5. Reporting Obligations
5.1. Reporting to the CBUAE
As per Paragraph 4.21 of the Standards, LEH must submit reports to the CBUAE, which may be updated from time to time in terms of the frequency and form of submission and their deadline. For the submission of periodical returns/reports via the online system, the LEH must obtain access to the CBUAE reporting portals, such as its Integrated Regulatory Reporting System, Remittance Reporting System and/or other applicable system.
5.2. Reporting to the FIU
All LEH should have procedures and systems in place to ensure that suspicious activity is reported to authorities in an appropriate and timely manner. LEH must take into account all information from both the ordering and beneficiary sides in order to determine whether an STR or SAR is to be filed.
As required by Article 15 of AML-CFT Law and Article 17 of AML-CFT Decision, LEH must file without any delay an STR or SAR or other report types with the FIU using the “goAML” portal when they have reasonable grounds to suspect that a transaction, attempted transaction, or funds constitute, in whole or in part, regardless of the amount, the proceeds of crime, are related to a crime, or are intended to be used in a crime. Under Article 24 of the AML-CFT Law, any person, including a LEH or their managers and employees, who violates on purpose or by gross negligence their statutory obligation to report a suspicion of money laundering and related predicate offences, financing of terrorism or illegal organisations is liable of the following sanctions:
• Imprisonment and fine of no less than AED100,000 and no more than AED1,000,000; or • Any of these two sanctions (i.e. imprisonment or fine of no less than AED100,000 and no more than AED1,000,000). • For more details and information, please refer to Paragraph 16.27 of the Standards as well as the “CBUAE Guidance for Licensed Financial Institutions on Suspicious Transaction Reporting”13. 13 Available at: https://www.centralbank.ae/en/cbuae-amlcft