Anti-Money Laundering in Dubai (UAE): An Overview and Registration Process - Marque way
 

Anti-Money Laundering in Dubai (UAE): An Overview and Registration Process

April 26, 20210

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Anti-Money Laundering in Dubai (UAE): An Overview and Registration Process 

 

Dubai is one of the most affluent financial hubs in the United Arab Emirates. It plays host to a wide range of business activities. The establishment of banking and financial institutions across the region has made it an attractive business centre globally. 

This has resulted in the establishment of the Anti-Money Laundering Department that works to enforce Anti-Money Laundering and Combating Financing of Terrorist (AML/CTF) legislation. This allows the officials to prevent activities such as the laundering of money for personal gains or the stealing of wealth to finance terrorist activities or unlawful activities.

As the owner of Designated Non-Financial Businesses and Professions (DNFBP’s), you must register on a “goAML portal” before 30 April 2021.  

It is your obligatory duty under the Federal Decree Law 20 of 2018 and Article 20(2) of Cabinet Decision No. (10) of 2019 to have procedures in place to report suspicious transactions to manage anti-money laundering (AML) and counter-terrorist financing (CFT). 

Please remember! Failure to register on goAML may result in severe penalties invoked by the Ministry of Economy, such as fines ranging from 50,000- 5 million AED and/or suspension or cancellation of your license. 

 What is the goAML System?

It is an internationally approved electronic system to collect and analyse 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 to monitor trends during analysing reports of suspicious activities and transactions to reduce potential threats at a more efficient rate and potency.

Your Business and the goAML System

The legal person (the company) is obligated to register in the goAML system of the Financial Intelligence Unit (FIU). It is a requirement for effective enforcement of legislation to eliminate money laundering and terrorist financing through receiving suspicious transactions reports.

In addition to this, the goAML system has many advantages. After analysis and regular monitoring, it notifies institutions and sends them the following data:

  • Suspicious Transaction Reports (STRs) in a more secure way
  • Information requests from the unit in an efficient and rapid manner
  • Information on how to reduce the cost of sending suspicious transaction reports (STRs)

How to Register in the goAML System?

To register on the goAML portal, you should go through two mandatory stages:

 Stage 1: Pre-Registration Process, Secret Code, Google Authenticator 

  • You can access SACM (Services Access Control Management) through https://eservices.centralbank.ae/sacm 
  • A secret code will be provided to you or the registering person at the end of this pre-registration process subject to the due diligence conducted by the UAE FIU for the Supervisory Bodies. It is imperative that you provide proper details in the first instance.
  • You will have to download and install Google Authenticator to ensure that your documents get the verification and approval (or rejection) of the confirmed intent by the supervisory body.

Kindly Note: 

  • You will not be able to open the goAML portal page without successfully passing through the SACM portal. 
  • You will have to enter the username that you will obtain from the registration stage of the SACM protection system and the password from the Google Authenticator application.

 Stage 2 A: Registration Process on goAML as an Organization 

  • On the Navigation bar, you can navigate to the Register link and then click on “Register as new Organization”. The “Register as new Organization” page will subsequently open with the following form headings that need to be captured. 
  • Registration Type

The Registration Type menu has three options to select from, which are: 

  1. Reporting entity  
  2. Stakeholder  
  3. Supervisory Body
  1. Registering Organization
  2. Registering Person
  3. Attachments
  • You can fill in the subsequent details asked.
  • Once your registration gets approved, the you (or the reporting entity) will receive the Organizational ID. You can share this with users within the organization who are authorized to use the system.

 

Stage 2 B: Registration Process on goAML as a PERSON: 

  • On the Navigation bar, you can navigate to the Register part of the homepage and then click on “Register As Person”.
  • Once the registration form expands, you must list the correct goAML Org ID in the Organization ID field in order to be able to submit the registration. The reporting entity admin/MLRO will subsequently accept or reject the request.
  • You can fill in the subsequent details asked.
  • Once your registration gets approval, the you (or the reporting entity) can share the Organizational ID with users within your own organization who are authorized to use the system

Before registering for the two stages, you must prepare the following documents:

  • Authorization letter from the institution you represent (download the form).
  • A copy of the passport, resident VISA, Emirates ID.
  • A copy of the commercial trade license (for companies).

Kindly Note: All documents must be added in one attachment with a total size less than 5MB.

Choose Marque Way to Ease Your goAML Registration Process 

Registering your company/business on the goAML system couldn’t be easier. All you need is an expert consultant’s assistance and support to help you procure, authenticate and enlist your documents to hasten the registration process. At Marque Way, we provide high-end guidance to complete the procedures and start your business effortlessly. Our extensive business setup packages will help you start from scratch and leap ahead. Get in touch to know more.  

 

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