AML Inspection Dubai freezone company

[random000]

Hi,

I have opened freezone company in Dubai 2 years ago using agency.

I have EID,bussines bank account and personal account.

Activity of company: IT consultant

I am not using my company at all, nor bussines bank account . I only use personal bank account for binance p2p crypto sales from trading profits. Amount is small from 2k up to 10k usd per month.

One month ago I have recieved email from freezone regarding AML inspection??!
1st email They announced inspection.

2 weeks ago
2nd email, again announcing AML inspection

And 2 days ago
3rd email, They sent link to fill out all necessary data (licence data, UBO file and last 3 month statments from bussines bank account)

Bottom of the email if I dont comply, penalties will be imposed.

I contacted agency couple of times, they told me freezone is sending out those emails to all companies, but my company is not liable for AML.

Now I am not sure what to do?

Anyone has experience or advice?

Thank you

 

[random000]

Anyone any idea? I will pay for service.

 

[jafo]

Interesting nobody has been able to answer this.

Is the email legit or phishing?

Have you solved this?

 

[random000]

Email is legit 100%

Agency said to ignore it, since I am not liable for this inspection. (But bit worries tbh, dont wanna f**k around with UAE laws)

I noticed last year they sent out email with link to check if company is liable or not:

https://www.moec.gov.ae/en/registering-companies-in-goaml
Also (email from 12months ago) they listed activities which are liable for filling AML form:
“

• If the company has one of the DNFBPS categories, it is obligatory for you to register on the goAML portal and implement procedures to report suspicious transactions, as Under Federal Decree Law No (20) of 2018 and Article 20(2) of Cabinet Decision No (10) of 2019,

DNFBPs are:

• Real estate agents
• Dealers in precious metals
• Dealers in precious stones and jewelry
• Lawyers, notaries, other independent legal professionals, and accountants
• Trust and Company Service Providers

If you have not completed your registration and subsequent requirements, please do so at the earliest to gain access to the goAML system. Failure to do so may cause financial penalties to be imposed by the Ministry ranging from AED 50,000 ”“ AED 5,000,000.
“

In general, I am not doing anything ilegal. Could prove source of funds if necessary.
Everything is from trading shitcoins and leverage.
The only reason why I went Dubai way is independence from home/tax country. And much easier crypto<=>cash/bank.
Eventually when I make enough next bullrun, goal is to minimize taxes and get that money back to home country legally.

Last edited: Jun 1, 2023

 

[random000]

update on this


Agent told me to call freezone aml inspection this morning.

I called them, told them my activity and he said that every freezone company should fill for AML inspection. Thats the requirement from ministry.
Just thinking about closing the company and getting out of Dubai, makes no sense to be here anymore.

Any advice?

 

[BarleyMalt]

random1389 said:
update on this


Agent told me to call freezone aml inspection this morning.

I called them, told them my activity and he said that every freezone company should fill for AML inspection. Thats the requirement from ministry.
Just thinking about closing the company and getting out of Dubai, makes no sense to be here anymore.

Any advice?
Click to expand...

Sounds like the good time to hire someone more competent, like @Fred, to help you deal with the process.

 

[Asmodeus]

Which Freezone are you using?
You probably got filtered incorrectly by the Freezone which has send out the email based on the activity keyword "consultant".
Generally you should avoid company activities which mention consultant or corporate service provider etc.