GoAML (Governments Online Anti-Money Laundering) is the platform used by the UAE Financial Intelligence Unit (FIU) for managing and reporting suspicious activities related to money laundering and terrorist financing. This guide provides an overview of the GOAML registration process.
Who Needs to Register
Entities required to register for GOAML include:
- Financial Institutions: Banks, insurance companies, investment firms, etc.
- Designated Non-Financial Businesses and Professions (DNFBPs)
According to Article 3 Cabinet Decision No. (10) of 2019, a DNFBP is a firm that conducts one or more of the following activities.
- Real Estate agent involved in buying and selling of real estate.
- Dealer of precious metals and stones.
- Company Service Providers.
- Auditors and accountants.
- Legal Consultancy Firms (Except for Lawyers and Notary Publics)
Steps for GOAML Registration
- Gather Required Documents
- Proof of business registration.
- Identification documents for the compliance officer or authorized signatory.
- Any other documents as specified by the UAE Financial Intelligence Unit (FIU).
- Access the GOAML Portal
- Visit the official GOAML portal through the UAE Financial Intelligence Unit (FIU) website.
- Complete the Registration Form
- Fill out the online registration form with the required details about your business or professional entity.
- Provide information on your AML/CTF compliance officer.
- Submit Your Application
- Upload the completed registration form and required documents through the GOAML portal.
- Await Approval
- The FIU will review your application. You may be contacted for further information if needed.
- Receive Access Credentials
- Upon approval, you will receive login credentials to access the GOAML system.
Process to Comply with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Regulations in the UAE–
Establish Policies and Procedures: Develop and implement comprehensive AML and CTF policies and procedures tailored to your business activities. This includes setting up internal controls to detect and prevent financial crimes.
- Conduct Customer Due Diligence (CDD): Verify the identity of your clients through thorough due diligence processes. Assess the risks associated with each client and monitor transactions for any unusual or suspicious behavior.
- Implement Transaction Monitoring: Regularly monitor and review transactions to identify and report any activities that may be indicative of money laundering or terrorist financing.
- Report Suspicious Activities: Report any suspicious transactions or activities to the UAE Financial Intelligence Unit (FIU) promptly, following established reporting procedures.
- Provide Staff Training: Ensure that all employees receive regular training on AML and CTF regulations and the company’s internal procedures. This training should help staff recognize and respond to potential red flags.
- Maintain Records: Keep accurate and up-to-date records of customer transactions and due diligence processes. These records should be readily accessible for review by regulatory authorities.
- Conduct Regular Audits: Perform periodic audits of your AML and CTF compliance program to ensure its effectiveness and make necessary adjustments based on regulatory updates and audit findings.
- Seek Professional Advice: Consult with legal and compliance experts to stay informed about regulatory changes and receive guidance on maintaining effective compliance practices.
Penalty for Non -compliance-
Non-compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations in the UAE can result in substantial penalties. Fines for violations can range from AED 50,000 to AED 1,000,000, depending on the severity and nature of the breach. Additionally, businesses may face operational restrictions, reputational damage, and legal sanctions. In severe cases, criminal charges may be pursued. Ensuring compliance with AML and CTF regulations is essential to avoid these serious repercussions and protect your business’s reputation and operations.
