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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

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FAQ

Who enforces the law?

The UAE FIU, Central Bank, Ministry of Economy, and sector regulators.

Which industries are covered?

Banks, insurers, exchange houses, real estate, dealers in precious metals/stones, lawyers, accountants, and non-profits.

How long must records be kept?

At least 5 years.

What are the penalties for violations?

Fines up to AED 5 million, business suspension, or imprisonment with fines up to AED 50 million.