Published: June 2025 | By: Saadiyat Accounting – Accounting and VAT Service Expert,Dubai

The UAE Ministry of Economy (MoE) has sent out a new official circular telling all Designated Non-Financial Businesses and Professions (DNFBPs) to update their AML/CFT procedures, internal controls, and reporting systems. This includes accounting firms, real estate agents, auditors, corporate service providers, precious metals dealers, and some legal professionals. This order is in line with the most recent FATF mutual evaluation of the UAE and is part of continuous efforts to improve compliance in high-risk industries. 

What Is Changing

According to Circular No. MOEC/AML/004/2024 (dated October 29, 2024), DNFBPs must now do the following:

  • Based on the new National Risk Assessment (NRA), you should look at and manage ML/TF threats again.
  • Change the AML/CFT policies and procedures, such as preserving records, monitoring transactions, and doing customer due diligence (CDD).
  • Make sure that everything works with the GoAML reporting platform.
  • Teach employees and compliance officers about the new rules.
  • Send the Ministry updated risk-assessment reports on a regular basis. 

Why This Is Important
The MoE's action is appropriate, coming after the UAE left the FATF grey list in February 2024. It shows that the country is moving from enforcement to long-term compliance and capacity creation. 

Real estate, precious metals, and accountancy are some of the DNFBP sectors that are considered to be medium to high risk for money laundering. This means that AML controls need to be tighter. The MoE's past punishments of DNFBPs showed how important this full update was. 

What this means for businesses
DNFBPs should do the following right away:

  • You should be able to go to the official circular through the MoE's media center or legal portal.
  • Do a new risk assessment that takes into account the most recent NRA results.
  • Change the way AML systems and rules work, and include advice for accounting services in Dubai and other places.
  • Make sure that staff training programs are available.
  • Sign up for GoAML (or confirm your registration) and set up regular ways to report risks.

The Big Picture
The UAE is still known as a worldwide business hub with strong regulatory requirements by making its AML frameworks stronger. The change helps not only with following the rules, but also with retaining the integrity and competitiveness of industries that depend on professional compliance, like accounting firms, bookkeeping services in the UAE, and corporate consultants.

You may get the official materials and templates you require (such risk assessment formats, circular texts, and GoAML instructions) from MoE's official channel. Look in the "Media Centre" or "Publications" sections.

*This blog reflects updates as of June 2025. For tailored advice, consult with Saadiyat Accounting.*