goAML Registration in Dubai, UAE
goAML in the UAE
In the realm of financial security and anti-money laundering, the United Arab Emirates (UAE) employs a powerful tool known as goAML. This innovative software application is utilized by the UAE’s Financial Intelligence Unit (FIU) as a robust defense against money laundering and terrorist financing. Developed as part of the United Nations Office on Drugs and Crime (UNODC) strategic response, goAML plays a pivotal role in safeguarding the financial integrity of the UAE.
Capabilities of goAML:
The goAML portal serves as the cornerstone for managing various aspects of financial intelligence and anti-money laundering. It takes care of data collection, management, analytical functions, document management, workflow management, and statistical requirements of the UAE’s Financial Intelligence Unit. This comprehensive approach ensures that the UAE FIU can effectively gather vital information and data pertaining to suspicious transactions linked to money laundering and terrorism financing.
Who Should Register the goAML System in the UAE?
In the pursuit of eradicating financial crimes, specific businesses in the UAE are mandated to undertake anti-money laundering registration. goAML Dubai is a cutting-edge platform exclusively designed for regulated entities in Dubai to combat money laundering and ensure adherence to regulatory compliance. The regulated entities subject to anti-money laundering regulations in the UAE are mandated to perform goAML reporting, including Suspicious Activity Reports (SAR) and Suspicious Transaction Reports (STR). These reports are submitted to both the FIU and the relevant regulatory authorities. It’s crucial for the following AML-regulated organizations to register on the UAE FIU’s goAML Portal:
- Financial Institutions
- Virtual Asset Service Providers (VASPs)
- Designated Non-Financial Businesses and Professions (DNFBPs)
- 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
Documents for goAML Registration in the UAE
To successfully register on the goAML portal in the UAE, the following documents are essential:
- Authorization Letter: An organization’s Authorization Letter in favor of the designated AML/CFT Compliance Officer.
- Identification Documents: Copies of the Compliance Officer’s passport, resident visa, and Emirates ID.
- License Document: A copy of the organization’s commercial or trade license.
In addition to these documents, organizations must download the ‘Google Authenticator’ application on a mobile device linked to the registered contact number.
goAML Registration Deadlines in the UAE
For organizations that existed before March 31, 2021, the initial deadline for UAE FIU registration on the goAML portal was also March 31, 2021. However, this deadline was later extended to April 30, 2021, allowing for more time to complete the registration process.
Companies newly incorporated in the UAE after the initial deadline must register on the goAML system in the UAE as soon as they receive their Commercial or Trade License.
goAML Registration Types in UAE
Reporting Entity
This registration type is intended for Financial Institutions (FIs), Virtual Asset Service Providers (VASPs), and Designated Non-Financial Businesses and Professions (DNFBPs).
Stakeholder
The Stakeholder registration type is designed for entities that have a vested interest in the goAML system.
Supervisory Body
Supervisory bodies, as the name suggests, fall under this registration type. They play a crucial role in overseeing and regulating the activities of AML-regulated entities.
Steps for goAML Registration UAE
Stage 1: SACM Registration and Obtaining the Secret Key
- Access the SACM registration form by visiting https://services.uaefiu.gov.ae/sacm/registration.php. Ensure that you attach the necessary documents mentioned earlier.
- While completing the form, make sure to fill in the mandatory fields marked with an asterisk (*). Select “Registration Type” as “Reporting Entity” and choose the appropriate Supervisory Authority.
- Under “ID Number/Reg. No.,” enter the License Number as indicated on the Trade License.
- Provide accurate phone numbers and email addresses to receive OTPs. The supporting documents (Authorization Letter, Trade/Commercial License, copy of Passport, Emirates ID, and Residence Visa) must be merged and uploaded as a single PDF file.
- Don’t forget to agree to the “goAML Portal Service Terms and Conditions.” Also, ensure that the email IDs [email protected] and [email protected] are whitelisted.
- After submitting the form, you’ll receive an email on your registered email ID, containing the Email OTP and the URL for accessing the username and the Secret Key required for setting up the Google Authenticator application. It’s important to note that the OTP is valid for only 24 hours.
- Set up the Google Authenticator application on your mobile device using the contact number registered on the SACM.
- Create an account on the application, naming it “goAML Portal” and entering the Secret Key received via email.
Stage 2: Completing goAML Registration
- Log in to the SACM Portal by visiting the site and use the username received after SACM registration. Your password will be the 6-digit code generated by the Google Authenticator.
- Upon signing in, you will be directed to the goAML homepage.
- Initiate the registration process by clicking “Register as a New Organization.”
- Select “Registration Type” as “Reporting Entity” and ensure you complete the mandatory fields marked with (*).
- Accurately provide organizational details and information about the Compliance Officer. In case of any registration issues, you can reach out for assistance at [email protected] or [email protected] for portal-related concerns.
- Await an email confirmation regarding the approval of your registration application. Once approved, you will receive a unique “Org ID,” serving as your organization’s distinctive goAML identity number.
The goAML system in the UAE is a robust tool in the fight against money laundering and terrorist financing. Its comprehensive features and stringent registration process ensure that regulated entities are equipped to safeguard the financial integrity of the nation. It is imperative for all eligible organizations to understand the registration requirements, deadlines, and procedures to ensure compliance with anti-money laundering regulations in the UAE. By embracing goAML, the UAE stands firm in its commitment to maintaining the highest standards of financial security and integrity.
IBR Group is a leading Accounting and Auditing firm in UAE providing services such as VAT, Corporate Tax, Accounting & Bookkeeping, Excise Tax, ESR in the UAE. Therefore, Contact us for goAML Service or other service.