Photo for illustrative purposes only. ARCHIVE

The Ministry of Economy has conducted inspection tours to keep an eye on the activities of the companies in the DNFBP sector—which includes real estate agents and brokers, precious metals and gemstone dealers, auditors, and corporate service providers—that are under its control. Six DNFBP companies were fined for failing to follow internal policies intended to fight crime, such as engaging in dubious business relationships, taking the necessary precautions to reduce the risk of crime in the workplace, strengthening AML procedures, and failing to monitor and report suspicious transactions. As a result, 59 fines amounting to Dh3,200,000 were levied on them for the violation of Cabinet Decision No. 16 of 2021 on the unified list of the violations and administrative penalties for the said violations. BKM/ Expat Media
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