Outsourced MLRO Services in ADGM

Outsourced MLRO Services with MS in ADGM provides you dedicated professional with relevant experience and expertise ensuring regulatory adherence, risk mitigation, and robust AML/CFT frameworks. We're here to enhance your business by offering customized, budget-friendly compliance solutions with an unwavering commitment to objectivity.

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Let MS empower your business in ADGM

Mohammad Shafeek

Founder & Group CEO, MS

Let MS empower your business in ADGM

Focus on Growth, We Minimize Risk

MS offers efficient MLRO (Money Laundering Reporting Officer) services for companies in ADGM, ensuring robust adherence to regulatory requirements set by the Financial Services Regulatory Authority (FSRA). We provide valuable assistance and expert views on compliance issues, independent reviews of business operations, and effective risk mitigation strategies. By outsourcing MLRO services to MS, companies gain access to a dedicated team with up-to-date knowledge, eliminating the need for in-house staff training and infrastructure investment. This strategic approach allows organizations to focus on core competencies while maintaining compliance with ADGM's stringent regulatory framework.

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Are you in a hurry? reach us on +971 2 309 3344 or [email protected]

Is MLRO outsourcing permitted by the FSRA?

What criteria should I consider when selecting an MLRO service provider for my firm?

Key Responsibilities of an Outsourced MLRO

Conduct customer due diligence (KYC) checks and ensure adherence to AML policies and procedures.

Serve as the primary contact for UAE authorities and regulators on AML matters.

Maintain and develop AML systems, controls, and reporting mechanisms.

Develop and implement AML training programs for staff.

Prepare and submit AML annual returns and Central Bank biannual reports.

Identify, investigate, and report suspicious transactions in accordance with federal AML legislation.

Monitor day-to-day compliance operations and ensure adherence to AML regulations.

Contribute to the Internal Capital Adequacy Assessment Process (ICAAP) related to AML risks.

Why MS
Outsourced MLRO Services for ADGM entities

MS offers comprehensive outsourced MLRO services tailored to ADGM entities. Our expert team provides unwavering commitment to data security and privacy, ensuring the highest level of confidentiality for your sensitive information. With a deep understanding of the ADGM regulatory landscape, our certified MLRO acts as your dedicated regulatory liaison, safeguarding your firm's compliance with AML/CFT requirements. By outsourcing this critical function, you can focus on core business objectives while we manage the complexities of regulatory compliance, mitigating risks and enhancing your operational efficiency.

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Frequently Asked Questions (FAQ)

Why is a MLRO required in Company incorporated in ADGM.

The MLRO is responsible for overseeing and managing the organization's anti-money laundering (AML) and counter-terrorist financing (CTF) activities within the ADGM jurisdiction. This includes implementing policies, procedures, and controls to detect and prevent money laundering and illicit financial activities.

Can the MLRO role be outsourced in ADGM

Yes, Companies can outsource their MLRO role along with compliance officer responsibilities to an outsource applicant, provided that such person or entity has the knowledge, experience and capability to effectively fulfil the responsibilities as prescribed by the authority.

Which companies in ADGM requires to have a MLRO ?

In general, financial institutions and entities involved in financial services are often required to have an MLRO to ensure compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. This includes banks, investment firms, insurance companies, and other Designated Non-Financial Businesses and Professions (DNFBPs) such as real estate sector, auditors & accountants, lawyers, notaries & other legal professionals’ company & trust service providers and dealers in precious metals and stones.

What are Suspicious Activity Reports (SARs) and Suspicious Activity Reports (STRs)

SARs and STRs are document which financial institutions are required to file with financial intelligence units (FIUs) when they detect unusual or suspicious transactions. In the United Arab Emirates (UAE), financial institutions are mandated to submit SARs and STRs to the Financial Intelligence Unit to combat money laundering and terrorist financing. This framework enhances the country's vigilance in safeguarding its financial system from illicit activities.

How does the MLRO manage the process of filing Suspicious Activity Reports (SARs) and maintaining a strong relationship with the Financial Intelligence Unit (FIU) in ADGM?

The MLRO will establish efficient procedures for identifying and reporting suspicious activities, ensuring timely and accurate filing of SARs with the FIU. Maintaining open communication with the FIU is a priority, and the MLRO will collaborate with them as needed.

Disclaimer: MS is a trading name of MS Corporate Services (DIFC) Limited, M S Global Solutions DMCC and M S Chartered Accountants LTD (ADGM). MS Corporate Services (DIFC) Limited is registered with the Dubai Financial Services Authority (Reg No: 9054) as DNFBP and is commercially licensed by the Dubai International Financial Centre Authority as a Corporate Services Provider. M S Global Solutions DMCC is licensed by Dubai Multi Commodities Centre Authority (Reg no: 873767) as a Corporate Services Provider and Management Consultant. M S Chartered Accountants LTD is licensed by ADGM Authority (Reg No: 000007218) for Management Consultancy, Tax Consultancy, Compliance Consultancy and Accounting Services.

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