Global Governments have implemented concerted measures to increase the scrutiny of AML/CFT processes and controls, to fight financial crimes.
In December 2020, the UAE Cabinet adopted the formation of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism with an aim to follow the international requirements in this sector. The Ministry of Economy (MoE) sent out e-mails to all companies with a link to the Annual AML/ CFT Risk assessment form along with deadlines for each category of DNFBPs.
All Designated Non-Financial Businesses and Professions (“DNFBP’s) must register on a “goAML portal” before 31 March 2021. So any ‘grace period ‘ is well over.
The goAML portal is a integrated platform used to file Suspicious Transaction Reports (STRs) and/or Suspicious Activity Reports (SAR).
“It is your obligatory duty under the Federal Decree Law 20 of 2018 and Article 20(2) of Cabinet Decision No. (10) of 2019, to have procedures in place to report Suspicious Transactions to manage anti-money laundering (“AML) and counter terrorist financing (“CFT”). This system will allow you to help authorities identify criminal and suspicious activity.Failure to register on goAML may result in severe penalties invoked by the Ministry of Economy. We therefore urge you to treat this notice as a matter of priority and complete your application to ensure access to the goAML system.“
Non- compliance to this will attract fines up to AED 5 Million!
In addition to the financial sector, this regulation applies to all Designated Non-Financial Businesses and Professions (DNFBP), and the members of their boards of directors, management, and employees, established and/or operating in the territory of the UAE. They are applicable to all such natural and legal persons in the following categories:
• Auditors and accountants;
• Lawyers, notaries and other legal professionals and practitioners;
• Company and trust service providers;
• Dealers in precious metals and stones;
• Real estate agents and brokers;
• Any other Designated Non-Financial Businesses and Professions (DNFBPs) not mentioned above.
All such businesses must:
• register with the Financial Intelligence Unit (go AML)
• enroll on the Committee for Commodities Subject to Import and Export Control system (Automatic Reporting System for Sanctions List).
To determine whether you are likely to be a DNFBP go to: https://www.economy.gov.ae/english/AML/goAML/Pages/verify.aspx
