Why register for AML in UAE?
The Anti-Money Laundering (AML) regulations in the UAE comprise various laws, procedures, and directions intended to monitor and curb the act of money laundering and financial terrorism in the country. The integrated system is used by the Financial Intelligence Unit (FIU) to receive, analyze, and distribute reports on suspicious transactions in a fast and effective manner.
The goAML portal with this regard was introduced for companies to file Suspicious Transaction Reports (STRs) or Suspicious Activities Reports (SARs) and thus help authorities in identifying suspicious financial activities in the country. All financial entities and Designated Non-Financial Businesses or Professions (DNFBPs) must register on this system and failure to register for goAML will result in severe penalties including suspension of license.
What does the goAML portal do?
The goAML portal enables the FIU to:
• strengthen and broaden its capability to meet and discharge its legislative objectives and functions
• ensure that the UAE’s financial system stays relevant and effective in the fight against money laundering and terrorism financing
• collaborate more effectively withreporting entities, supervisory bodies, and law enforcement agencies; and
• standardize and streamline all reporting requirements and ensure that the UAE is aligned with the Anti-Money Laundering and Combatting of Terrorist Financing standards of the Financial Action Task Force (FATF).
AML is subject to activities in these categories :
- Real Estate agent involved in buying and selling of real estate.
- Dealer of precious metals and stones.
- Company Service Providers.
- Auditors and accountants.
- Legal Consultancy Firms (Except for Lawyers, and Notary Publics)
All these business must register with the FIU (go AML) and also enroll themselves on the committee for commodities subject to import and export control system (Automatic Reporting Systems for Sanctions List). Upon completing the registration process, businesses must take measures related to Anti Money Laundering and (AML) and Combatting Financing of Terrorism (CFT) in accordance with the provisions stated the Decree Law.
AML regulations are one of the most important compliance procedures one has to follow in the UAE as non-compliance could lead to hefty penalties including the suspension of business license.
Flying Colour Tax and Accounting Services has the most experienced AML consultants in the UAE who can assist you will all your doubts and queries regarding registering for AML in the UAE. Please feel free to mail your queries at info@flyingcolour.com or contact us at +971 4 4542366.
To learn more about Anti-Money Laundering (AML) Registration in UAE, book a free consultation with one of the Flyingcolour team advisors.
Disclaimer: The information provided in this blog is based on our understanding of current tax laws and regulations. It is intended for general informational purposes only and does not constitute professional tax advice, consultation, or representation. The author and publisher are not responsible for any errors or omissions, or for any actions taken based on the information contained in this blog.