UAE Suspends Licenses of 32 Gold Refineries for Lack of AML Compliance Measures
The UAE’s Ministry of Economy has suspended the licenses of 32 gold refineries due to non-compliance with the anti-money laundering (AML) regulations. This action affects refineries representing 5% of the UAE’s gold sector. This measure is part of an intensified campaign to counter financial crimes, particularly money laundering. According to a statement from the Ministry, the licenses of these refineries have been suspended from July 24, 2024, to October 24, 2024.
The Ministry charged the refineries with 256 violations, averaging eight per refinery. Here are some of the major violations by these gold refineries in the UAE:
– Inadequate AML compliance measures to identify risks associated with money laundering.
– Failure to submit reports about suspicious transactions (STR) to the Financial Information Unit (FIU).
– Lack of customer due diligence strategies for screening customers and transactions against terrorist watchlists.
These stringent steps taken by UAE’s Ministry of Economy highlight the importance of having robust AML compliance measures in place for your business. Our solutions can help you avoid these suspensions and fines, and can help you stay compliant with the CBUAE’s regulations.
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