Everything You Need to Know About goAML Registration Requirements in UAE

The goAML platform serves as the primary gateway for established companies in the UAE to fulfill their goAML reporting responsibilities. It allows designated entities in the UAE to file Suspicious Transaction Reports (STRs) and other necessary reports with the UAE FIU.

The UAE is the first country in the GCC to implement this advanced system, ensuring that regulations in the uae align with international standards.

What is the Purpose of goAML Registration in the UAE?

The goAML registration system plays a crucial role in preventing money laundering and terrorist financing in the UAE. By registering with goAML, businesses can fulfill their legal obligations while reporting any suspicious financial activities to the UAE’s Financial Intelligence Unit (FIU). The registration is mandatory for specific business sectors, including financial institutions and designated non-financial businesses and professions (DNFBPs).

Key Benefits of goAML Registration:

• Ensure Compliance: Stay in line with UAE AML regulations.

• Protect Your Business: Prevent your business from being exploited for money laundering.

• Avoid Penalties: Failing to register or comply with goAML can result in severe penalties.

• Boost Reputation: Demonstrate your commitment to legal and ethical business practices.

Who Must Register with the goAML System?

Under AML regulations in the UAE, specific sectors must register on the goAML portal. These are generally categorized as:

• Financial Institutions: Banks, exchange houses, and insurance firms.

• Designated Non-Financial Businesses and Professions (DNFBPs): Real estate agents, lawyers, auditors, and dealers in precious metals and stones.

Any organization operating within the UAE that falls under these categories must register themselves on the goAML system to avoid legal repercussions.

goAML Registration Requirements in UAE: A Step-by-Step Guide

To access the goAML system, businesses must follow a two-stage registration process involving the SACM registration and the FIU goAML portal.

Step 1: SACM Registration

Before accessing the UAE goAML login, you must register on the System for Access Control Management (SACM).

• The SACM registration provides an additional layer of security.

• Upon completion, you will receive a secret password for the SACM protection (Google Authenticator) to generate a One-Time Password (OTP).

Step 2: FIU Registration on the goAML Portal

Once you have SACM access, you can proceed with the organization’s registration via the fiu goaml portal.

1. Visit the UAE goAML Portal: Navigate to the official fiu goaml registration in uae link.

2. Submit Documentation: Upload the documents required for goaml registration.

3. Appointment of Compliance Officer: You must designate a person responsible for the registration needs and ongoing reporting.

4. Final Approval: Upon successful registration, you will be granted full access to the goaml system of the uae.

Documents Required for goAML Registration in UAE

To successfully complete your goAML registration UAE, you must prepare a specific set of digital documents to be uploaded during the two-stage process (SACM and the goAML portal). The primary requirements include a valid Company Trade License, the Passport, Emirates ID, and Residency Visa of the appointed Compliance Officer, and a formal Authorization Letter signed by the business owner. Additionally, you must provide a detailed Organizational Structure chart and ensure the Compliance Officer has the Google Authenticator app installed to manage the secure login credentials.

goAML Registration Pricing Plans: Which Plan is Right for Your Business?

Understanding the pricing structure for goAML registration services helps businesses choose the most suitable option. There are several service plans available:

1. Starter Plan (AED 659/month)

• Target Audience: Small businesses with a limited customer base.

• Features:

  • Up to 100 customers per year.

  • AML Registration setup.

  • Entity-wide risk assessment.

  • Basic compliance tools.

2. Growth Plan (AED 1249/month)

• Target Audience: Medium-sized businesses with a larger customer base.

• Features:

  • Up to 500 customers per year.

  • Unlimited chat & email support.

  • Quarterly meetings.

  • Customer screening services.

3. Scale Plan (AED 1999/month)

• Target Audience: Larger businesses requiring more extensive compliance services.

• Features:

  • Up to 1000 customers per year.

  • Ongoing support and risk assessments.

  • Regular quarterly meetings.

  • Enhanced customer screening and reporting.

4. Enterprise Plan

• Target Audience: Large-scale businesses or corporations with complex compliance needs.

• Features:

  • Custom pricing.

  • Tailored support and services.

  • Large customer base handling.

  • Custom reporting and compliance services.

AML Compliance Services UndergoAML Registration

Once registered, businesses can benefit from comprehensive AML compliance services that ensure continuous monitoring and reporting, including:

1. Risk Assessment & Due Diligence

Ensures that businesses are continuously assessing their clients’ risk profiles. This is crucial for identifying potential money laundering threats.

2. Sanction Screening & Reporting

Businesses are required to screen clients against sanction lists and file reports for suspicious transactions.

3. FIU Reporting

The Financial Intelligence Unit (FIU) requires businesses to report suspicious activities that may indicate money laundering.

