AML/CFT Inspection Readiness & Support

The Ministry of Economy, Central Bank of UAE, and other supervisory authorities conduct regular field inspections to assess compliance with AML/CFT regulations. These inspections evaluate the effectiveness of your compliance program, review documentation, interview staff, and identify any deficiencies that may result in penalties or enforcement actions.

Flyingolour Compliance provides comprehensive inspection support services to help you prepare for, navigate, and successfully complete regulatory inspections with confidence.

What to Expect During an AML/CFT Inspection

Regulatory inspections typically focus on several key areas:

• Governance & Oversight: Board and senior management involvement in AML/CFT compliance
• Risk Assessment: Quality and comprehensiveness of your ML/TF risk assessment
• Policies & Procedures: Adequacy and implementation of AML/CFT policies
• Customer Due Diligence: CDD processes, documentation, and enhanced due diligence for high-risk customers
• Transaction Monitoring: Systems and processes for detecting suspicious activities
• Reporting: STR/SAR filing procedures and quality of reports submitted
• Record Keeping: Maintenance of compliance records and documentation
• Training: Staff awareness and training programs
• Independent Testing: Internal audit and review processes

Field Inspection Campaigns

The Ministry of Economy has stated that it will organize field inspection campaigns to track the extent of establishments' commitment to AML/CFT requirements. These initiatives help raise awareness of federal law requirements and punishments for violations while ensuring businesses are committed to compliance provisions.