goAML Registration Guide Dubai, UAE

For those running their businesses in the UAE’s regulated business sectors, understanding the goAML registration is essential to remain compliant. With the support of the Financial Intelligence Unit (FIU), the UAE government has implemented the goAML digital platform to detect and report any kind of suspicious financial activity with ease. Developed by the United Nations Office on Drugs and Crime (UNODC), this platform makes sure that all the financial entities and specific non-financial businesses are aligned with international AML standards. Therefore, to ensure the utmost adherence to laws, businesses are required to register with this platform. Through this comprehensive goAML registration guide, let’s understand what goAML is, who needs to register, and how to complete the process seamlessly in Dubai.

What is goAML?

goAML is a cutting-edge online platform that has been developed by the United Nations Office on Drugs and Crime (UNODC). This application helps government bodies to fight money laundering and terrorist financing. In the UAE, goAML is operated by the Financial Intelligence Unit (FIU). This authoritative agency collects, analyzes, and reports any suspicious financial activity from registered companies. It also simplifies the secure submission of Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs). Through this platform, government bodies are adequately able to detect patterns of illegal financial behavior. Such characteristics make it necessary for businesses to register with the platform to ensure transparency and accountability of financial and non-financial transactions.

Who Should Register with goAML in the UAE?

In an effort to fight financial crimes, specific businesses in the UAE are legally required to register with the goAML platform. Entities that must register include:

1. Financial Institutions

2. Virtual Asset Service Providers (VASPs)

3. Designated Non-Financial Businesses and Professions (DNFBPs), including:

• Dealers in Precious Metals and Stones
• Real Estate Agents and Brokers
• Trust and Corporate Service Providers
• Lawyers, Notaries, and Independent Legal Professionals
• Independent Accountants and Auditors

These businesses must submit reports such as STRs and SARs to remain compliant with UAE AML regulations.

Documents Required for goAML Registration

Registration on goAML requires a comprehensive set of documents to be submitted. Here is a complete overview of what you need to gather: 

1. Authorisation Letter

A signed letter from your company authorizing a specific person (the Compliance Officer) to handle AML/CFT-related tasks.

2. Compliance Officer’s ID Documents

• A clear copy of the passport
• Resident visa
• Emirates ID of the person nominated as the Compliance Officer

3. Company’s Trade License

A valid copy of your commercial or trade license is a must.

4. Google Authenticator App

Download and install the Google Authenticator app on the mobile phone associated with the registered contact number. This app is used for secure login (2-factor authentication).

Step-by-Step goAML Registration Process

Here is a complete goAML registration guide that helps you register with the platform with the utmost ease and convenience. Follow the given steps to register successfully: 

Step 1: Register with SACM (Sanctions and Compliance Monitoring)

Before you can access goAML, you need to sign up with the SACM system. Here’s how:

• Visit the SACM registration portal
• Click on “Register a New Organisation”
• Fill out all the required information accurately
• Submit your registration for approval
• Once SACM registration is complete, you’ll receive credentials to access the goAML portal.

Step 2: Register on the goAML Portal

After getting approval from SACM:

• Go to the official goAML portal
• Log in using your SACM credentials and the Google Authenticator app
• Complete the organisation registration form on the portal
• Upload the required documents listed above

Common Mistakes to Avoid During goAML Registration

Avoiding these common errors can save you time and prevent rejection or delays:

• Missing Documents: It is important to make sure that you have all the necessary documents ready before you start.
• Incorrect Information: Double-check that all details match your official company records.
• Skipping SACM Registration: You cannot access goAML without first registering on SACM. So, first register with SACM and then proceed further.
• Outdated Information: Stay updated with any changes in regulations to stay compliant and up to date. This can save you from hefty fines or penalties.

Deadlines & Penalties of goAML Registration

Although the original deadline for goAML registration was April 30, 2021, the Ministry of Economy is still accepting registrations. However, delays can result in hefty fines. Penalties range from AED 50,000 to AED 1,000,000, depending on how serious the violation is. It’s always better to register sooner rather than later to avoid these penalties and make sure that your business stays on the right side of the law.

If Your goAML Application Gets Rejected

Don’t worry if your goAML registration gets rejected; it happens more often. When your application is reviewed, the supervising authority will send you an email telling you why it was rejected and what the problem was.  Most of the time, the reason for rejection is something to do with your documents. Sometimes, it’s a small issue, like your internet browser blocking a pop-up that confirms your upload. If this happens, just allow pop-ups for the goAML website and try uploading your files again.

Other times, the problem is missing information or using the wrong file format when uploading documents. Whatever the reason, make sure to read the rejection email carefully. It will clearly point out what needs to be fixed. Once you have made the corrections, you can submit the application again.

What You Need to Do After You Get Registered? 

Getting your goAML registration approved is just the first step. The real responsibility starts after you have been registered. You need to keep up with monitoring and reporting as part of staying compliant with the rules. Here’s what that includes:

1. Checking your customers properly

Every day, you will need to verify who your customers are. This means confirming their identity, learning about their background, and figuring out how risky it might be to do business with them. You need to do all this before you start any business relationship.

2. Finding out who’s really behind a company

Sometimes, people use companies to hide who actually owns or benefits from the money or the business. It’s your job to look deep into company ownership structures, even if there are many layers, to find the true “beneficial owners.”

3. Watching for unusual activity

You need to keep an eye on customer transactions. This means looking for anything that seems off, like large amounts of money being moved, transactions happening too frequently, or money going to non-sourced destinations. 

4. Filing reports and keeping records

You must send in your reports on time and make sure all the details are correct. Also, keep complete records of all your reports and customer information. If regulators or authorities ever come to check your records, you need to be ready to show them everything they ask for.

Conclusion 

goAML registration is a legal requirement for many businesses in the UAE and an essential step in supporting national and global efforts against financial crimes. However, the process may seem a bit technical at first, but breaking it down into simple steps makes it much more manageable. By ensuring your documents are in order, following the correct registration steps mentioned in the goAML registration guide above, and staying updated on compliance rules, you can complete your goAML registration efficiently and avoid unnecessary penalties.

For professional help, you can reach out to experts like HISAB Taskmaster CA Advisors. Our team has an in-depth understanding of the comprehensive goAML registration procedure and can help you with all the paperwork, approvals, and application submission. So, if you need assistance with the registration process or have any questions, consider consulting with us to make sure that everything is handled correctly.

Also Read – Tax Residency Certificate UAE: A Comprehensive Guide