Federal Decree-Law No. 20/2018
United Arab Emirates
2018
AML/CFT
Overview
Enacted in 2018, this is the UAE’s core AML/CFT legislation, aligned with FATF standards. It criminalizes money laundering, mandates customer due diligence, reporting, and record-keeping, and requires businesses to establish compliance programs. The law is enforced by the UAE Central Bank, Ministry of Economy, and sector regulators through the Financial Intelligence Unit (goAML platform).Applies to banks, insurers, money service businesses, real estate, precious metals & stones dealers, law firms, accountants, and non-profits operating in the UAE.
Key Obligations
- Conduct CDD and verify beneficial ownership
- Apply EDD for high-risk clients (PEPs)
- Keep records for at least 5 years
- Appoint compliance officers and train staff
- Submit to audits and inspections by regulators
FAQ
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