AML Compliance Audit and Reporting
AML Compliance Audit and Reporting
Ensure Your AML Framework Is Fit for Purpose and Audit-Ready
With comprehensive AML compliance audits, we spot operational weak points early and make sure your company complies with the UAE anti-money laundering regulations.
Talk to our expertMaking AML Compliance Work for Your Business
For businesses in the UAE, AML compliance is not just about the implementation of AML policies, but also about being able to demonstrate that they are being followed, reviewed and are fit for purpose. Our AML audit and reporting services in the UAE can help you assess your AML/CFT framework, understand any gaps and the associated risks, and ensure your business is AML compliant. We provide management with a clear course of action to fix the identified gaps and issues.
What is an AML Compliance Audit?
An Anti-money laundering audit is a review of your business’ AML-related controls and processes. We look at controls such as your customer identification procedures, risk assessments, transaction monitoring, record-keeping, and suspicious transaction reporting and assess these against relevant UAE AML/CFT requirements and potential risks to your business.
The main objective is to identify and fix any weaknesses in your current AML policies that could draw regulators' attention to your company.
Businesses That Commonly Need AML Audits in the UAE
AML audits are required by both financial companies and Designated Non-Financial Businesses and Professions (DNFBPs) in the UAE. The list of such entities is broader, and the following business sectors are subject to AML regulations:
- Financial institutions (banks and exchange houses) regulated by CBUAE
- Real estate companies (brokers, agents, and developers)
- Accounting and audit organisations
- Law firms
- Dealers of precious metals and stones
- Virtual asset service providers (VASPs)
Though, insurance companies don’t fall under DNFBPs, they still need to comply with AML/CFT requirements as they are regulated by the CBUAE.
For the majority of the above-mentioned sectors, a risk-based approach is now common practice. Regulators now focus on whether these companies have appropriate systems and controls in place.
What Does Our UAE AML Audit Include?
Depending on the size and complexity of your business, the audit can be tailored to reflect the AML risks specific to your business, customers, transactions and products. As part of the review, we can cover the following areas:
- AML/CFT policies and procedures
- AML risk assessment
- Customer identification
- Customer risk categories and scoring
- Customer due diligence (CDD)
- Enhanced due diligence (EDD)
- Beneficial ownership identification
- Transaction monitoring, including detection of suspicious transactions (STR) or unusual activity
- Sanctions and screening controls
- Record-keeping requirements
- AML compliance officer function and responsibilities
- AML training and awareness for employees
- Internal controls and testing
We check the effectiveness of your AML controls and test how they are implemented in reality to ensure they support the intended control objective.
Practical AML Reporting: Shedding Light on What Matters
An anti-money laundering report should go beyond just identifying compliance issues and explaining their impact on your business. The report should be written in such a way that it can be understood by management and provide clear recommendations on areas of improvement.
We draft a detailed and to-the-point AML audit report that clearly sets out:
- Areas reviewed
- Identified gaps
- Level of concern/risk level
- Correction plan
Why Choose Excellence for Anti-Money Laundering Audit and Reporting?
AML requirements can be complex, and assessing your own AML framework can be challenging. At Excellence, our AML experts can provide you with reassurance that your AML controls are operating effectively and are fit for purpose.
Our AML audit and reporting service supports your company through:
- Action-oriented advice that supports effective AML risk management.
- A risk-based approach that sheds light on potential AML/CFT exposed areas.
- Clear anti-money laundering reporting that elaborates on AML/CFT compliance issues.
- Objective assessment of AML controls.
Rather than a one-time exercise, AML compliance is a regular process. As your business grows, so do your AML requirements. An annual AML audit can help you stay ahead of compliance requirements, identify areas of exposure and ensure you are following AML best practice.
If you would like to discuss an independent review of your AML compliance framework in the UAE, contact our team to arrange a discovery call and discuss your requirements
Affiliations & Accreditations
Our relentless pursuit of excellence, proven through our prestigious International and Local accreditations, sets us apart from others. This track record makes us the go-to consulting and business services provider in the UAE, with approvals from prominent free zones and mainland regulatory bodies. We deliver high-quality, reliable, and tailor-made entrepreneurial service packages that empower businesses to achieve their goals.
- International Standard Of Quality
- International Register of Quality Assessed Organizations (IRQAO)
- Global Trusted E-Network
Frequently Asked Questions
With our proactive and client-centric approach to accounting services in Dubai and across the UAE, clients gain peace of mind knowing they are fully compliant and well-positioned for success in a dynamic regulatory landscape.
Our AML auditors may review your AML policies and risk assessments, customer records, STR logs, sanctions screening results, employee training records and previous internal audit reports as part of the review.
Yes. Having no STRs does not by itself mean that the AML framework is effective and still calls for an AML audit.
In general, AML records, including transaction and customer due diligence records, must be retained for a minimum of 5 years in the UAE. For entities regulated in the DIFC and ADGM, records must be retained for 6 years.
An AML risk assessment should generally be reviewed at least once a year. Even when there is a minor change to the business operations, customers, products & services, transactions or internal regulations, it must be updated without fail.
An MLRO or Compliance Officer takes responsibility for the internal AML programme. From ensuring the implementation of policies and procedures to coordinating STR filings and reporting AML updates to senior management and/or the relevant regulator, they are personally liable for these tasks under Federal Decree-Law No. 10 of 2025.
Significant AML gaps can trigger further regulatory scrutiny and follow-up reviews depending on the gaps identified and the potential risk posed. At Excellence, we address these gaps can support the ongoing alignment of the AML framework.
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Approved Auditors
- DMCC Approved Auditors
- DIFC Approved Auditors
- DAFZA Approved Auditors
- JAFZA Approved Auditors
- DWC Approved Auditors
- FCC Approved Auditors
- DSO Approved Auditors
- UAQ FTZ Approved Auditors
- D3 Approved Auditors
- RAKEZ Approved Auditors
- DMC Approved Auditors
- DSC Approved Auditors
- DIC Approved Auditors
- MFZ Approved Auditors
- AFZ Approved Auditors
- IFZA Approved Auditors
- DHC Approved Auditors
- HFZA Approved Auditors
- SAIF Zone Approved Auditors
- ADAFZ Approved Auditors
- Masdar City Approved Auditors
- Twofour 54 Approved Auditors
- KIZAD Approved Auditors
- DCC Approved Auditor