Nitesh Kumar Singh

SCOPE of WORK

The AML process is divided into the following steps
1.	goAML Registration - One-time Activity
2.	Drafting AML/CFT Policy Manual - One-time Activity
3.	Customer KYC - Regular Activity 
4.	Red Tag indicator update -  Regular Activity   

The detail for each step is as follow;

1- GOAML Registration - One-time Activity;
The following documents are required;
•	Trade License 
•	Emirates ID & Passport of all owners
•	MOA
•	Tenancy Agreement
•	Declaration letter for Appointing Compliance officer & username & password (this will vary case to case)
•	FTA credentials 
•	Details of Accounting software
•	All Bank Account numbers
2- Drafting AML/CFT Policy Manual - One-time Activity;

This document customer needs to be prepared and always ready for any inspection. the following things are covered in this;
•	Type of customers and their activities and their risk to business
•	Country Risks & sanctions reports
•	Products & Services Risk – Complexity & Volume of transactions
•	Business partner risk & who are UBO's

3- Customer KYC - Regular Activity
For this, there're multiple steps that need to be done for any new client
•	Screening required through software
•	The KYC form should be signed by the client
•	Docs required from a client depend on their transactions

4- Red Tag indicator update -  Regular Activity   
The details of the client should be reported to UAE Financial Intelligence Unit (Authority);
•	If the transaction value is more than 55k
•	or if the transaction is done internationally through TT
•	or if the client's nationality is high risk

Please feel free to contact me if you need any further clarification

Aml screening Software

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