AML Training UAE

Employees learn how to:

• Identify customers
• Verify identity
• Identify UBOs
• Understand ownership structures
• Assess customer risk
• Keep customer records

EDD is used when a customer presents higher risk.

Training can cover:

• High-risk customers
• PEPs
• Higher-risk jurisdictions
• Complex ownership
• Unusual transactions
• Additional verification

Employees learn:

• Why screening is required
• When to screen
• Who should be screened
• How to handle a potential match
• When to escalate a case

This is one of the most practical parts of AML training.

Employees learn:

• What suspicious activity looks like
• Common AML red flags
• How to raise an internal concern
• When the MLRO should review it
• How reporting works through goAML

They should also understand that tipping off a customer about a suspicious transaction report can create serious legal problems.

MLRO-focused training covers:

• Role and authority
• Internal escalation
• Customer risk
• Transaction monitoring
• STR/SAR assessment
• Reporting responsibilities
• Record keeping
• Regulatory communication
• Senior management reporting

Depending on the company, clearances may be needed from:

• Licensing authority
• Immigration
• Labour authorities
• FTA
• Customs
• Utilities
• Telecommunications providers
• Landlord or free zone
• Other government departments

For example, JAFZA's published termination procedure specifically refers to financial, RTA, visa, DEWA, customs and Etisalat clearances where applicable.

The company bank account should normally be closed after:

• Outstanding payments are settled
• Customer receipts are collected
• Supplier payments are completed
• Tax obligations are addressed
• Final balances are dealt with

Keep the final bank statement and closure confirmation with the company's records.

If the company is VAT registered, VAT deregistration may be required.

The Federal Tax Authority currently provides VAT deregistration through EmaraTax. The FTA states that, where deregistration is mandatory, the application must generally be submitted within 20 business days from the date the deregistration obligation starts.

The final VAT return and tax payment are also important.

The FTA states that the final VAT return and payable VAT should be submitted and settled no later than 28 days from the effective deregistration date.

Company liquidation does not automatically remove Corporate Tax obligations.

If the company is registered for Corporate Tax, its tax position must be reviewed and the appropriate deregistration process completed.

The FTA's Corporate Tax deregistration service covers cessation of business and other qualifying circumstances. The service is submitted through EmaraTax.

The FTA currently states that the estimated processing time for a completed Corporate Tax deregistration application is 30 business days, although additional information can extend the process.

This is why tax closure should be planned as part of the liquidation process rather than left until the final day.

Once the required financial, tax and government matters are completed, the company submits the final documents to the relevant authority.

The authority may request:

• Liquidation report
• Liquidator documents
• Shareholder resolution
• Clearances
• Tax documents
• Lease cancellation
• Visa cancellation
• Final financial statements
• Other authority-specific documents

The final stage is cancellation of the company's licence and completion of the company's registration closure.

The company should retain evidence of:

• Licence cancellation
• Tax deregistration
• Liquidation report
• Authority closure
• Bank closure
• Employee/visa cancellation
• Final accounts

These documents can be important if questions arise later.