What is goAML? How to register your business on goAML portal?

Get all the latest information on the goAML law, how to comply, use the goAML registration portal, and if your business falls under the DNFBP category in UAE.

Latest update on goAML in UAE

11 April 2021:

• The Ministry of Economy has extended the date of goAML registration to 30th April 2021. (Registrations are still being accepted by the MoE) 
• To avoid non-compliance penalties, all DNFBP should register on the goAML system before the due date.

Know everything about AML compliance and goAML Registration in UAE

Introduction to goAML Law

In efforts to tighten the AML regulations, the UAE has launched the goAML portal for specified businesses to register before the 31st March, 2021. It is imperative that entities falling under the scope of the Cabinet Decision expedite the registration process on the goAML platform. This needs to be done in order to avoid penalties and sanctions.

Understanding Money Laundering

Money laundering is defined as any financial or banking transaction aimed at concealing or changing the source of illegally obtained funds, by passing it through the financial and banking system in order to make it appear as originating from legitimate sources, and then re-pumping and investing it illegally.

About the AML Law

UAE has promulgated a law on Anti Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations (AML Law) (No. 20 of 2018). The AML Law introduced numerous recommendations of the Financial Action Task Force (FATF) that enhances the effectiveness in identifying and preventing attempts at money laundering and terror financing.

Designated Non-Financial Business & Professions

Registration of Designated Non-Financial Companies on goAML Portal is Mandatory 

The AML Law imposes compliance obligations on Designated Non-Financial Businesses and Professions (DNFBP). The Ministry of Economy has listed the following businesses (DNFBP) that need to register in the anti-money laundering system (goAML portal):

• Brokers and Real Estate Agents
• Dealers of Precious metals and precious stones
• Independent Auditors and Accountants
• Independent Corporate Service Providers

The businesses (DNFBP) also need to register in the automatic reporting system for sanctions list under the Committee for Commodities Subject to Import and Export Control. Failure to register before 31 March 2021 could attract financial penalties (AED 50,000 to AED 5 million) and could also result in revocation of the license.

Steps to register your business on the goAML portal

1. Register in the protection system (SACM) of the goAML portal and get a username. 
2. Get the password from the Google Authenticator app and use it to access the goAML portal.

Registration on the goAML platform is free. Get in touch with our consultants to ensure successful goAML registration and AML compliance. Or, simply go to the GoAML registration link (here) and contact us for any questions.

Before you register for goAML in UAE, you need to:

• Identify the Nominated Compliance Officer/Money Laundering Reporting Officer (“Nominated Person”) of your company
• Have a valid email address and A valid mobile phone number (UAE or international) for the Nominated Person 
  
  

Documents required to register your business on the goAML portal

The supporting documents required to register your business on the goAML portal in the UAE are:

• Authorization letter from the institution you represent
• Copy of your passport, resident visa, and Emirates ID
• Copy of the commercial trade license (for companies)
• The password for the SACM protection system. To get this, download the Google Authenticator application on your phone.

Updated - 11 April, 2021

The Ministry of Economy has extended the date of goAML registration to 30th April 2021.

To avoid non-compliance penalties, all DNFBP should register on goAML system before the due date.

Learn more about the AML Law in UAE. Here are some useful links to official websites for more information on how to comply with the AML regulation in UAE:

• Ministry of Finance
• Central Bank of UAE - AML / CFT
• The Ministry of Foreign Affairs and International Cooperation
• Financial Intelligence Unit
• Ministry of Community Development
• General Authority of Islamic Affairs & Endowments (GAIAE)
• Committee for Goods & Materials subjected to Import & Export control
• goAML Registration Portal
• Guidance Document for LFIs (Licenses Financial Institutions)
  
  

Regulatory Compliance - AML Law in UAE

The relevance of conducting annual audits has become all the more essential in the wake of increased regulatory compliances in the UAE. It may be difficult for businesses to navigate the strains of regulatory compliance, along with ensuring the credibility of financial statements.  

We are here to help your business align with the latest developments in the Anti Money Laundering framework in UAE.

Our advisory team can assist your business in:

• AML Compliance
• Ultimate Beneficial Ownership (Find out More: Link to Blog) 
• Economic Substance Regulations Reporting (Find out More: ESR in UAE)
• VAT Advisory & Audit (Find out More: VAT in UAE)

KPI's expert advisory team can assist you with meeting the latest regulatory requirements and avoiding penalties.