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Registration of companies with goAML and its significance

出版物 / 文章 / 2021 / Registration of companies with goAML and its significance
What is go AML?

The fully integrated software and reporting platform ‘goAML’ was launched by UAE’s Financial Intelligence Unit (FIU) in partnership with the United Nations Office on Drugs and Crime (UNODC).

It was launched to be used by Financial Intelligence Unit (FIU) to curb money laundering and terrorist financing across the world.  Similarly, the implantation of goAML in the UAE is to facilitate the receipt, analysis, and spread of suspicious transaction reports to the law enforcement authorities.

Why UAE businesses should register?

Licensed businesses in UAE must now be fully are of the importance of registering with the go AML. Entities mostly dealing with real estate agents, law firms, Corporate Services Provider and Auditors, financial institutions (under Insurance Authority, the Securities and Commodities Authority, AGDM, DFSA), DNFBPs such as gold and precious metal traders which are at higher risk of money laundering and terrorist financing.
  • Non-Compliance to attract hefty penalties

UAE is the first amongst other GCC nations to implement goAML and has put serious efforts to maintain strong AML policies and tackle money laundering and terrorist financing. This means that businesses failing to register with the platform are at the brink of receiving penalty notices and hefty fines up to AED 1million.

How Freemont Oneworld group can assist you?

Our legal and compliance team is equipped with professional specialists with knowledge of the UAE legal and regulation systems. We can advise you on the right structure for your business and assist you with the AML compliance and policies so you can manage your business efficiently.

Do you wish to stay informed?

Thank you for your interest in Freemont Group, the specialists in company formation, asset protection and legal and advisory . Feel free to contact us with any inquiry you might have. We will provide you with a free initial consultation, and a customized solution for your personal situation.