UAE Business Alert: AML Reporting & Severe Penalties for Failing to Report Suspicious Transactions

Описание: If you’re doing business in the United Arab Emirates, you are legally required to report any suspicious transactions to the UAE Financial Intelligence Unit (FIU) under Anti-Money Laundering (AML) laws. Failure to file a Suspicious Transaction Report (STR), whether intentionally or due to gross negligence, can lead to serious consequences, including:
🔹 Fines:
• Individuals and business representatives can face fines from AED 100,000 up to AED 1 million.
هيئة الأوراق المالية و السلع
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• Administrative fines for businesses can range from tens of thousands up to several million dirhams depending on the violation.
UAE Legislation
🔹 Criminal Liability:
• Imprisonment (for individuals) and/or fines are possible for failing to report or tipping off a client about an STR.
هيئة الأوراق المالية و السلع

• Severe AML offenses like actual money laundering can result in up to 10 years in prison and multi-million dirham fines.
UAE Legislation
🔹 Additional Consequences:
• In serious cases, regulators can freeze assets, suspend transactions, revoke business licenses, or prohibit engagement in certain sectors.
Proact Financial Solutions
Compliance is essential — even unintentional non-reporting can trigger penalties. Always report red flags promptly and confidentially to avoid financial and criminal risk.

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