AML / CFT in UAE: Everything You Need To Know About goAML System
If we make a list of buzzwords that generated much attention in recent times among investors in the UAE, ‘goML’ would definitely take the top slot. Originally developed by the United Nations (UN), the goAML platform was rolled by many countries to fight the serious crime of money laundering and financing of terrorism. The UAE in 2019, became the first GCC country to launch the goAML platform, asserting its commitment to bolster the AML / CFT regulations.
In this background let’s pledge our commitment towards fighting money laundering by exploring further the goAML platform in the UAE. Read ahead.
What is meant by goAML?
The goAML is a fully integrated software developed by the United Nations Office on Drugs and Crime (UNODC) to be used by financial intelligence units across the world to curb money laundering and terrorist financing. As per the UNODC, more than 50 Financial Intelligence Units around the world are part of the system at present. Such units use and analyse the data recorded in the system to control and prevent money laundering crimes.
Significance of the goAML Platform
The Financial Intelligence Units receive process and analyse reports made by financial institutions and Designated Non-Financial Businesses and Professions ( DNFBPs) according to the requirements of domestic anti-money laundering laws and regulations. Such information and reports are recorded in the goAML platform that can form the basis for investigations into money laundering, terrorist financing and other serious offences. The goAML helps in data collection, management, analytical, document management, workflow and statistical needs of any Finance Intelligence Unit.
Further, the registered users can access the latest information and updates regarding the list of targeted financial sanctions that are available on the platform. The goAML platform has the provision of automatic notifications with which the registered users get emails on any updates on the sanctions list or mandatory compliance requirements. Top AML consultants in Dubai can help businesses to know further about the platform.
Who All Must Register in the goAML Platform?
In the UAE, all entities regulated by the Central Bank or other financial authorities are required to register in the goAML platform. This means financial institutions under the Insurance Authority, the Securities and Commodities Authority, Abu Dhabi Global Markets and the Dubai Financial Services Authority are required to register in the system. However, the list of UAE entities that must register in the goAML system doesn’t end with the financial institutions.
All the DNFBPs such as Gold & other Precious Metal traders, Real Estate Agents, Corporate Service Providers and Auditors are also required to register in the goAML system. The DNFBPs are non-financial businesses that are at higher risk of money laundering and terrorist financing. In the UAE, the DNFBPs are controlled by the Ministry of Economy for AML / CFT purposes. The DNFBPs was given a deadline on 30 April 2021 to register on the system. The Ministry of Economy had conducted inspections in April to check whether the entities have complied with the mandatory requirements. Hefty fines up to AED 1 million were announced on DNFBPs that fail to comply with the AML / CFT regulations.
Documents / Information Required for goAML Registration
First of all, the entities are required to identify the nominated Compliance Officer / Money Laundering Reporting Officer in their firm. If an entity doesn’t have such an officer, then the Managing Director/COO/CFO of the firm can register in the goAML platform. They should have the following documents,
- Valid and active e-mail address for the Nominated Person
- An active mobile number (UAE or international number is accepted) for the Nominated Person
- All supporting documentation for the firm and the nominated person prepared in a consolidated PDF file
- Authorisation letter from the institution
- Information of nominated person should be provided as Admin and user in the system
- Valid Passport Copy
- Valid Residency VISA Copy
- Valid Emirates ID.
- Valid commercial trade license
Have Any Queries on goAML? Jitendra Chartered Accountants can Help You
As the AML / CFT regime is tightening in the UAE, businesses need expert assistance in arranging records and supporting documents to enable registration on the goAML platform and submission of reports. Considering the hefty fines, the businesses need the assistance of AML consultants in Dubai such as Jitendra Chartered Accountants (JCA) who can guide them in establishing the AML related compliance procedure activities in their organization in line with the applicable rules and regulations.
JCA has a highly qualified team that help banks, DNFBPs and other financial institutions to implement a robust AML system within their organisation. JCA can provide services such as developing a compliance policy and procedures, reviewing current AML policy, implementing AML/ KYC/ CFT Plan and framework, AML audit and reporting, help with due diligence frameworks and process implementation imparting AML training to the employees.