In which circumstances might lawyers, notary publics, other legal stakeholders and independent legal auditors be exempt from suspicious transaction reporting requirements?
A.
When providing legal opinion with regards to legal proceedings
B.
When advising on financial transactions for politically exposed persons
C.
When conducting real estate transactions within the UAE
D.
When providing services relating to beneficiaries of insurance policies
Under Federal Law No. 20 of 2018 and CISI UAE Financial Rules and Regulations, lawyers, notary publics, and other legal professionals may be exempt from suspicious transaction reporting requirements when providing legal opinions related to legal proceedings. This exemption recognizes the privileged nature of legal advice and the confidentiality inherent in legal representation. However, when these professionals engage in financial or transactional activities outside the scope of legal proceedings, such as advising on financial transactions or real estate deals, they must comply with reporting obligations to prevent money laundering. The exemption balances legal professional privilege with AML/CTF requirements.
[Reference: CISI UAE Financial Rules and Regulations — AML Exemptions for Legal Professionals, Section 8.3.1 (2023)., ]
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