23 Feb 2023
09 Jan 2023
The Ministry of Economy (MoE) revealed the extension of the deadline allowed to Designated Non-Financial Businesses and Professions (DNFBPs) to register in the systems approved for countering money laundering and battling the financing of terrorism, until April 30, 2021.
The extension has been granted because of a large number of organizations in the sector seeking to register in the last days of the previous deadline, which expired on March 31, 2021. Moreover, considering the conditions of companies and the business sector in the wake of Covid-19 pandemic has also been taken into consideration.
'goAML', is a anti money laundering reporting platform created by the United Nations Office on Drugs and Crime (UNODC) to control organized crimes. Every financial entities and Designated Non-Financial Businesses or Professions need to register on ‘goAML’. The platform will comfort the Financial Intelligence Unit of UAE to hinder money laundering, financing of terrorism and other unlawful financial activities
Registration is required to submit suspicious transaction reports (STRs) to the goAML system. goAML is a universally accepted electronic system to assemble and analyze financial and non-financial information to defy money laundering and combat the financing of terrorism
Before the goAML registration you need to realize that there are two registration stages.
The Ministry of Economy has stipulated heavy penalties for organizations that neglect to comply with the Anti-Money Laundering (AML) and Combating Financing of Terrorism requirements by the due date. Organizations that disregard to do so will face fines ranging from Dh50,000 to up to Dh1 million and can be raised to Dh5 million dependent on the arrangements of the law and according to the appraisal of the Supreme Committee for Combating Money Laundering, and Financing of Terrorism and unlawful Organizations.
AED 1 million penalties will be charged on cases of fake bank accounts inability to make a move against clients recorded on domestic or international approvals list prior establishing or proceeding with the business.
A gigantic scope of non-financial business and activities are most exposed to money laundering chances. These have been isolated into four essential classifications
With AMCA, we'll simplify it for you and your business to comply with the UAE's different laws and regulations. Our experts are well talented and capable in delivering regulatory advice and assistance. We will ensure that your business never neglects to meet any administration or authority-mandated submission requirements.Economic Substance Regulations (ESR)
24 Jan 2021