As of 27 June 2019, all reporting entities in the United Arab Emirates are required to submit various types of informational reports, such as suspicious transaction reports (STRs), to the UAE Financial Intelligence Department using the “goAML” portal. This initiative was developed by the United Nations Office on Drugs and Crime (UNODC).
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”).
The financial intelligence units of UAE intend to use “goAML” as a means for gathering regulatory reporting information, and for allowing reporting entities and law enforcement authorities to quickly, securely and confidentially analyze and share information that can help identify criminal activity.
The introduction of such a system will enable the FID to:
• Ensure that the UAE’s financial system stays relevant and effective in the fight against money laundering and terrorism financing;
• Enable the FID to collaborate more effectively with various stakeholders such as reporting entities, supervisory bodies and law enforcement agencies
• It will be easier to manage a reporting entity’s registration information
• Failed reporting will be simplified by requiring the user to only re-submit the remediated failed report
• The ‘Message Board’ function gives the user the ability to communicate with the FID in a centralized manner
• Users will be able to track online all reporting related requests and responses between a reporting entity and the FID
The “GOAML” registration will be mandatory for a specific commercial activity
Brokers and Real Estate Agents
Dealers in Precious Metals and Precious Stones
Providers of Corporate services
Prepare the below documents before the registration
Authorization letter from the institution you represent (download the form).
A copy of the passport, resident VISA, Emirates ID.
A copy of the commercial trade license (for companies).
Download the “Google Authenticator” application on the phone. (This application contains the password for
the SACM protection system, which is a password that changes every minute)
There are two stages to successfully complete the goAML Registration:
The first stage: the registration stage in the protection system (SACM) of goAML portal.
The second stage is the registration stage in the goAML system.
Grace period for establishments’ compliance to these measures has been extended till March 31, 2021. 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.
For further clarifications you may contact us on +971 65 74 8665 and our team would be glad to assist.
Eagle Eye strives to make your business dreams a reality by continuous, reliable services on all fronts when setting up your business in U.A.E.
Saif Zone Authority,
P.O Box – 124462,
X1 – 53, Sharjah,
United Arab Emirates.
Kariyawasam Place, Buthgamuwa Road, Rajagiriya, Sri Lanka.