Creative City provides more than just a Free Zone Community. We are a one-of-a-kind ecosystem that prioritizes customer satisfaction by delivering efficient formation solutions in UAE.
DNFBPs include a variety of non-financial businesses and professions that engage in activities or transactions that are susceptible to being exploited for money laundering purposes. Under the UAE law, DNFBPs encompass sectors such as:
Real estate agents and brokers facilitate the sale, purchase, leasing, or management of properties. Given the high value of real estate transactions, these services are susceptible to being used for money laundering, especially through the concealment of illicit funds or the layering of money via property investments. Real estate agents must comply with AML laws by verifying buyer and seller identities and ensuring that transactions do not involve illegal funds.
According to the UAE Anti-Money Laundering Law (Federal Decree-Law No. 20 of 2018), DNFBPs are required to implement a range of compliance measures to prevent their businesses from being used for illicit activities. Key general requirements include:
By adhering to these requirements, DNFBPs in the UAE contribute significantly to the country's fight against money laundering and terrorist financing, safeguarding both their businesses and the wider financial system.
For more details and informations, please refer to the below links.
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