Anti-Money Laundering (AML) registration is a crucial step that all accountable and reporting entities in the UAE must complete. The process is designed to safeguard the financial system from financial crime, money laundering, and terrorism financing. AML registration is a two-stage process that requires organizations to register in the Service Access Control Manager (SACM) system of the UAE Financial Intelligence Unit (FIU) to receive their login credentials, and then register in the goAML system to submit their Suspicious Transaction Reports (STRs).
The AML registration process in the UAE requires organizations to provide various documents, including an authorization letter from the institution they represent, a copy of their passport, resident visa, and Emirates ID, and a copy of the commercial trade license for companies. Additionally, organizations must download the ‘Google Authenticator’ application on their phone to complete the registration process. It is important to note that all fields denoted with an asterisk (*) in the goAML system are mandatory and must be completed to finalize the registration process.
To register in the goAML system, the Compliance Officer must navigate the “ADMIN” menu and select “User Request Management” from the dropdown list. User Request Management will enable the Compliance Officer to register a new organization by completing and submitting the registration screen. This article will provide a full explanation of how organizations can complete the AML registration process in the UAE, including the necessary documents and steps required to complete the process successfully.
Understanding AML Registration Requirements
When it comes to Anti-Money Laundering (AML) compliance, there are certain requirements that businesses in the United Arab Emirates (UAE) must adhere to. This section will provide an overview of the AML registration requirements in the UAE, including the eligibility criteria for Designated Non-Financial Businesses and Professions (DNFBPs) and Financial Institutions (FIs), the AML regulatory framework in the UAE, and the role of the Financial Intelligence Unit (FIU).
Eligibility Criteria for DNFBPs and FIs
DNFBPs and FIs are required to register with the relevant regulatory authorities in the UAE to comply with AML regulations. DNFBPs include entities such as real estate agents, dealers in precious metals and stones, and auditors, while FIs include banks, insurance companies, exchange houses, and other financial institutions.
To be eligible for AML registration, DNFBPs and FIs must meet certain criteria, including having a physical presence in the UAE, having adequate systems and controls in place to prevent money laundering and terrorist financing, and having a designated compliance officer responsible for AML compliance.
AML Regulatory Framework in the UAE
The AML regulatory framework in the UAE is governed by several laws and regulations, including Federal Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT Law), Cabinet Resolution No. 10 of 2019 on the Implementing Regulation of the AML/CFT Law, and the Central Bank of UAE’s AML/CFT Regulations.
These laws and regulations set out the requirements for AML compliance in the UAE, including customer due diligence, record keeping, and reporting suspicious transactions. They also establish the FIU as the central agency responsible for receiving, analyzing, and disseminating financial intelligence related to money laundering and terrorist financing.
Role of the Financial Intelligence Unit (FIU)
The FIU plays a critical role in the AML regulatory framework in the UAE. It receives and analyzes suspicious transaction reports (STRs) and other financial intelligence from FIs and DNFBPs, and disseminates this information to law enforcement and other relevant authorities.
The FIU also provides guidance and support to FIs and DNFBPs on AML compliance, including training and awareness programs. It works closely with other government agencies and international organizations to combat money laundering and terrorist financing in the UAE and globally.
In summary, AML registration in the UAE is a critical requirement for DNFBPs and FIs to comply with AML regulations. The AML regulatory framework in the UAE is governed by several laws and regulations, and the FIU plays a critical role in receiving, analyzing, and disseminating financial intelligence related to money laundering and terrorist financing.
The AML Registration Process
The Anti-Money Laundering (AML) registration process in the UAE is mandatory for reporting entities to comply with the AML regulations. The Ministry of Economy – UAE has provided a goAML portal for the registration process. The registration process involves creating an account on the goAML portal, submission of required documents, and compliance and reporting obligations.
Creating an Account on the GoAML Portal
To start the AML registration process, the reporting entity needs to create an account on the goAML portal. The reporting entity must have an authorization letter from the institution they represent, a copy of their passport, resident visa, and Emirates ID, and a copy of the commercial trade license (for companies). The reporting entity must also download the ‘Google Authenticator’ application on their phone.
The goAML registration is a two-stage process enabling the reporting entity to obtain the goAML login in UAE. In stage 1, the reporting entity must register in the Service Access Control Manager (SACM) system of the UAE FIU to get the Username and the Secret Key for accessing Google Authenticator. In stage 2, the reporting entity must register on the UAE FIU’s goAML Portal, furnishing information about the organization and the Compliance Officer.
Submission of Required Documents
Once the reporting entity has created an account on the goAML portal, they must submit the required documents. All fields denoted with an asterisk (*) in the goAML system are mandatory and must be completed in order to complete the registration process. On the Navigation bar, navigate to the Register link and then click Register a new Organization. This in turn will load and display the registration screen. The correct goAML Org ID must be listed in the Organization ID field in order to be able to submit the registration.
The reporting entity must also submit a Suspicious Activity Report (SAR) and a Suspicious Transaction Report (STR) to the Financial Intelligence Unit (FIU) of the UAE. The reporting entity must ensure that the STR and SAR are submitted within the prescribed time limit.
Compliance and Reporting Obligations
The reporting entity must comply with the AML regulations and reporting obligations. The reporting entity must appoint a Designated Person for Money Laundering and Suspicious Reporting (DPMSR) who will be responsible for the compliance and reporting obligations. The DPMSR must ensure that the reporting entity has adequate AML policies, procedures, and controls in place. The reporting entity must also ensure that the DPMSR has access to the goAML portal and is responsible for submitting the STR and SAR to the FIU of the UAE.
Once the reporting entity has completed the AML registration process and has met all the compliance and reporting obligations, they will receive a goAML certificate. The certificate will be valid for one year and must be renewed on an annual basis.