UAE AML Laws

This course is designed to introduce a candidate to the fundamentals of anti-money laundering (AML) and the AML laws applicable in the United Arab Emirates. Additionally, this course will offer a candidate an insight into the AML transaction monitoring process with case studies aimed to develop case investigative skills.

Potential Applicants

Entry level:
- College/University graduates who have an ambition to work as AML analysts in a bank’s AML Compliance department.
- Second Career candidates looking to acquire new skills in the field of AML and compliance
Intermediate level:
- Banking professionals who currently work in areas other than the compliance functions and seek to take-up a role in bank’s AML Compliance department.
- Newly landed immigrants with backgrounds in the financial and banking sectors.
Specialized level:
- AML analysts who currently work in name screening, KYC & CDD functions and seek to take-up a role in Transaction Monitoring as AML Investigators.

Learning Outcomes

Upon successful completion of this study course the students will be able to:

Understand the key concepts associated with money laundering.
Understand the governing institutions and principles associated with the global regulations of anti-money laundering and terrorist financing.
Show competency in AML case investigation process and case write-ups.
Become familiar with the process of submitting Suspicious Transaction Reports (STR) to the FIU.
Confidently use these newly acquired skills and expertise to secure a position in the field of AML and Compliance in the financial sector of UAE.

Course Structure

Module 1 - Methods of money laundering

1.1 - What is money laundering (ML) and terrorist financing (TF)?

1.2 - History of money laundering

1.3 - The stages of money laundering

1.4 - Channels and methods used in money laundering

Module 2 - Risks of money laundering

2.1 - The impact of money laundering on the global economy

2.2 - Why should we care as bankers?

2.3 - Business sectors vulnerable to money laundering

2.4 - High-risk bank products and services vulnerable to money laundering

Module 3 - Global regulations of AML and combatting terrorist financing (CFT)

3.1 - Financial Action Task Force (FATF) - 40 Recommendations

3.2 - USA PATRIOT Act and OFAC

3.3 - Basel Committee on Banking Supervision

3.4 - EU Directives on money laundering

3.5 - Egmont Group of Financial Intelligence Units

3.6 - Wolfsberg Group

Module 4 - AML laws applicable in the UAE

4.1 - AML Regulatory Bodies of UAE

4.2 - History of the UAE's AML Laws

4.3 - Federal Law No. 20 of 2018

4.4 - Administrative and Criminal Penalties for Non-compliance

4.5 - Latest Initiatives and Considerations by UAE

Module 5 - Submission of Suspicious Transaction Reports (STR) to the FIU

5.1 - Latest AML compliance cases

5.2 - Transaction monitoring process

5.3 - Red flags/Suspicious transactions

5.4 - AML case investigation process

Case Investigation Write-up 1

Case Investigation Write-up 2

5.5 - Submission of Suspicious Transaction Reports (STRs) to the FIU

Final Test and Assignment

Assignment: Case study to assess the student’s AML investigation and case write-up skills