The Ministry of Economy (MOE), UAE has prepared comprehensive plans for implementation and compliance with the requirements of Federal Decree Law No. (20) of 2018 concerning AML and CFT.
All financial institutions (FIs) and the Designated Non-Financial Businesses and Professionals (DNFBPs), must implement robust AML-CTF policies.
What is goAML System ?
The goAML system was developed by the United Nations Office on Drugs and Crime (UNODC) to combat money laundering and the financing of terrorism. It is considered an integrated system used by the Financial Intelligence Unit (FIU) to receive, analyse and distribute suspicious transaction reports (STRs) in a fast and efficient manner.
The UAE Financial Intelligence Unit (FIU) analyses suspicious transactions and activities that may involve money laundering, terrorism financing and related criminal activities, based on data and reports from financial institutions (FIs) and designated non-financial business and professions (DNFBPs) that collaborate and share knowledge to detect and act against such activities.
Who are Financial Institutions (FIs) ?
✓ Received deposit and other funds or providing credit facilities.
✓ Private Banking Service.
✓ Securities, Finance and Financial leasing.
✓ Currency Exchange and Money Transfer.
✓ Stored value service, Electronic payments for retail and digital cash.
✓ Preparing and Marketing financial activities.
✓ Insurance Transactions.
Who are Designated Non-Financial Businesses and Professions (DNFBP)?
Pursuant to Article 3 Cabinet Decision No. (10) of 2019, a DNFBP is a firm that comes under the following sectors :
1. Brokers and Agents :
Real Estate agent involved in buying and selling of real estate.
2. Dealers in precious metals and stones :
Companies involved in the production of precious metals or precious stones, an intermediate buyer or broker, precious stone cutter and polisher, precious metal refiner, and/or jewellery manufacturer. And Single or multiple related cash transactions exceeding AED 55k. These include gold, silver, platinum, diamonds etc.
3. Auditing or Accounting firm :
Companies which providing professional services and assurance to third parties regarding financial and/or business matters.
4. Trust or Company Service provider :
Companies which are involved in providing company establishment and / or business administration services to third parties. For example, company or legal person set up / formation, providing third party services, business administration etc.
5. Legal Consulting Firms (except lawyers and notary publics) :
If your company conducts legal consulting activities only and is not pleaded in the judicial courts.
Why register on goAML ?
To submit suspicious transaction reports (STRs) to the goAML system, you must first register. goAML is internationally recognized electronic system for collecting and analyzing financial and non-financial data in order to prevent money laundering and combat the financing of terrorism.
Steps to Register Your Company on goAML Portal :
Step – 1 :
Register in the protection system (SACM) of goAML portal and get a username
Step – 2 :
Get the password from the Google Authenticator app and use it to access the goAML portal.
Required Documents :
» Authorisation letter from the institution you represent.
» A copy of your passport, resident visa, and Emirates ID.
» A copy of the commercial trade license (for companies).
» Download the ‘Google Authenticator’ application on your phone. (This application contains the password for the SACM protection system, which will change every minute).
Deadline and Penalties :
The registration final date is 31st March 2021. In case registration is not done, there are penalties including cancellation of license. Also the administrative penalties relating to non-compliance by DNFBP ranges from AED 50,000 up to AED 5 million.
How can YUGA Assist?
YUGA can facilitate the registration of your entity on the goAML and other related system as required by MOE. Also we can help in designing and maintaining the compliance system expected from the entity to fulfil the DNFBP related obligations.
FOR MORE INFORMATION, CONTACT US :
Phone : +971 52 1952 532 / +971 4 240 1110
Mail-Id : info@yugaaccounting.com
Website : www.yugaaccounting.com