Everything about UAE goAML Platform
Introduction of goAML platform has been considered as one of the major regulatory strides in the fight against money laundering and terrorist funding. Based on the national risk assessment conducted in UAE and the enforcement of AML (Anti-Money Laundering) /CFT (Countering Financing of Terrorism) legislation which became effective in year 2018 in the country, the regulatory authorities in the region have been emphasizing the importance of goAML platform and its usage by the business entities.
What is meant by goAML?
The goAML system is an integrated digital platform used by the Financial Intelligence Departments (FID) across the world to collect and evaluate financial information. The system was developed by the United Nations Office on Drugs and Crime (UNODC) to be used by financial intelligence units for analysis of data to prevent criminal activities.
What is the significance of goAML Platform?
All the latest information and updates relating to the list of targeted financial sanctions will be available through the goAML platform which can be accessed by the registered users. Also the platform has enabled automatic notifications to registered users through email about the updates on the sanctions’ list and on any mandatory compliance requirements in this regard.
Who all are required to register on the goAML platform?
As per the guidelines issued by the Central Bank of UAE, all reporting entities in UAE are required to send various reports to FID by accessing goAML platform. Also the Ministry of Economy (MoE) in UAE has launched many awareness programs exclusively to urge the registered Designated Non-Financial Business and Professions (DNFBPs) to register on the goAML platform.
Is there a due date for UAE companies to register on the goAML platform?
Considering the pandemic situation and the large number of expected registrations by the organizations, the due date for registration on the goAML platform has been extended till 30 April 2021. To ensure compliance with the mandatory requirements with respect to the AML reporting, it is important that the companies register timely on the goaML platform and submit the required reports in the prescribed forms through the portal. Also the Ministry of Economy (MoE) has notified about its plan for arranging field inspections for monitoring the compliance across the organizations in this context.
How can an entity or person register on the goAML platform?
Once you have access to the Central bank of UAE’s network, the registration portal provided by FID can be used to register on the goAML platform. Once registered, a unique ID will be received as a registered identity with goAML which can be used by the approved users of any organization for accessing their information. The portal has kept the option to register either as an organization or as a person, which has to be selected based on the nature of the applicant who is intending for registration on the goAML platform.
For more details on how to register on goAML platform, refer the guidelines issued by the Central Bank of UAE in https://ia.gov.ae/en/AML/Documents/goAML%20Registration%20Guide.PDF
What all reports are required to be submitted by the registered organizations or persons in goAML platform?
The major reports which are required to be sent using the goAML are Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs). Also there can be Additional Information File (AIF) or Enhanced Customer Due Diligence (ECDD) based report which are to be submitted, when required on a case to case basis. The purpose of such reporting has always been to carry out the monitoring and evaluation of suspicious transactions, if any, by FID. For effective reporting of this kind, it is the responsibility of the key management personnel handling the governance and compliance functions to ensure that the employees in your organization have received sufficient awareness of AML and CFT initiatives.
Do you have further queries on goAML? Feel free to contact CDA
CDA provides consultancy services in support for the compliance functions in many organizations across UAE. With the experience of serving multiple clients in different sectors in this region, we are familiar with the various factors which are essentially to be considered, when it comes to the regulatory matters. We can help you in arranging records and supporting documents to enable registration on goAML platform and submission of reports with ease and convenience. Our compliance experts can guide you in establishing the AML related governance activities in your organization in line with the applicable rules and regulations.