Joy Compliance-One

Why was the UAE placed on the FATF grey list in 2022?

• For high inflation

• For failing to submit tax records

• For insufficient enforcement of AML regulations

• For banning cryptocurrency

Which of the following is a major vulnerability in the UAE’s AML framework?

• Lack of banking facilities

• Unified regulatory system

• Complex jurisdictional structure

• Absence of free trade zones

Which two financial free zones exist in the UAE?

• DMCC and DIFC

• DIFC and ADGM

• ADGM and DAFZA

• DWTC and JAFZA

What is the primary purpose of the UAE’s Executive Office of AML/CTF?

• Issuing trade licenses

• Supervising real estate projects

• Coordinating the national AML program

• Approving crypto exchanges

What was a key action during the UAE’s grey list period?

• Reducing bank operations

• Launching a national ID program

• Increasing inspections and enforcement

• Suspending all charity operations

What year did the UAE get removed from the FATF grey list?

• 2022

• 2023

• 2024

• 2025

Which body regulates AML in DIFC?

• Ministry of Finance

• UAE FIU

• Dubai Financial Services Authority (DFSA)

• Federal Tax Authority

What is trade-based money laundering?

• Use of trade documents to hide illicit funds

• Smuggling goods

• Exchanging currencies illegally

• Underpricing real estate

Which new sector was added to AML supervision in March 2022?

• Banks

• VASPs (Virtual Asset Service Providers)

• Agriculture

• Airlines

What does UBO stand for?

• Unregulated Banking Operation

• Underwriting Bank Officer

• Ultimate Beneficial Owner

• United Business Office