goAML is implemented by the UAE to protect against all kinds of money laundering preventing all suspicious financial transactions. In this blog, I will give you an overview of goAML & how you can register yourself.
goAML is used by more than 50 countries worldwide, it is an integrated portal that is used to identify & file suspicious transaction/activity reports.The main purpose of the goAML is to ensure that there is a uniform platform to fight money laundering & terrorist financing.
goAML allows the Financial Intelligence Unit (FIU) to gain knowledge based on suspicious financial activities. The platform takes care of all the data collection, management, analytics & workflow requirements by the FIU, UAE. The platform was developed via a partnership between ITS and UNODC.
Who has to register with the goAML system in the UAE?
As per the AML law, the following are the businesses that need to register with the goAML portal:
- All Financial institutions
- Non-Financial Businesses/Professions
- Virtual Asset Service Providers
Which documents are required?
The following are the documents required for the goAML registration:
- Company documents
- Copy of Passport
- Copy of resident Visa along with Emirates ID
- Copy of commercial trade licence
What are the different types of goAML?
As per the instructions from the UAE Financial Intelligence Unit(FIU), there are three types:
- Reporting Entity
- Stakeholders
- Supervisory Body
All financial institutions, non-financial businesses/professions, and virtual asset service providers have to register as reporting entities.
Why is goAML registration necessary?
All the reporting entities in the UAE have to register with the goAML portal to submit all suspicious transactions reports & other reports to the financial intelligence unit or EOCN(Executive Office for Control & Non-proliferation).
Also, all registered authorities received constant notification from the authorities regarding the updates in the goAML portal.
All the businesses dealing in precious metals and stones need to file DPMSR, whereas all the real estate brokers & lawyers need to file REAR.
The financial institutions and virtual asset service providers need to file the
Funds Freeze Report (FFR) and Partial Name Match Report (PNMR) via the goAML portal. Also, the High-Risk Country Report (HRC) and High-Risk Country Activity Report (HRCA) are submitted through the goAML portal.
All the entities can register directly to the GoAML portal.
What happens if a business does not register with goAML?
All the FIs, VASPs, and DNFBPS need to register to the goAML portal, and it is obligatory to have all the procedures to ensure that all suspicious transactions are reported under the Anti-Money laundering.
Any business that fails to register for goAML will be considered as an act of failure to ensure all necessary procedures for Suspicious transaction filing. It is a criminal offence under UAE laws including administration penalties of up to AED 5,000,000.
How to register for the goAML portal in UAE?
Registering yourself on goAML is a simple process. There are two stages of registering to the goAML portal.
Stage 1:
You have to register to get yourself a username and a secret code to access the Google authenticator application from your mobile phone.
Once you have completed stage 1, you will receive an email with a username to access the service page of the Financial Intelligence Unit, UAE.
With the username provided in the email, you have to access the address: https://services.uaefiu.gov.ae.
Secret Key: To obtain the secret code you have to download the Google Authenticator app on your smartphone, which will show you the unique passcode specifically for your username. The secret key is a 6-digit code on the Google Authenticator application.
Stage 2:
After you have successfully logged into FIU’s services portal, you have to register your business with all the necessary details such as name, compliance office, nature of business, etc.
Once you have registered your entity with the GoAML platform, then you will receive an email on your registered email address showing the status of the application showing whether the entity is registered on FIU’s goAML portal.
Note: In case you do not receive the email OTP in Stage 1, then you can send an email to [email protected] to resend your OTP.
