The ICB never wants you to worry about the goAML registration process. We’re here to support you with the AML registration process. We will make sure to take care of all your registration requirements, and we will gladly do it on your behalf.
In accordance with Federal Decree Law No. (20) of 2018 and Cabinet Decision No. (10) of 2019, it is obligatory to establish effective processes and systems for designated entities to report suspicious transactions linked to money laundering and terrorism financing. Registration on the goAML portal is a prerequisite for designated entities to submit any reports to the UAE FIU. Through the goAML portal, these entities play a crucial role in assisting regulatory authorities in the identification of financial crimes and suspicious activities. Failure to register on the goAML Portal would result in non-compliance with AML reporting requirements, leading to substantial penalties imposed by the UAE FIU
It is crucial to understand what goAML does in UAE financial set up to realize how important goAML registration UAE is.
To prevent financial crimes, certain businesses in the UAE need to sign up for anti-money laundering (AML) registration. In Dubai, companies use the advanced goAML Dubai platform to tackle money laundering and follow the rules. Organizations under AML regulations in the UAE must submit reports through goAML, covering Suspicious Activity Report (SAR) and Suspicious Transaction Report (STR) to the Financial Intelligence Unit (FIU) and regulatory authorities. So, all businesses regulated by AML rules must sign up on the UAE FIU’s goAML Portal.
If your company conducts consumer transactions involving the purchase or sale of real estate property. Real estate brokers and agents, for example.
If you offer professional advice and assurance to third-party companies on financial or business concerns. For instance, accounting professionals, auditors, and so on.
If you are a precious metals or precious stone producer, an intermediate purchaser or broker, a gemstone cutter and polisher, a precious metal refiner, or a jewellery manufacturing company that sells precious metals and gemstones to the public or buyers and sellers in the secondary and scrap markets. It included gold, silver, platinum, diamonds, and other precious metals.
You are engaged in the distribution of third-party company formation or business administration services. For instance, corporation or legal person creation, provision of third-party services, business administration, provision of registered business address services, and so on.
If your organization provides legal advice solely and is not involved in any legal proceedings. You do not need to register with the Ministry of Economy if you are already registered with the Ministry of Justice.
Does your firm come under designated non-financial business and professions (DNFBPs)
All DNFBPs were required to create an account on the goAML platform. The goAML site provides a unified platform for filing Suspicious Transaction Reports and Suspicious Activity Reports. To handle anti-money laundering, protocols for reporting suspicious transactions must be in place (AML). This approach enables businesses to assist authorities in identifying criminal and questionable conduct. Failure to register on goAML may lead to significant penalties imposed by the Ministry of Economy.
If your company was established in the UAE after that original deadline, you should register on the goAML system once you get your Commercial or Trade License. It’s important for all regulated organizations to complete their AML registration in the UAE.
If you already have a company in the UAE, you had to register with the FIU goAML portal by April 30, 2021. But if you’re starting a new company, you can still register, and it’s important to do it soon.
Penalties for failing to complete its goAML registration?
Failure to register with the FIU goAML Portal may result in fines ranging from AED 50,000 to AED 1 million for the non-compliant entity.
Steps for UAE goAML Registration
What documentation is necessary for the registration process in goAML?
By partnering with ICB Tax Consultancy for your AML registration needs, you can be confident that your organization is equipped to meet regulatory standards, protect against financial crime, and uphold a reputation of integrity in the marketplace. Our experienced team is dedicated to ensuring that your AML compliance journey is smooth and efficient.
Our team makes it all happen. With years of experience in this field, ICB follows all procedures stringently, leaving no room for error. goAML registration makes all your economic activities open to scrutiny and ICB ensures transparency in its reporting, recording, and processing, thus keeping the whole goAML experience user- friendly for our customers.
