WHAT IS GOAML
Goaml is the new anti-money laundering platform was released by Financial intelligence Unit of United Arab Emirates, and is created by united nations offices on Drugs and crime (UNODC)to control organized financial crimes. It can defined as any financial or banking transactions aimed at concealing or changing the identity of illegally obtained funds by passing them through the financial and banking system in order to make them appear as originating from legitimate sources, and then re-pumping and investing them in a legal manner contrary to their real nature.
The ministry of economy launched an expanded awareness and monitoring campaign in the beginning of feb 2021 to encourage the business sector and specific non-financial professions registered in the UAE to register in the system of financial intelligence unit (goAML) and also extended to register in the goAML before March 31.
The Ministry of Economy as the Regulator of the following sector
1. Real estate brokers and agents
2. Dealers in of precious metals and stones
3. Account Auditors
4. Company Service Providers
According to the above legislation, you must do the following:
Appointing a compliance Officer
The legal person shall be responsible for compliance and must be employed by a legal person and also must have appropriate competence and experience, that person should tasked with undertaking on behalf of the legal person or the company to provide all relevant data, procedures to fulfill the requirement of (AML/CFT) legislation.
Performing the due diligence measures
It is the process of identifying or verifying the information of the client or the beneficiary owner , whether he is a natural or legal person or a legal arrangement , the nature of his work , the purpose of the business relationship , the ownership structure and the control over it for the
purpose of implementing Federal Decree Law No (20) of 2018.
Reporting suspicious transactions
In the event that customer due diligence procedures and measures taken and there were suspicious in any form, the compliance officer must submit the suspicious transaction reports to the FIU through the goAML system. Establishments of DNFBPs and their directors, officers and employees must not disclose, directly or indirectly, to the client or any other person that they reported, or they are about to report about suspicious transactions or information and data related to them, or that there is an investigation thereof, for the purpose of Customer not to be alert.
Register in the goAML System
Registration in the goAML system is a prerequisite for submitting suspicious transaction reports (STRs). - Definition of the goAML system: it is an internationally approved electronic system to collect and analyze financial and non-financial information to confront money laundering and combat the financing of terrorism. It enables the Financial Intelligence Unit (FIU) in the United Arab Emirates with better monitor trends during analyzing reports of suspicious activities and transactions to reduce potential threats at more efficient rate and potency.
For goAML registration contact us on 0529130138 or email us on [email protected]
To know more about the system and how to register, please click on the following link: