1. GoAML Registration
Businesses classified as Designated Non-Financial Businesses and Professions (DNFBPs) must register on the UAE’s GoAML platform.
- Purpose: The GoAML system helps detect and report suspicious transactions related to money laundering and terrorism financing.
- Mandatory Registration: DNFBPs, including real estate firms, auditors, and dealers of precious metals, must register to comply with UAE AML laws.
- Reporting Obligations: Businesses must submit Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs) through the platform.
- Penalties for Non-Compliance: Failure to register may result in severe fines and legal consequences.
2. FIU Connect Registration
Businesses must register with the Financial Intelligence Unit (FIU) for compliance reporting and case management.
- Purpose: FIU Connect enables companies to report financial crimes, track suspicious activities, and comply with AML regulations.
- Registration Process: Businesses must provide company details, compliance officer information, and financial records.
- Compliance Standards: Companies must follow AML/CFT guidelines to ensure proper reporting and risk management.
- Regulatory Oversight: The FIU monitors financial institutions and DNFBPs to prevent money laundering and financial fraud.