In the first quarter of 2023, 137 companies in the UAE were fined a total of 65.9 million dirhams for non-compliance with anti-money laundering (AML) legislation. According to the Ministry of Finance of the UAE, inspections were conducted on companies in the non-financial sector, such as real estate agents, traders of precious stones, and precious metals.
The inspections were carried out in accordance with Federal Decree-Law No. 20 of 2018 “On Combating Money Laundering, Financing of Terrorism, and Illegal Organizations.” In total, the Ministry of Economy identified 831 violations of AML legislation, including the fined companies that failed to establish internal customer due diligence procedures based on the “UAE terrorist list” published in accordance with Cabinet Resolution No. 74 of 2020.
