When choosing an AML (Anti-Money Laundering) screening tool, particularly in the UAE, you should consider several factors to ensure compliance with local regulations and effective detection of suspicious activities. Here’s a guide on what you should look for in an AML screening solution:

 1. Compliance with UAE Regulations

   - Federal Decree-Law No. (20) of 2018: The screening tool should comply with the requirements set forth by this law, including customer due diligence (CDD), record-keeping, and reporting obligations.

   - Cabinet Decision No. (10) of 2019: Ensure the tool aligns with this decision, which provides guidance on the implementation of the AML law.

   - Cabinet Decision No. 74 of 2020: The tool should also be capable of handling requirements related to Targeted Financial Sanctions (TFS) and screening against lists of sanctioned individuals and entities.

 2. Sanctions and PEP Screening

   - The system should have robust screening capabilities against global sanctions lists such as OFAC, UN, and EU, as well as UAE-specific sanctions lists.

   - It should include screening for Politically Exposed Persons (PEPs) and their associates, as these are high-risk individuals requiring enhanced due diligence.

 3. Trade-Based Money Laundering (TBML) Detection

   - Given the UAE’s significant trade activities, your AML tool should include specific features to detect TBML. This includes monitoring for discrepancies in trade documents, identifying phantom shipments, and analyzing high-risk commodities.

   - The tool should be able to integrate data from the UAE Financial Intelligence Unit (FIU) and be compatible with the goAML system for submitting Suspicious Transaction Reports (STRs).

 4. Advanced Analytics and Machine Learning

   - Choose a tool that leverages AI and machine learning to analyze patterns and detect anomalies in large datasets. This is crucial for identifying complex money laundering schemes.

   - The tool should also provide predictive analytics to anticipate potential risks.

 5. Customizability and Scalability

   - Ensure that the screening tool can be tailored to your specific business needs, including the ability to adjust risk parameters, and thresholds, and add custom watchlists.

   - It should be scalable to accommodate the growing volume of transactions and expanding regulatory requirements.

 6. User-Friendly Interface

   - A user-friendly interface is essential for efficient use by compliance officers. The tool should offer clear, actionable alerts and comprehensive reporting capabilities.

 7. Real-Time Monitoring

   - The system should provide real-time monitoring to allow for the immediate detection of suspicious activities. This helps in taking prompt action and mitigating risks.

 8. Integration Capabilities

   - Ensure the AML screening tool can integrate with your existing systems, such as your customer relationship management (CRM) software, transaction monitoring systems, and the goAML portal.

 Recommended Solutions

While specific recommendations may vary based on your industry and business size, some widely recognized AML screening tools include:

www.myaml.io

This solution offer comprehensive screening, advanced analytics, and compliance with global and regional regulations, making them suitable for businesses operating in the UAE.