4. Customer Screening

Ensures that customer profiles are constantly updated to reflect potential risks related to money laundering.

5. Ongoing Transaction Monitoring

Constant monitoring of financial transactions ensures that suspicious activities are flagged and reported in real-time.

Deadline for goAML Registration in UAE

The official deadline for goAML registration in the UAE for existing entities was April 30, 2021. However, the United Nations Office on Drugs and Crime (UNODC) developed the goAML is a software application to be a permanent regulatory fixture; therefore, all newly established companies in the UAE are required to register immediately upon receiving their trade license. It is important to note that failing to register on UAE platforms like this is not merely a delay but a legal breach. Operating without registration on the goAML system is a violation that can result in administrative fines ranging from AED 50,000 to AED 5 million, as well as potential license suspension. Because goAML is an integrated platform, the goAML portal is used by the Financial Intelligence Unit to monitor all suspicious activities across the country. To maintain the integrity of the financial system, the UAE must ensure all Designated Non-Financial Businesses and Professions (DNFBPs) are onboarded. The goAML portal offers a secure environment for reporting, and every regulated entity in goAML in the UAE must remain proactive to avoid being flagged as a high-risk business.

How Young & Right Can Help You with goAML Registration Requirements in UAE

In the UAE, businesses involved in financial activities are required to comply with Anti-Money Laundering (AML) regulations and register with the goAML system. The goAML portal is an integrated software application used to monitor, report, and analyze suspicious transactions related to money laundering and terrorism financing. Failure to register on goAML can result in significant penalties and loss of compliance standing with the UAE Financial Intelligence Unit (FIU).

At Young & Right, we specialize in assisting businesses with the goAML registration process to ensure full compliance with reporting requirements set by the UAE FIU. Here’s how we can help:

1. Streamlined goAML Registration Process

Our team will guide you through every step of the goAML registration process, ensuring you register on goAML correctly. We simplify complex processes, such as selecting the appropriate registration type, and help you gather the necessary documentation for UAE FIU registration.

2. Access to the goAML Portal

To comply with the UAE FIU's reporting requirements, businesses must access the goAML portal and submit the necessary data. At Young & Right, we provide step-by-step assistance to access the goAML portal, navigate its features, and ensure all suspicious transactions are reported via the goAML portal. Whether you're a virtual asset service provider or any other service provider in the UAE, we ensure that you meet all regulatory requirements.

3. Meeting Deadlines and Avoiding Violations

The goAML system in UAE requires businesses to meet specific deadlines for registration and reporting. We ensure that you are aware of the initial deadline and that all necessary actions are completed before the deadline must be met. Failure to register on goAML or to complete the required reports could result in violations, and Young & Right helps you avoid such risks, ensuring that you remain compliant with UAE FIU's standards.

4. Understanding the goAML System in UAE

The goAML system is not just a tool for money laundering and terrorism financing detection but also a protection system to safeguard businesses and the broader financial ecosystem. We will help you understand the purpose of the goAML system in the UAE, explain how the system works, and guide you through the process of completing the goAML registration correctly.

5. Specialized Guidance for Various Service Providers

Whether you are a financial institution, a real estate agency, or a virtual asset service provider, Young & Right provides tailored support for all service providers. From understanding the different registration types to ensuring your compliance with reporting requirements, we are your trusted partner in navigating the goAML portal in UAE.

6. Security and Confidentiality Measures

At Young & Right, we take security seriously. To access the goAML portal, you'll need to install the Google Authenticator app for two-factor authentication. Our team will assist you with setting up this protection and ensuring your access to the portal is both secure and compliant with all requirements.

7. Completing the goAML Registration

Young & Right ensures that your goAML registration guide is followed meticulously, and all forms are completed accurately. Whether you need to report suspicious transactions related to money or handle other AML/CFT obligations, we ensure that your business complies with all necessary goAML requirements in the UAE.

Why Choose Young & Right for goAML Registration Assistance?

Young & Right is an expert in providing comprehensive compliance services, including goAML registration for businesses in the UAE. Here’s why businesses choose us:

• Expert Knowledge: We offer deep expertise in UAE’s AML regulations.

• Tailored Solutions: We provide personalized goAML registration services to suit your business size and requirements.

• Ongoing Support: Continuous support to ensure your business remains compliant.

Conclusion: Ensure Your Compliance with goAML Registration

In the UAE, goAML registration is a critical requirement for businesses in specific sectors to comply with Anti-Money Laundering regulations. By registering for goAML, businesses can help safeguard themselves from legal repercussions while contributing to the broader effort to combat financial crime in the region.

If you need assistance with your goAML registration, Young & Right offers expert services to guide you through every step of the process.