Dubai’s Samana Developers Goes AML / CFT Compliant

Samana Developers believes that any compliance, especially the Anti-Money-Laundering (AML) and Combatting Finance of Terrorism (CFT), is a shared responsibility. Complyfin is a solution provided affiliated with Dow Jones Risk & Compliance, a division of Dow Jones & Company. The system will enhance the overall AML/CFT Regulatory Compliance Regime at Samana Developers. Mandated by the UAE, units are limited to cash payments of up to AED 55,000 ($15,000) per unit.

In a proactive move to bolster transparency and security within its operations, Samana Developers, a leading real estate company, has appointed Complyfin, a Dow Jones-affiliated solution provider that assists businesses in managing their regulatory compliance obligations, including AML and (CFT) compliance measures.

Imran Farooq, Chief Executive Office of Samana Developers, believes that:“As a leading real estate developer in Dubai, we recognize the importance of maintaining the utmost transparency and integrity in all facets of our operations. The implementation of AML/CFT compliance measures underscores our unwavering commitment to ethical business practices and aligns with our dedication to fostering a secure and trustworthy environment for our customers in particular and stakeholders in general. For that purpose, we have appointed a Dow Jones-affiliated Complyfin consultancy to implement AML/CFT compliance across our operations.”

He added: “It is our shared responsibility to support our investors with the utmost security and safety which is compliant with UAE’s regulations. Samana Developers has a successful test run and deployment of the solution which has the required flexibility to manage a variety of regulatory obligations and workflows. The specialized solution will enhance the overall AML/CFT Regulatory Compliance Regime at Samana Developers.”

Dow Jones Risk & Compliance

Dow Jones Risk & Compliance, a division of Dow Jones & Company, which is a leading provider of news, data, and analytics. Complyfin is a platform designed to assist businesses in managing their regulatory compliance obligations, particularly in areas such as Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and Know Your Customer (KYC) requirements.

Dow Jones offers a range of tools and services to help organizations navigate complex regulatory landscapes and mitigate risks associated with financial crime. Complyfin, specifically, likely provides capabilities such as screening for sanctioned entities, politically exposed persons (PEPs), and adverse media, as well as due diligence checks on business partners and customers.

In essence, Complyfin helps businesses stay compliant with regulations, protect their reputation, and mitigate financial crime risks by providing access to comprehensive data and advanced screening tools.

The adoption of AML/CFT compliance measures reflects Samana Developers' proactive approach to mitigating financial risks and combating illicit activities, in line with the regulatory requirements of UAE and international best practices. By integrating these measures into its operational framework, the company aims to enhance its ability to detect and prevent financial crimes, thereby fortifying its reputation as a responsible developer.

Cash Policy Compliance at Samana Developers

This policy at Samana Developers governs the issuance of cash receipts for all unit sales. The purpose of this policy is to ensure compliance with the AML laws and regulations by limiting the amount of cash that can be accepted for each unit of property sold to customers.

The AML law mandates guidelines for designated non-financial and professional sectors (DNFBPs) to report physical cash transactions equalling or exceeding AED 55,000.

Customers purchasing property units are limited to cash payments of up to AED 55,000 ($15,000) per unit. Any sum exceeding AED 55,000 must be settled through non-cash methods such as bank transfers, credit/debit cards, or other traceable payment options.

Compliance Responsibility

Compliance with this policy is a shared responsibility across operational departments, with accountability distributed among several stakeholders. It is imperative that all property consultants and brokers strictly adhere to and uphold this policy in their day-to-day operations.