Updated : 2 years ago
Published : 05 Apr 2021
TABLE OF CONTENTS
TABLE OF CONTENTS
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:
Know everything about AML compliance and goAML Registration in UAE
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.
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.
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.
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):
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.
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:
The supporting documents required to register your business on the goAML portal in the UAE are:
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:
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:
KPI's expert advisory team can assist you with meeting the latest regulatory requirements and avoiding penalties.