Question: I have an investment with a company that I want to cash in. When I set it up a few years ago, I had to provide a lot of information but am now being asked for details all over again to take my money out.
The company not only wants to see my passport again but also my bank statements. I don’t see why I should provide it with this level of information when I am just taking out my money. I am not borrowing money.
The company says it cannot process the request without the additional information. Is there a government department that I can make a complaint to for failing to pay me my money? NW, Dubai
Answer: All financial transactions in the UAE are subject to legal and compliance regulations. Like most other countries, the UAE has clear anti-money laundering (AML) laws and all companies must comply with these.
The main legislation is Federal Decree-Law No. 20 of 2018 On Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations.
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