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Anti-Money Laundering regulations

Updated: Mar 24

goAML Registration deadline is march 31st


Overview


Part of its commitment to combat the ant-money laundering and terrorism financing (AML/CFT), the United Arab Emirates established a system to oversee, control, and collect information on all suspicious practices.


Consequently, certain businesses must register on the designated portal “goAMLbefore 31/03/2021.

It is an obligatory duty under the Federal Decree Law 20 of 2018 and Article 20(2) of Cabinet Decision No. (10) of 2019.




Who should register?

1- Financial institutions and entities carrying the following activities:

  • Receiving deposits, providing banking services, credit facilities, finance, money exchange, electronic payments for retail. Managing means of payments, guarantees, obligations. Dealing in derivatives and securities.

2- Non-financial entities, sectors who conduct the following activities:

  • Brokers and real estate agents

  • Dealers of precious metals and precious stones

  • Lawyers, notaries, Independent accountants and auditors

  • Trust and corporate service providers (company formation, director services, secretary services, providing work address, nominal shareholding)


General obligation

As the compliance requirements in this regard are increasing globally and locally, it is highly recommended for all business to have a strategy and policy to combat the AML/CFT activities.

  • Regardless of your company’s activities and size, you are highly advised to:

  • Have a written policies, procedures in place.

  • Establish a Know Your Customer procedures (KYC)

  • Apply high Customer due diligence (CDD) measures.

  • Adopt risk management framework.


Obligations for registrants

Identification and assessment of AML/CFT risks

  • Mitigation of risks by establishing policies and procedures.

  • Maintain adequate risk-based customer due-diligence and ongoing monitoring procedures.

  • Identifying and reporting suspicious transactions

  • Establishing an adequate governance framework for AML/CFT including appointing an AML/CFT compliance officer, and ensuring staff screening and training

  • Maintaining adequate records related to all the above

The ultimate purpose of these measures is to establish a reliable paper trail of business relationships and transactions, and to trace the true beneficial ownership and movement of assets.


How to register?

The registration to the system (goAML), has to stages:

For the complete guides, follow the links above, or check the MOE page here


Audiix offer free support to help you to register, please feel free to email: elsir@audiix.com, or Whatsapp: 0564641551


Failure to register on goAML may result in severe penalties invoked by the Ministry of Economy. The Ministry urge concerned businesses to treat this as a matter of priority and complete the registration application to ensure access to the goAML system before 31/03/2021.


How we can help!

  • Registration to goAML (free service)

  • Assessment and identification of risks pertaining to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

  • Drafting and implementing the (AML/CFT) governance framework, policy, and procedures

  • Train the compliance officer and the staff on the AML/CFT) policies and procedures.


Let’s chat

For further discussion on compliance, tax, and accounting, please contact us:

hello@audiix.com - 04 483 55 66 - 056 464 1551


Disclaimer

Please note that the information contained in this website is provided for informational purposes only and is not intended to replace an accounting, tax, financial or professional advice. Please seek professional advice before making any decision. We assume no liability or responsibility for any errors, omissions, or inaccuracy in the content of this website.

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