Anti-Money Laundering Measures in the UAE: Essential Guide

Anti-Money Laundering Measures in the UAE

Recently, GoAML has grabbed the attention of investors in the UAE.  The platform was developed by the United Nations Office on Drugs and Crime (UNODC). This system was rolled out by many countries to combat organized financial crime such as money laundering and terrorism financing. In 2019, the UAE became the first GCC country to launch the GoAML platform.

What is GoAML?

The GoAML system is a fully integrated software developed by UNODC. This system is used by different Financial Intelligence Units (FIUs) globally to collect information and intelligence on suspicious transactions involving money laundering, terrorist financing, and other misuses of financial means; and to curb different financial crimes.  

Anti-Money Laundering Policies in the UAE

The UAE has mandated implementing AML Policy rules and regulations and introduced the AML-CFT Program. This includes strict penalties and deterrence in the form of imprisonment. Non-compliance with AML laws attracts heavy penalties and jeopardizes the company’s reputation in the long run. We recommend hiring an expert to avoid the risk of non-compliance and keep the business AML compliant.

Companies that don’t adhere to the AML rules and regulations face significant consequences of non-compliance, which include hefty fines. It can ruin their business and damage their goodwill in the market. The primary reason why companies face heavy losses is a need for more awareness and knowledge of AML laws. 

Importance of GoAML Platform in the UAE

The Financial Intelligence Units globally receive, process, and analyze the reports made by financial institutions and non-financial businesses and professions. These reports are prepared according to the requirements of the domestic anti-money laundering laws and regulations. The reports are logged in the GoAML platform, which provides the basis for investigating crimes such as money laundering, terrorist financing, and more. The software helps in data management, analytical management, data collection, workflow, and statistical needs of any Finance Intelligence Unit.

The registered users can easily access the latest information and updates about the targeted financial sanctions available on the platform. The registered user receives automatic notifications via email. 

Who should register on the GoAML Platform?

All regulated businesses in the UAE must fully recognize the importance of registering with the GoAML system and comply with its requirements. This is mandatory for all Financial institution (FIs), Virtual Asset Service Providers (VASPs), and Designated Non-Financial Businesses and Professions (DNFBPs) which are Dealers in precious metals and stones; Real-estate agents and brokers; Trust and Corporate service providers; Lawyers, notaries and independent legal professionals; and Independent accountants and auditors, and businesses which are at high-risk of financial crimes such as money laundering and terrorist financing. 

Documents & Procedure for GoAML Registration

Companies are required to identify the compliance officer or reporting officer in their organization. If there is no designated officer, then the Chief Operations Officer (COO) or Managing Director of the company can register on the GoAML system.

For registration, the following documents are required:

  1. An active and valid email address of the nominated person.

  2. An active mobile number (UAE or International) of the nominated person.

  3. Consolidated PDF file with supporting documentation of the firm and the nominated person.

  4. Authorization letter from the institution.

  5. Valid Passport Copy.

  6. Valid Residency VISA Copy.

  7. Valid Emirates ID.

  8. Valid Commercial Trade License.

  9. Google Authenticator application on your phone.

Why Choose My Business Consulting DMCC to comply with Anti-Money Laundering Laws in the UAE

Experienced professionals in the My Business Consulting DMCC compliance team can provide guidance on the optimal structure for your business and assist you with Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) compliance and policies, ensuring efficient business management. Get in touch with our experts for a consultation.