Money laundering and terrorist funding are global issues that jeopardize the security and stability of financial institutions and systems worldwide. Financial Intelligence Units (FIUs) play an important role in countering money laundering and terrorist funding across the world. They collect and analyze financial reports submitted by organizations, which are later investigated for any possible money laundering, terrorist financing or related crimes. All financial institutions in the UAE are now required by the Central Bank to report suspicious activity immediately through its GoAML software. The process of Registration On goAML Platform is now easier to use, thanks to immense help available with certified auditing firms in the UAE.
What is goAML
The goAML is an online platform designed by the United Nations Office on Drugs and Crime (UNODC) as an anti-money laundering initiative and to combat and terrorism financing. The Financial Intelligence Unit (FIU) of the UAE utilizes this system to identify and issue any suspicious transaction report (STR). The UAE is the first country of GCC to incorporate this system in order to help banks and other financial organizations to identify and curb any money laundering activities by reporting them to the Central Bank of the UAE.
Registering on goAML Platform as an Organization
In order to complete the registration on goAML platform, the registered entities need to access the online portal of the FIU, and fill all the required information. For new users, click on: Register new organization” tab.
1. Registration Type
There are three types of registrations available on the portal.
- Reporting Entity: these are organizations present within the UAE. Such organizations and companies are liable to report suspicious transaction activities to the UAE government
- Stakeholders: These organizations complement the functions and scope of work of the FIU. These organizations include law enforcement authorities, intelligence agencies and more.
- Supervisory Body: this type of organization regulates or supervises an industry or free zone. The supervisor bodies finalize the registrations of onboard companies.
2. Registering a New Organization
This section has information that I mandatory to fill. Make sure to mention information correctly and accurately to prevent any problems, or rejection of registration. The page requires basic information such as the name of the organization and its type, its city, state and country, contact number, website, focal person’s name, and more.
3. Phones and Address
This section requires contact information of a regulatory or relevant department of the company.
In the address section too, users are required to enter required information. The address tab requires complete address, free zone name, city, emirate, country and zip code.
4. Registering Person
For registering on goAML platform, the liaison officer or focal person, or the MLRO. This section requires complete username and password of the person. It also requires personal information such as date of birth, nationality and Emirates ID etc.
5. Passport
Enter the passport number and country of issuance in this section.
Attachments Required
The complete procedure of registering on goAML platform requires uploading some attachments also. The screening and approving authorities of the UAE government later approve these documents and details. Different entities require different documents for uploading on the portal.
Supervisory Bodies
- Valid copy of Emirates ID
- Copy of the authorization letter that appoints the registering individual to register and operate on behalf of the company or organization.
Entities regulated by the CBUAE-BSD
- Appointment letter of compliance officer
- NOC/approval letter (approved or pending) issued by the CBUAE to the financial institution
Entities regulated by the DFSA-DIFC
- Email from the DFSA stating approval of MLRO designate
Entities regulated by the FSRA-ADGM
- ADGM registration license or Financial Service Permission
- Person Status Form recognized by the ADGM
- Passport copy, UAE ID and UAE Residence Visa of MLRO and deputy MLRO
Entities regulated by the SCA
- Company license issued by SCA
- Emirates ID and passport page of the compliance officer or MLRO. A copy of the visa page is required if the MLRO or compliance officer is an expatriate
- Letter of Authorization from the firm mentioning position of the person
Entities regulated by the Insurance Authority
- Passport copy of MLRO
- Copy of Emirates ID of MLRO
- Complete contact details of MLRO
Entities regulated by the Ministry of Economy or Ministry of Justice
- Copy of passport of MLRO
- Copy of Emirates ID of MLRO
- Valid trade license
Completion of Registration
Once the process of registering on goAML platform is complete, a notification appears along with a reference number that can be used in case of any registration related queries.
Conclusion
BS Auditing of Accounts provides the best services and professional guidance for the goAML process. The skilled team members answer all queries related to this novel initiative and provide assistance for compliance and registration to the portal. We provide the best consultation and assistance in these matters.
Book your consultation today for best interpretation and guidance on all legal and accounting processes. Feel free to contact us.
