GoAML Reporting in UAE

Regulated businesses are required to meet various goAML reporting requirements in the UAE. Jitendra Chartered Accountants (JCA) provides the best goAML reporting services in Dubai, enabling you to meet the regulatory requirements and avoid penalties for non-compliance.

The reports that need to be submitted on the goAML portal depend on the nature of the transaction, suspicious transactions or activities, business activities of the reporting entity, etc.

What is goAML in the UAE?

The UAE’s Financial Intelligence Unit (FIU) has implemented a software called goAML to control and prevent money laundering and terrorist financing (ML/TF). FIU uses the goAML software to gather data about suspicious transactions related to ML/TF.

Regulated entities must register in goAML and submit certain reports to ensure compliance with the UAE AML Laws. Our AML advisers in Dubai can help you navigate the challenges of goAML reporting.

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Businesses that Need goAML Reporting in the UAE

The following regulated entities are required to meet the regulations of goAML reporting:

Financial Institutions (FIs): Banks, exchange houses etc.
Virtual Asset Service Providers (VASPs): Entities such as crypto exchanges, crypto-ATM services etc.
Designated Non-Financial Businesses and Professions (DNFBPs): Dealers of Precious Metals & Stones (DPMS), Real Estate Brokers & Agents, Trusts & Corporate Services Providers and Auditors.
The reports to be furnished on the FIU’s portal depend on the nature of the transaction, suspicions around money laundering or terrorism financing, the regulated organization’s business activities, the geographies involved, etc.

Our goAML Reporting Services in the UAE

JCA’s highly experienced AML specialists in Dubai can help businesses submit reports such as:

Suspicious Transaction Report (STR): Any suspicious transactions related to ML/TF must be reported while establishing a business relationship or carrying out a transaction
Suspicious Activity Report (SAR): This refers to the reporting of any suspicious transaction related to ML/TF. Attempted or unexecuted transactions must also be reported.
High-Risk Country Transaction Report (HRC): HRCs involve reports about transactions arising from high-risk countries as defined by the National Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC).
High-Risk Country Activity Report (HRCA): HRCAs are reports on activities related to high-risk countries as defined by the NAMLCFTC.
DPMSR: These are reports submitted by a DPMS when it conducts transactions equal to or exceeding AED 55,000 in cash or wire transactions.
Funds Freeze Report (FFR): These reports must be submitted by all FIs, DNFBPs, and VASPs. They should report any freezing measures they undertake after identifying confirmed name matches to the Local Terrorist List or UN Consolidated List through the goAML platform.
Partial Name Match Report (PNMR): PNMR should be submitted by all FIs, DNFBPs, and VASPs. This report is about any suspension measures they have taken after finding partial name matches to the Local Terrorist List or UN Consolidated List through the UAE goAML platform.
Real Estate Activity Report (REAR): REARs must be submitted by all real estate brokers and agents for the:

Purchase or sale of Freehold property/real estate using cash for an amount equal to or exceeding AED 55,000 or more (single or multiple payments)
Purchase or Sale of Freehold property/real estate using virtual asset for a portion or the entire property value
Purchase or Sale of Freehold property/real estate where the funds used to carry out the transaction were converted from or to a virtual asset for a portion or the entire property value