GoAML requirements in Dubai, UAE and how to get certified

GoAML requirements in Dubai, UAE and how to get certified - Makebiz

The goAML system in UAE is an anti-money laundering initiative by the government in the region to comply with international standards of financial transparency. Let’s tell you more about this platform and how to register on it.

The goAML platform is used to collect, manage and analyze financial data. It enables the fight against money laundering and terrorist financing. In the Emirates, the use of the portal is mandatory for several industries, including financial institutions and certain non-financial businesses and professions. For example, brokers, lawyers, independent accountants, etc. You can read more about the need to comply with this requirement in Federal Law No. 20 of 2018. 

It is important to understand the peculiarities of the legislation in this area and make sure that your activity is not mandatory for registration in the goAML system. Makebiz specialists will help you with this. 

Establishments from the industries on the list are required to conduct more detailed due diligence on their clients and counterparties and to keep suspicious activity reports. Failure to comply with these requirements carries hefty fines of up to Dh5 million or imprisonment. 

The Financial Monitoring Authority monitors incoming information, identifying suspicious activities and preventing money fraud. The portal acts as a kind of information repository, allowing to create a single ecosystem with transparent information on finances. 

Any company can also register on the portal voluntarily to improve its risk management system or to demonstrate its commitment to transparency and financial integrity. This helps build credibility and reputation for the organization.

A notable feature of goAML is its real-time reporting and monitoring capability. This feature allows users to send Suspicious Transaction Reports (STRs) electronically, ensuring that potential threats are quickly identified and addressed. Portal data is securely protected by security, ensuring that all transmitted data is kept confidential and protected from unauthorized access. The platform includes advanced risk assessment features that enable companies to effectively assess and mitigate the threat of financial crime.

The process of registering and working with the portal includes the following steps:

1. Registration on the goAML and Financial Intelligence Unit website. After verifying the completion of forms, authorized employees of the company will get access to the personal account.

2. Training of employees in the basics of AML policy, working with the portal, recognizing financial threats, processing suspicious and currency transaction reports.

3. Implementing AML policies in accordance with UAE legislation. For example, set up KYC procedure for customer identity verification, enhanced due diligence (EDD) in case of more serious financial transactions. It is important to keep transaction information, customer identification and reports for five years.

4. Regularly assess the effectiveness of the system for risk management and threat recognition. It is necessary to identify weaknesses in a timely manner, adjust programs and cooperate with the UAE Financial Monitoring Authority.

The goAML certification has several benefits for businesses: improved reputation, increased customer confidence, easier cooperation in the international market, reduced risk of legal sanctions, and strengthened internal controls within a particular organization. Companies must not only implement initial compliance measures, but also ensure their continued effectiveness. This involves regular updates to policies and procedures, ongoing employee training, and continuous monitoring of transactions and customer activity.

In a global economy, goAML certification ensures the transparency of your operations, enhancing your reputation and position in a competitive financial marketplace. 

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