If your business operates in real estate, precious metals, or another regulated sector in the UAE, this is worth checking.

A lot of businesses assume they're covered once they've registered on goAML and prepared their AML policy. But those are only parts of the bigger picture.

Depending on your business and regulatory requirements, AML compliance can also involve:

• A proper business risk assessment
• Customer due diligence (CDD) and identity verification
• Ongoing transaction monitoring
• Record-keeping and internal reporting procedures
• Staff AML training and regular policy reviews

Non-compliance can lead to significant administrative penalties and other regulatory consequences, depending on the violation.

Have you had an AML inspection yet, or are you currently reviewing your compliance setup? What part has been the most challenging to get right?