the AML-CFT regulations have been carried out in their organization.
  3. Ensure the Customer Due Diligence/Know Your Customer status and financial transparency.
  4. Review whether the company procedures are compliant with the AML-CFT regulations.
  5. Ensure that the internal procedures are committed to combating financial crimes.
  6. Prepare and implement training programs for the staff to make them a part of AML-CFT procedures.
  7. Implement necessary actions following Suspicious Transaction Reports (STR) or Suspicious Activity Reports (SAR).
  8. Ensure the updated records of Customer Due Diligence (CDD)
  9. Be a contact point the company and FIU
  10. Provide FIU with requested documents, data, and allow the authorized officers to view necessary records regarding AML-CFT.
  11. Prepare and submit bi-annual reports on their activities to the concerning superiors.
  12. Submit a copy of the reports to the respective authority with remarks and decisions of the superiors.

Why is it important to have the best MLRO service in Dubai assist you?

The MLRO report is core to the company’s AML-CFT procedures and must be done with due diligence and care. A professional MLRO officer in Dubai can assist you in preparing the MLRO report and ensuring that the records are up to date and error-free. Having a well-trained MLRO at hand further ensures swift and accurate responses to the DFSA requirements, which is a very important part of AML/ CFT compliance. An experienced MLRO not only warrants the capability of trained individuals in an organization but also the effectiveness of procedures and policies that are in place.

For the past 17 years, Flying Colour Accounting and Tax Services have been providing one of the best MLRO services in Dubai. Furthermore, our experienced team is here to assist you in all matters regarding AML-CFT regulations in UAE. Please feel free to mail your queries at info@flyingcolour.com or contact us at +971 4 4542366.

Write a comment