Introduction
The UAE government wants to stop money laundering and financial terrorism. For this reason, it has made strong rules for businesses. Every auditor in the UAE must follow these rules under Anti Money Laundering Law (AML). Auditors play a very important role in fighting financial crime. Mubarak Al Ketbi (MAK) Auditing always helps clients keep up with these rules.
The Main Role of an Auditor
An auditor checks the financial records and activities of a business. The auditor does different kinds of audits, such as:
- Financial audit: Checks yearly accounts and books.
- Operational audit: Looks at internal controls and risk management.
- Compliance audit: Ensures the company follows all rules and regulations.
One big duty is spotting and stopping suspicious activities. This includes money laundering and financial terrorism. The auditor must take steps to prevent these risks.
Key Obligations of an Auditor Under UAE AML Law
1. Identify and Assess Money Laundering Risks
Auditors must find and check the risks of money laundering or terrorism finance for their clients. There are two kinds of risk to assess:
- The auditor’s own risk, based on client type and nature.
- The client’s risk, when the auditor is hired for that job.
When auditors help with asset valuations, capital changes, or debt write-offs, they must check:
- Service risks and customer risks
- Geographical risks
- Complexity and type of transactions
- Country of clients or related parties
Auditors must look at every risk factor and use all resources to fight money laundering. They check management, controls, policies, and strategies. If the company is big, the auditor may need to use different methods. Everything must be documented and carried out properly.
2. Do Customer Due Diligence and Ongoing Screening
Before taking a client, auditors must run strict background checks. They need to:
- Verify every piece of information with reliable sources
- Screen new and old clients
- Make sure no client is linked to fraud
This helps keep the business safe from financial crime.
3. Report Suspicious Activities
If the auditor sees anything strange, they must report it. All suspicious transactions must be sent to the Federal Intelligence Unit (FIU). The FIU uses the goAML platform to get these reports. The auditor shouldn’t wait to report.
4. Appoint a Compliance Officer and Train Staff
Each audit firm must have a compliance officer. The officer needs to be skilled and know the law well. The compliance officer must follow all legal duties, protect the business, and update everyone about changes.
5. Keep Records and Follow Procedures
Auditors must keep all records safe and in order. They must follow every procedure and policy for AML. All activities, checks, and decisions need to be written down. This shows that the auditor is careful and responsible.
Bullet Points: Duties of an Auditor Under UAE AML
- Find and assess every risk of money laundering.
- Do customer background checks and screening.
- Report all suspicious actions to the FIU through goAML.
- Appoint a skilled compliance officer for AML work.
- Keep every record and follow all policies.
Tips for Auditors Under UAE AML
- Check every client and transaction for risks.
- Report anything that looks suspicious right away.
- Train your team often.
- Stay updated with new AML laws and guidance.
- Work with compliance experts if needed.
How Mubarak Al Ketbi (MAK) Auditing Can Help
If your business wants to follow UAE AML law, you don’t have to go it alone. Mubarak Al Ketbi (MAK) Auditing helps every step of the way. Our team can check your records, set up AML systems, and train your staff. We make sure you stay safe and meet all legal needs. With us on your side, you’ll always be ahead of the game—because a little prevention is worth a pound of cure!
For more information
- Visit our office: Saraya Avenue Building – Office M-06, Block/A, Al Garhoud – Dubai – United Arab Emirates
- Contact/WhatsApp: +971 50 276 2132
