Category: Compliance

  • FATF UAE Mutual Evaluation and NAMLCFT Committee

    In April 2020, the international Financial Action Task Force (FATF) issued a Mutual Evaluation Report (MER) on the UAE’s AML/CFT measures. The assessment was conducted in 2019. The MER analyzed the UAE’s compliance with FATF 40 recommendations. It also analyzed the effectiveness of the UAE’s AML/CFT system. Thereby, providing recommendations on strengthening the system. It […]

  • Dealers in Precious Metals and Stones1 min read

    Dealers in Precious Metals and Stones in UAE

  • UBO deadline3 min read

    Please ensure to submit the Ultimate Beneficial Owner Declarations for your companies in UAE to your respective Licensing Authorities before the due date of 30 June 2021 or such an earlier date as prescribed by your respective licensing authority. Should you require our assistance in filing the UBO declaration for your Company, please feel free […]

  • UAE Decree Federal Law and Executive Regulation1 min read

    Federal Decree No. (20) of 2018 is a fundamental pillar of the UAE’s AML/CFT efforts. This Decree stipulated the establishment of:  As implemented by Cabinet Decision No. (10) of 2019, Federal Decree No. (20) of 2018 has raised the effectiveness of the AML/CFT legal and institutional framework of the nation, in line with FATF requirements […]

  • Laws in the UAE4 min read

    We at BHMJ ensure you comply with the laws and regulations of our country (the United Arab Emirates). These are the laws the residents and businesses of the UAE are bound to follow (i) Federal Decree Law 2 of 2015: Combating Discrimination and Hatred (ii) Federal Decree Law 29 of 2006: Protecting the rights of […]

  • AML CFT Supervision by the CBUAE2 min read

    The CBUAE established a dedicated department in August 2020 to handle all Anti-Money Laundering and Combatting the Financing of Terrorism matters (AML/CFT), which the Banking Supervision Department handled previously.  The Anti-Money Laundering and Combatting the Financing of Terrorism Supervision Department (AMLD) serves three key objectives:  Through AMLD, the CBUAE coordinates closely with the UAE’s National […]

  • How is Gratuity calculated?1 min read

    In the United Arab Emirates (UAE), gratuity is a benefit paid to employees at the end of their employment. It is calculated based on the employee’s length of service and their final basic salary. The formula for calculating gratuity in the UAE is as follows: Gratuity = (21 days x basic salary x number of […]