Anti-Money Laundering (AML) Policy
1. Purpose and Scope:
• Ensure compliance with UAE Federal AML laws and regulations, including Cabinet Decision No. (10) of 2019 and Federal Decree-Law No. (20) of 2018.
• Prevent the use of the platform for money laundering or illicit financial activities.
2. Customer Due Diligence (CDD):
• Verify the identity of all users (landlords and tenants) through valid government-issued IDs (Emirates ID, passport).
• Collect necessary information such as name, address, and contact details.
• Conduct enhanced due diligence (EDD) for high-risk individuals or transactions.
3. Transaction Monitoring:
• Implement systems to monitor rental transactions for unusual or suspicious activity.
• Flag transactions involving large cash payments, unusually structured transactions, or inconsistencies with user profiles.
4. Suspicious Activity Reporting (SAR):
• Train staff to identify and report suspicious activities to the UAE Financial Intelligence Unit (FIU).
• Maintain confidentiality of SARs as required by UAE law.
5. Record-Keeping:
• Retain user and transaction records for at least five years.
• Ensure secure storage to prevent unauthorized access or data breaches.
6. Sanctions Compliance:
• Screen users against local and international sanctions lists, including those maintained by the UAE Central Bank and United Nations.
• Block access to sanctioned individuals or entities.
7. Employee Training:
• Conduct regular AML training for staff to ensure awareness of legal obligations and procedures.
• Update training to reflect changes in AML regulations and emerging threats.
8. Audit and Policy Review:
• Periodically review and update the AML policy to address evolving risks and regulatory changes.
• Conduct regular internal audits to ensure compliance.
9. Governance:
• Appoint an AML compliance officer to oversee the implementation of the policy.
• Establish a clear reporting structure for AML-related concerns.
This AML policy is tailored for Dubai’s regulatory environment, ensuring the https://www.almurentals.com operations are lawful and secure against financial crimes