GoAML (Government Anti-Money Laundering) is a system implemented by the UAE government to combat money laundering and terrorist financing activities. Businesses in specific sectors are mandated to register with GoAML and comply with Anti-Money Laundering (AML) regulations.
The following categories of businesses are mandatory to register with GoAML:
- Financial Institutions: Banks, exchange houses, money transfer services, investment firms, insurance companies.
- Designated Non-Financial Businesses and Professions (DNFBPs): Real estate agents, precious stones and metals dealers, lawyers, accountants, auditors.
- Other Listed Sectors: Casinos, money service businesses, dealers in precious metals and stones, courier companies.
Not sure if your business falls under these categories?
What does GoAML Registration Apply To?
GoAML registration applies to all financial transactions conducted by your business. This includes:
- Customer Due Diligence (CDD): Verifying the identity and source of funds of your customers.
- Suspicious Activity Reporting (SAR): Reporting any transactions suspected to be related to money laundering or terrorist financing to the UAE Financial Intelligence Unit (FIU).
- Record-Keeping: Maintaining detailed records of customer transactions and identification documents.
Consequences of Non-Registration
Failing to register with GoAML can lead to severe penalties, including:
- Fines: Up to AED 50,000 (approx. USD 13,613) for initial offenses and higher for subsequent violations.
- Suspension of Business Activities: The Ministry of Economy or your Supervisory Authority may temporarily suspend your business operations.
- Reputational Damage: Non-compliance can negatively impact your business reputation and hinder future business prospects.
Stage 1: Pre-Registration (SACM System)
- Access SACM System: Visit the UAE Ministry of Economy's website and navigate to the "Register in goAML" section. Click on - https://services.uaefiu.gov.ae/sacm/
- Select Registration: Choose "Registration".
- Provide Information: Enter the required details about your business, including: Trade License Number, Name, Supervisory Body Authorized representative information including Email ID, Mobile Number, ID Details, Authorization Letter and then Upload the file.For more details, please check - https://www.moec.gov.ae/documents/20121/376093/English_Short+Form+Guidance+.pdf/f1048efc-aab7-1fcd-11fc-5b78f2b1e7af?t=1630788799103
Important Note: You will receive a username and a temporary password upon successful pre-registration.
Stage 2: Google Authenticator Setup
- Download App: Install the "Google Authenticator" app on your smartphone.
- Add Account: Launch the app and click the "+" icon. Choose "Enter a setup key" and enter the secret key provided during pre-registration.
- Generate Password: The Google Authenticator app will now generate a unique 6-digit code every minute. This code will be used as your password for the goAML portal.
Stage 3: goAML Portal Registration
- Access goAML Portal: Visit the goAML portal and select "System" https://services.cbuae.gov.ae/
- Login: Enter the username received during pre-registration and the current 6-digit code generated by your Google Authenticator app as the password.
- Register Organization: Click on "Register a New Organisation"
- Fill in Details: Provide accurate and complete information about your organization, including: Legal name and business activity Physical address Regulatory authority
- Compliance Officer: Designate a Compliance Officer within your organization and provide their details: Full name, Contact information (email and phone number) Emirates ID copy. Passport and visa copies (if applicable)
- Upload Documents: Attach the following documents in the designated sections: A copy of your valid trade license. Authorization letter designating the Compliance Officer (template available on the goAML portal).
Stage 4: Submission and Approval
- Review Application: Carefully review all the information entered and ensure accuracy.
- Submit Request: Click on the "Submit" button to complete your goAML registration application.
- Reference Number: You will receive a reference number via email for future reference.
- Approval Process: The Ministry of Economy and your designated Supervisory Authority will review your application.
Stage 5: Notification and Next Steps
- Email Notification: You will be notified via email about the approval or any required revisions to your application.
- Unique Org ID: Upon successful registration, you will receive a unique "Org ID" - your goAML identification number.
For any further support or assistance, please feel to reach out on
Disclaimer: This guide is for informational purposes only and does not constitute professional advice. It's recommended to consult with legal or financial professionals for specific guidance regarding GoAML compliance in the UAE.
