What is Ontrax Risk and Compliance Ltd and what do you offer?
Ontrax is a specialized UAE-based provider of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance services. We enhance your compliance by offering comprehensive services from policy establishment and risk assessments to operational support and regulatory reporting, ensuring your business meets all UAE AML standards.
Which industries and entities do you serve?
We serve a wide range of regulated entities in the UAE, including Banks, Financial Institutions, Insurance Companies, and Designated Non-Financial Businesses & Professions (DNFBPs) like Real Estate Agents, Lawyers, Accountants, Dealers in Precious Metals, and more. We also support Virtual Asset Service Providers (VASPs) and DIFC entities.
What is the AML/CFT Policy, Controls, and Procedures Documentation service?
This service helps your organization create formal, tailored documents outlining the necessary policies and procedures to comply with UAE AML laws. We identify risks, assess existing practices, and develop customized compliance programs to ensure consistent adherence.
How do you assist with the Annual AML/CFT Risk Assessment Report Submission?
We support DNFBPs in the UAE with their mandatory annual AML/CFT Risk Assessment Report submission to the Ministry of Economy (MOE). This includes comprehensive assistance with the required survey questionnaire covering your entity structure, customer information, business activities, and compliance.
What does the In-House AML Compliance Department Setup service entail?
This service helps you establish a dedicated internal AML/CFT compliance department within your business. We assess your specific needs, assist in appointing a qualified AML Compliance Officer, create a code of conduct, and set up the department to effectively implement and monitor internal controls.
What are Managed Know Your Customer (KYC) and Customer Due Diligence (CDD) Services?
Our managed KYC and CDD services help you meet AML requirements and reduce costs. This includes customer identification, UBO identification, enhanced due diligence, risk assessment, as well as sanctions, PEP, and adverse media screening, along with KYC remediation.
What kind of AML Training do you provide?
We offer comprehensive, customized AML training programs for both employees and senior management. These programs cover UAE AML/CFT laws, regulations, and best practices, including KYC Due Diligence, Screening, Risk Profiling, Enhanced Due Diligence, STR Filing, Record Keeping, and general AML Awareness.
What specific UAE laws and regulations does Ontrax ensure compliance with?
We ensure strict compliance with ‘Federal Law No. 20 of 2018, On Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations’ and its implementing regulation, ‘Cabinet Decision No. 10 of 2019’.
