goAML Registration in the UAE: What to keep in mind?

What is goAML in the UAE?

To combat organized crime, the United Nations Office on Drugs and Crime (UNODC) created the ‘goAML’ anti-money laundering reporting software application. All financial entities, as well as designated non-financial businesses or professions, must register with ‘goAML.’ The technology will aid the United Arab Emirates’ (“UAE”) Financial Intelligence Unit (“FIU”) in combating money laundering, terrorism financing, and other illegal acts. It allows financial institutions to report suspicious transactions and other relevant information to the relevant FIU in their jurisdiction. By centralizing these reports, goAML helps in the detection and prevention of financial crimes, including money laundering and terrorism financing.

Who is supposed to register with goAML in the UAE?

goAML Registration is mandatory for the following entities, which are subject to the AML laws and regulations of the UAE and the Financial Action Task Force (“FATF”), and are obligated to report any suspicious transactions to the FIUs:

1. Financial Institutions (“FIs”)
2. Designated Non-Financial Businesses and Professions (“DNFBPs”)
3. Virtual Asset Service Providers (“VASPs”)

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Why register on goAML?

1.??????? Compliance:

Registering with goAML is a regulatory obligation for businesses subject to the AML/CTF legislation. Complying with these regulations helps businesses avoid legal penalties and sanctions.

2.????? Enhanced Reporting:

goAML offers a standardized manner of providing reports, which helps to ensure consistency and accuracy. This standardized approach allows for better analysis by FIUs and increases the overall effectiveness of financial crime prevention measures.

3.????? Streamlined Communication:

Through goAML, organizations can communicate directly with their FIUs, making the process of reporting suspicious activities more efficient and transparent.

Steps to keep in mind while registering with goAML in the UAE.

1.??????? Procedure:

It is of utmost importance that businesses make themselves familiar with UAE’s AML/CFT laws and procedures, and keenly understand the FIU requirements such as its operating procedure, documents required, and various other registration requirements.

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2.????? Documentation:

Following documents need to be prepared beforehand-

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·???????? PDF copies of the incorporation certificate / trade licence certificate of the business.

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·???????? Documentation of the business’s anti-money laundering and counter-terrorism financing policies and procedures

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·???????? Details of the Money Laundering Reporting Officer (“MLRO”) / individuals authorised to act on behalf of the business in matters related to goAML.

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3.????? Registration Form:

Visit the goAML registration portal. You will need to complete a registration form with details about your organization, including:

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·???????? Organization Information: Name, address, and type of business.

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·???????? Contact Details: Names and contact information of key personnel.

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·???????? Compliance Information: Details of your AML/CTF policies and procedures.

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4.????? Submission of Application:

Upon the completion of filing the form with the necessary details on the goAML portal businesses must submit the same without unnecessary delay while ensuring that all information is accurate and complete to avoid delays in the approval process.

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5.????? Await Confirmation:

After submission, the application will be reviewed by the FIU of UAE. This process may take some time, depending on the volume of applications and the specific requirements of your jurisdiction. You will receive a confirmation once your registration has been approved.

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6.????? goAML Integration in your business:

Once registered, integrate goAML into your reporting processes. This involves:

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·???????? Training Staff: Ensure that relevant staff members are trained on how to use goAML for reporting suspicious activities.

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·???????? Updating Systems: Modify your internal systems to facilitate the seamless submission of reports through goAML.

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·???????? Regular Reviews: Regularly review and update your compliance procedures to align with any changes in goAML requirements or AML/CTF regulations.

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Consequences of non-registration with goAML in the UAE

Any failure by any FI, DNFBPs, or VASPs to register themselves on the goAML portal is a violation of the AML/CFT regulations of the UAE and would attract administrative penalties ranging between AED 50,000/- and AED 5,000,000/-.

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How Water and Shark Legal can help?

goAML registration and compliance requirements are though very crucial but need stringent and precise method to be followed. All the information so required has to be provided in the manner as requested.

Water and Shark Legal is an eminent AML consultancy and service provider in the UAE for FIs and DNFPBs and is also well-versed with the procedural facet of the AML compliance procedure. We can help your business with registering on goAML and help it stay AML compliant as per the laws and regulations so prevalent in the UAE. For more details, kindly contact us at [email protected] or [email protected]