goAML Compliance
Manage KYC & Due Diligence Services
Since 20179 Since 2017
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Overview
What Manage KYC & Due Diligence involves
Within today's worldwide economic arena, thorough Know Your Customer (KYC) along with due diligence procedures are vital for the businesses to be in accordance with regulations and to lower the existing risks of financial crimes such as money laundering and terrorist financing. Vigor Accounting & Taxation pays attention to a thorough plan to provide professional aid for businesses in the UAE to control their KYC and due diligence duties, ensuring that they comply with local and international regulations, including Anti-Money Laundering (AML) laws.
- Advisory services, one practice
- 18Advisory services, one practice
- years, since 2017
- 9years, since 2017
- Professionals in Business Bay
- 75+Professionals in Business Bay
The basics
What is KYC and Due Diligence
Know Your Customer (KYC) is a critical process through which businesses verify the identity of their clients, assess potential risks, and gather relevant information to ensure that they are engaging with legitimate entities. KYC is an essential component of AML compliance and helps businesses avoid involvement in financial crimes.
Due diligence goes beyond basic KYC, encompassing a deeper exploration of the clients, vendors, or partners background. The aforementioned comprises core areas like business operations verification, the assurance of ownership structures, and understanding the possible risks such as fraud or corruption that can be involved.
Why it matters
Importance of Managing KYC and Due Diligence in UAE
Managing KYC and due diligence is crucial for several reasons
Regulatory Compliance
In the UAE, compliance with AML regulations, including the Federal Decree Law No. 20 of 2018, is mandatory for businesses across various sectors. Failure to comply with KYC and due diligence requirements can result in hefty fines, penalties, and reputational damage.
Risk Mitigation Effective
KYC and due diligence measures help businesses mitigate the risks of engaging with clients or partners involved in illegal activities, such as money laundering or terrorist financing. By identifying and addressing risks early on, businesses can protect their assets and reputation.
Strengthening Business Relationships
KYC and due diligence also foster trust and credibility between businesses and their clients or partners. By ensuring that both parties are transparent and legitimate, businesses can establish stronger, long-term relationships.
The kinds
Industries That Require KYC and Due Diligence
In the UAE, several industries are particularly vulnerable to financial crime risks and are required to implement strong KYC and due diligence procedures, including
01
Financial Institutions
02
Real Estate
03
Precious Metals and Gemstone Dealers
04
Law Firms and Auditors
05
Why to choose Vigor Accounting & Taxation
At Vigor Accounting & Taxation, we understand the complexities of managing KYC and due diligence requirements in the UAE. Our services are designed to simplify compliance, ensuring that your business remains fully compliant with AML regulations and that you are protected from financial crime risks.
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Tailored KYC and Due Diligence Solutions
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Expert Compliance Support
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Technology-Driven Solutions
What is in it
Key Components of KYC and Due Diligence
At Vigor Accounting & Taxation, we offer a range of KYC and due diligence services to help businesses manage their compliance obligations effectively
Beneficial Ownership Verification
One of the key components of KYC and due diligence is understanding the ownership structure of a business. We help businesses verify the ultimate beneficial owners (UBOs) to ensure that the individuals controlling the company are not involved in criminal activities.
Enhanced Due Diligence (EDD)
For high-risk clients or situations that require more thorough investigation, we offer Enhanced Due Diligence (EDD) services. This involves deep-diving into the client’s background, reviewing financial statements, and cross-referencing with global databases to ensure that all risks are identified and mitigated.
Risk Assessment
We assess the potential risks associated with each client based on factors such as their industry, geographic location, and transaction history. High-risk clients may require enhanced due diligence, where we conduct a more detailed investigation into their background and financial activities.
Transaction Monitoring
Our due diligence services include continuous monitoring of client transactions to detect any unusual or suspicious activities. This helps businesses stay compliant with AML laws and ensures that any red flags are addressed promptly.
Client Identification and Verification
Does it reach you
Two regimes, and only one question worth asking first
Every page in this section answers a question further down the chain than the one you actually have. Tick what is true of the business and it says which regime is pointed at you, and which pages matter.
Economic Substance Regulations
Does the entity do any of these?
Nine relevant activities. If none of them is yours, ESR does not reach you.
goAML and anti-money-laundering
Is the business any of these?
Designated businesses and professions report through the goAML portal.
Nothing ticked yet
Tick anything true of your business on either side.
This points you at the right pages. It is not a compliance opinion, and it deliberately states no threshold, deadline or penalty: those are set by the Ministry of Finance and the Financial Intelligence Unit and they change. Whether a regime actually applies to your entity is confirmed by a person who has seen your licence and your activity.
Or go straight to one
Government Agencies
We work closely with all Government Agencies
Company formation, licensing, visas, customs codes and tax registration all pass through these authorities. Start a company setup.
Answers
Questions asked about Manage KYC & Due Diligence
The 6 asked most often, answered by an adviser.
01Is KYC and due diligence a legal requirement in the UAE?
Yes, for designated non-financial businesses and professions such as real estate agents, dealers in precious metals and stones, corporate service providers and auditors, client identification and due diligence are mandatory under UAE anti money laundering law. The scope and depth of checks required depend on the client's risk profile and the nature of the business relationship.
02How much does a KYC and due diligence service cost?
The cost depends on the number of clients screened, whether enhanced due diligence or ongoing transaction monitoring is needed, and the complexity of ownership structures being verified. There is no fixed published fee, so this is quoted after a proposal once the scope of work is understood.
03What happens if a business fails to carry out proper due diligence?
Failure to identify clients, verify beneficial owners or monitor transactions properly can result in regulatory penalties, reporting to the relevant authority and reputational damage. Designated non-financial businesses and professions are expected to maintain records demonstrating that due diligence was carried out at onboarding and on an ongoing basis.
04Which businesses need enhanced due diligence rather than standard checks?
Enhanced due diligence applies to clients assessed as higher risk, based on factors such as their industry, geographic location, ownership complexity or transaction history. Standard client identification and verification is usually sufficient for lower risk relationships, but the risk assessment itself must be documented for every client.
05What documents are needed to verify a client and their beneficial owners?
Typically this includes trade licence and incorporation documents, shareholder and ownership charts, passport or Emirates ID copies for owners and signatories, and evidence of the source of funds where relevant. Additional documents may be requested if the client is classified as high risk or if ownership structures are layered across multiple jurisdictions.
06Who actually needs to carry out beneficial ownership verification?
Any designated non-financial business or profession onboarding a client, including financial institutions, real estate firms, precious metals and gemstone dealers, and law firms or auditors, needs to verify who ultimately owns and controls that client. Whether it applies to a particular company depends on its licensed activity and classification under the regulations.
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