The Ministry of Economy in the UAE has notified all designated non-financial businesses and professions (DNFBPs) to begin the process of collecting data for the Money Laundering and Terrorist Financing Risk Assessment. An email has been sent to all DNFBP owners, containing a link to register and start the process in either Arabic or English. It is obligatory for all entities to participate, and failure to do so will result in penalties. Additionally, submitting inaccurate information will also lead to penalties.
The DNFBP sector does not include lawyers and legal professionals. Entities that did not receive the notification can contact amira@economy.ae and provide a copy of their trade license and Emirates ID copy of the company’s compliance officer. The Ministry of Economy posted the notice on Twitter earlier this week, stating that penalties will be imposed on entities that do not participate or provide incorrect information.
