Money Services Specialists
Expert Money Services Business Accounting in UAE
Every transaction you process carries regulatory weight. The Central Bank watches. The FIU monitors. FATF evaluates the entire country based partly on how well businesses like yours maintain records. MSB accounting is not just about tracking revenue and costs. It is about demonstrating that every dirham flowing through your operation has a documented source, a verified customer, and a clear audit trail that satisfies regulators examining your books.
Our Technology Ecosystem
Why Money Services Businesses Need Specialized Accountants
Licensed exchange houses and registered hawala providers operate under Central Bank of UAE supervision with specific accounting and reporting requirements that general accountants rarely encounter. Transaction monitoring, suspicious activity identification, correspondent account reconciliation, and forex position management all require financial systems configured for regulated money transmission. Our MSB accounting services UAE team understands this unique regulatory landscape.
AML Compliance and Transaction Reporting
The accounting function in money services businesses extends far beyond financial reporting. Your books must support AML compliance by maintaining records that demonstrate customer due diligence, transaction monitoring, and suspicious activity identification. When the CBUAE conducts examinations, they expect to see financial records integrated with KYC documentation, transaction histories tied to verified customer identities, and clear audit trails showing how you identified and escalated unusual patterns.
Suspicious Transaction Reports filed through goAML require supporting documentation that originates in your accounting records. The 35-day filing deadline means your systems must efficiently extract transaction details, customer information, and supporting evidence. Our anti-money laundering accounting support ensures your financial systems generate the documentation that compliance officers need for timely, accurate STR submissions.
We configure accounting systems that integrate with your transaction monitoring, maintain the five-year record retention required by law, and produce the reports that demonstrate ongoing compliance to supervisory authorities.
Our Expert Services
Complete Financial Services for Money Transmission
From exchange house operations to remittance networks and fintech payment platforms, our money services business accounting services cover regulated money transmission in all its forms. We configure systems for transaction-level accounting, correspondent account management, forex position tracking, and the regulatory reporting that CBUAE requires from licensed financial institutions.
Transaction-level recording, correspondent account reconciliation, nostro and vostro management, forex gain and loss tracking, commission income recognition, and daily position reporting.
Internal control assessment, transaction sampling, AML program effectiveness review, regulatory examination preparation, and annual financial statement audits.
Currency exchange exemption application, remittance fee treatment, commission income VAT, input recovery on operations, and FTA compliance filing.
Teller and cashier compensation, compliance officer remuneration, branch staff payroll, gratuity provisioning, and WPS-compliant salary processing.
Financial services income treatment, forex trading gains, transfer pricing for group transactions, qualifying income assessment, and 9% corporate tax compliance.
CBUAE regulatory reporting, goAML registration support, STR documentation preparation, sanctions screening records, and license renewal documentation.
Let’s Simplify Your Finance, Tax & Compliance Challenges
Serving Every Type of Money Services Operation
Money services businesses in the UAE operate under various CBUAE license categories. We serve licensed exchange houses holding Category A, B, or C licenses, registered hawala providers, payment service providers, and fintech companies operating under regulatory sandbox arrangements or full licenses.
Each license category presents distinct accounting requirements. Category C exchange houses handling remittances and WPS payments need transaction-level tracking across correspondent networks. Hawala providers require settlement accounting that tracks obligations across informal channels. Fintech payment platforms managing digital wallets and merchant settlements need real-time transaction recording and float management.
Whether you operate a single exchange counter, a network of remittance agents, or a digital payment platform processing thousands of transactions daily, our payments & remittance accounting services scale to your operational complexity.
UAE Wide Coverage
MSB Accountants Across All Emirates
Supporting exchange houses, remittance providers, and payment businesses throughout UAE with specialized regulatory accounting.
Dubai
Exchange houses in Deira, DIFC-licensed payment providers, and remittance networks serving labor communities.
Sharjah
Industrial area exchange houses, hawala providers, and remittance businesses serving worker populations.
Ajman
Exchange counters and money transfer services in commercial districts and labor accommodation areas.
Why Taxfin ABM
Accounting That Satisfies Regulatory Scrutiny
MSB operators choose us because we understand that your accounting system is a compliance tool, not just a financial record. When CBUAE examiners arrive, your books must tell a complete story of transaction integrity, customer verification, and suspicious activity management.
Our MSB Expertise
Transaction Recording
Every exchange and remittance captured with customer details, amounts, and compliance flags.
Correspondent Accounts
Nostro and vostro balances reconciled with settlement positions and outstanding remittances tracked.
AML Documentation
Financial records integrated with KYC files supporting STR preparation and regulatory examinations.
Forex Positions
Currency exposure tracked with realized and unrealized gains calculated per CBUAE requirements.
Regulatory Reporting
Periodic returns, capital adequacy reports, and statistical submissions prepared from your books.
Our Process
Engagement Approach
Onboarding MSB clients requires understanding your license category, transaction volumes, correspondent relationships, and the specific CBUAE reporting obligations attached to your operations.
Regulatory Assessment
We review your CBUAE license, transaction types, correspondent arrangements, and current compliance documentation.
Systems Configuration
Our team implements transaction recording, correspondent reconciliation, forex tracking, and regulatory reporting templates.
Ongoing Compliance Support
Daily transaction processing, periodic regulatory filings, examination preparation, and annual audited financial statements.
Let’s connect
Need Assistance?
Have a project in mind or questions about our services? We’re here to assist you every step of the way. Reach out to us anytime!
Location
Office No 805-038 Clover Bay, Plot No 42-0 Business Bay, Land DM No,346-454, UAE
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FAQs
Frequently Asked Questions
What records must exchange houses maintain?
CBUAE requires exchange houses to maintain transaction records, customer identification documents, correspondent account statements, and internal reports for at least five years. Records must be retrievable for regulatory examination.
How do accounting systems support AML compliance?
Accounting systems must integrate with transaction monitoring to flag unusual patterns, link financial records to customer KYC files, and generate documentation for STR filings through the goAML portal.
What is the difference between hawala and exchange house licensing?
Exchange houses hold CBUAE licenses in categories A, B, or C with defined permitted activities. Registered hawala providers hold Hawala Provider Certificates with more limited scope focused on personal remittances.
Is currency exchange subject to VAT?
Currency exchange services are exempt from VAT in the UAE. However, fees and commissions charged for remittance services may be subject to standard 5% VAT depending on the service structure.
How are forex gains and losses accounted for?
Exchange houses must track realized gains and losses on completed transactions and unrealized positions on open forex exposure. CBUAE requires daily position reporting for licensed operators.
What accounting support do fintech payment companies need?
Fintech payment platforms require real-time transaction recording, float management accounting, merchant settlement tracking, and regulatory reporting aligned with their specific CBUAE or DIFC/ADGM license conditions.