Is an independent AML audit mandatory in the UAE?
UAE AML/CFT rules require regulated firms and DNFBPs to have their policies, procedures and controls independently tested. Many firms, especially smaller ones, meet this by appointing an external auditor. How often and how extensive the review must be depends on your size, risk profile and regulator.
What is the difference between an audit and a health check?
An audit is a full, independent assessment of your whole framework, suitable for annual requirements and for sharing with your regulator. A health check is a faster, targeted review of specific areas, useful when you need a quick read on your position.
How often should an EWRA be refreshed?
At least annually, and whenever there is a material change: a new product, market, delivery channel, acquisition or significant regulatory development.
What does sanctions screening testing involve?
Controlled testing using synthetic and known-match data to measure detection rates, fuzzy-matching thresholds, list coverage and refresh frequency, alongside a review of alert handling and escalation quality.
How long does an audit take?
An independent audit typically takes two to six weeks, depending on entity size, data availability and sample size. A targeted health check is usually faster.
Will the findings be usable with our regulator?
Yes. Every finding is evidenced, severity-rated and traceable to source data or file references, in the format supervisors expect to see during an inspection.