AML-as-a-Service

AML is a specialized service that needs specific skillsets to be able to comply with. Recruiting such resources can be expensive and an entity’s current level of business may not warrant employing such full-time resources to manage their AML processes and framework. Though some of the skills can be developed through proper AML training, there can be a few challenges in all or some of the areas listed below.

  • Finding the right resource with ability to upskill on the subject of AML.
  • Budgetary constraints in employing full-time AML resources.
  • Inability to demonstrate complete independence of AML staff working in smaller entities.
  • Deploying expensive software applications like sanctions screening tool for adherence with AML regulations
  • Knowledge necessary to investigate alerts generated at various stages of the customer life cycle. For example, sanctions alert, adverse media alert, etc.
  • Timely reporting to the regulator when red flags are identified while engaging with their customers.
  • Working on AML remedial actions to comply with regulations

While the staff of the entity remain focused on their core business activities, the AML activities can be outsourced to the experts in the field without having to recruit staff to manage those activities. This can enable an entity to drastically reduce their AML / CFT compliance cost.

How can we help?

We offer AML-as-a-Service to you, so that you have complete peace of mind with respect to compliance with AML / CFT regulations. Our AML services are packaged in such a fashion to manage your entire AML operational procedures. Our services are packaged in different sizes to meet the scale of your organization. Your data gets processed by our qualified AML experts. All forms of communication between our AML experts and your staff are completely safe and secured. Different components of our AML service packages include,

  1. Collecting KYC forms and KYC documents
  2. Unwrapping structures to identify natural persons (Beneficial Owners, Shareholders, etc.)
  3. Verification of ID documents and address proof
  4. Screening for sanctions
  5. Screening for PEP & Adverse Media
  6. Investigation and alert disposal
  7. Obtaining additional information from customers where necessary
  8. Client Risk Assessment and classification as SDD / EDD
  9. Applying Enhanced Due Diligence (EDD) measures on your customers
    • Verification of additional KYC documents
    • Source of wealth and source of funds information
    • Purpose of business relationship
    • More frequent monitoring of transactions
    • More frequent review and updating of customer due diligence information
  10. Update regulatory registers and keep them updated.
  11. Support in submitting all regulatory surveys & questionnaires.
  12. Monthly ongoing DLD / DED check for ownership change (applicable for real estate brokers)
  13. Support in filing reports in goAML system (PNMR, FFR, REAR, DPMSR, SARs and STRs)
  14. Periodic Quality Assurance (QA) check
  15. Semi-annual AML report preparation ad submission to the board of directors

We offer our AML service packages to different industries supervised by multiple regulators (Ministry of Economy, ADGM, DFSA, SCA, Central Bank of UAE). Following are the industries to which we provide our AML services.

  • Banks
  • Money Exchanges
  • Financial companies
  • Insurance companies
  • Company and Trust Service providers
  • Real estate sector
  • Audit and accounting firms
  • Legal professionals, lawyers and notaries
  • DPMS sector

When you remain focused in your business, we ensure that as you are always operating within the AML regulatory framework, because any deviation or breach could put your organization’s profitability or even the very existence at risk.

Pricing model:

We offer various flexible packages to choose from as per your budget. You can start with our basic service package and pay less. As your business volume grows, you can choose our advanced packages. Our basic package costs as low as AED 49 per transactional record. While you choose our advanced package, we provide you with FREE AML/CFT manuals and Business Risk Assessment documents.

Request a consultation