Auditors (Chartered Accountants)
The profession of auditors was regulated by Law No. (8) of 2020 on the Regulation of the Auditing Profession.
Auditors fall within the category of designated non-financial businesses and professions (DNFBPs) under Article (1) of Law No. (20) of 2019 on Combatting Money Laundering and Terrorism Financing whether sole practitioners, partners or employed professionals within professional firms when they arrange, execute or conduct transactions on behalf of or for their customers in relation to any of the following activities:
- Purchase or sale of real estate.
- Management of the customer’s funds, securities or other assets.
- Management of bank accounts, saving accounts or securities accounts.
- Organizing contributions for the establishment, operation or management of companies or other entities.
- Establishment, operation or management of legal persons or legal arrangements, and sale or purchase of business entities.
For access to and clarification of the obligations of auditors in terms of the AML/CFT requirements in this Law, Council of Ministers’ Decision No. (41) of 2019 on Promulgating the Implementing Regulations of this Law and the AML/CFT Compliance Rules for Auditors, Dealers in Precious Metals or Precious Stones and Trust and Company Service Providers, please refer to the following:
AML/CFT Compliance Guidance for Auditors (Chartered Accountants) 2020