GOAML Registration
KWS Fintech Services is one of the leading independent specialist VAT firms in the 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
Register in the protection system (SACM) of the goAML portal and get a username.
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.