GoAML Registration in the UAE

 


 It is the basic legislative framework that criminalizes money laundering and terrorist financing operations and capitalizes on the effectiveness of the legal and institutional framework in the implementation of procedures and measures that contribute to anti-money laundering efforts and combating the financing of terrorism and illegal organizations.

GoAML is a software, designed as a solution against terrorism financing, money laundering, and other misuses of financial means, developed specifically for FIU. It is important to note that GoAML is governed by the Ministry of Economy (MOE) of the UAE which, in turn, reserves the right to conduct enhanced audits of the entities. This falls under the scope of applicability of this regulation. Such audits may include:

  • AML/CFT Policies and Procedures
  • Internal risk assessments
  • Periodical AML/CFT reports
  • Red flags policies on suspicious transactions
  • PEP identification protocols

The software was first developed by the United Nations Office on Drugs and Crime (UNODC), which is now centralized and counts around 50 Financial Intelligence Units globally.

Designated Non-Financial Businesses (DNFBPs):

All suspicious transaction reports (STRs) are to be submitted to the Financial Intelligence Unit (FIU) using the goAML portal. Registration on the portal is mandatory for all relevant persons including Designated Non-Financial Businesses (DNFBP’s). Designated Non-Financial Businesses (DNFBP’s) is a firm that conducts one or more of the following activities:

  •  Real Estate agent involved in buying and selling of real estate;
  • Dealers of precious metals and stones;
  • Company service providers;
  • Auditors and accountants; and
  • Law Firms.
Penalties:

MOE may impose administrative penalties for any violation up to but no limited to a financial penalty of AED 50,000 and not more than AED 5,000,000.

Consult Averyx Group on procedure for registration and other reporting requirements!

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