According to the latest circular from the Ministry of Economy, all local companies falling under the Designated Non-Financial Business and Professions (DNFBPs) must be registered in the UAE anti-money laundering system by 31 March 2021. This is crucial to avoid the applicable fines.
Activities List:
Activities and transactions of financial institutions and DNFBPs
The following are considered financial activities and transactions:
- Receiving deposits and other funds that can be paid by the public, including deposits in accordance with Islamic Sharia.
- Providing private banking services.
- Providing credit facilities of all types.
- Providing credit facilities of all types, including credit facilities in accordance with Islamic Sharia.
- Providing cash brokerage services.
- Financial transactions in securities, finance and financial leasing.
- Providing currency exchange and money transfer services.
- Issuing and managing means of payment, guarantees or obligations.
- Providing stored value services, electronic payments for retail and digital cash.
- Providing virtual banking services.
- Trading, investing, operating or managing funds, option contracts, future contracts, exchange rate and interest rate transactions, other derivatives or negotiable financial instruments.
- Participating in issuing securities and providing financial services related to these issues.
- Managing funds and portfolios of all kinds.
- Saving funds.
- Preparing or marketing financial activities.
- Insurance transactions, in accordance with Federal Law No. (6) of 2007 concerning the Establishment of the Insurance Authority and the Organisation of its Operations.
- Any other activity or financial transaction determined by the Supervisory Authority.
Business activities shall be considered a DNFBP
- Brokers and real estate agents when they conclude operations for the benefit of their Customers with respect to the purchase and sale of real estate.
- Dealers in precious metals and precious stones in carrying out any single cash transaction or several transactions that appear to be interrelated or equal to more than AED 55,000.
- Lawyers, notaries, and other independent legal professionals and independent accountants, when preparing, conducting or executing financial transactions for their Customers in respect of the following activities:
- Purchase and sale of real estate.
- Management of funds owned by the Customer
- Management of bank accounts, saving accounts or securities accounts.
- Organising contributions for the establishment, operation or management of companies. (e) Creating, operating or managing legal persons or Legal Arrangements.
- Selling and buying commercial entities.
- Providers of corporate services and trusts upon performing or executing a transaction on the behalf of their Customers in respect of the following activities:
- Acting as an agent in the creation or establishment of legal persons.
- Working as or equipping another person to serve as director or secretary of a company, as a partner or in a similar position in a legal person.
- Providing a registered office, work address, residence, correspondence address or administrative address of a legal person or Legal Arrangement.
- Performing work or equipping another person to act as a trustee for a direct Trust or to perform a similar function in favour of another form of Legal Arrangement.
- Working or equipping another person to act as a nominal shareholder in favour of another person.
- Other professions and activities which shall be determined by a decision of the Minister.
For more clarifications & registration, please visit the link below:
