goAML Compliance
goAML Compliance – Ensure adherence to anti-money laundering regulations.
The goAML system, implemented by the UAE Ministry of Economy (MoE) and the Financial Intelligence Unit (FIU), is a secure platform for detecting and reporting suspicious financial activities. It forms a crucial part of the UAE’s commitment to anti-money laundering (AML) and counter-terrorist financing (CTF) standards in line with global FATF guidelines.
Who Must Register under goAML?
The following entities operating in the UAE are required to register:
Mainland and Free Zone Companies categorized as DNFBPs
Corporate Service Providers (business setup, company formation, or nominee services)
Real Estate Brokers and Agents
Auditing and Accounting Firms
Dealers in Precious Metals or Precious Stones
Non-registration or delayed reporting can lead to severe administrative penalties, license suspension, or cancellation.
Key Compliance Requirements
goAML Registration: Mandatory registration on the FIU’s goAML platform.
Risk Assessment: Identify and document potential money-laundering and terrorism-financing risks.
KYC & CDD Procedures: Implement robust “Know Your Customer” and “Customer Due Diligence” policies.
Suspicious Transaction Reporting (STR): Report unusual or suspicious activities through the goAML portal.
Training & Awareness: Regular AML/CTF training for employees and compliance officers.
Record Keeping: Maintain records for at least five years as required by law.
P1 provides end-to-end goAML compliance solutions to ensure your business meets all MoE and FIU requirements:
Registration Support: Assistance with goAML portal registration and system setup.
Policy Drafting: Development of AML/CFT policies, procedures, and risk assessment frameworks.
STR/CTR Reporting: Guidance in preparing and submitting Suspicious and Cash Transaction Reports.
KYC Implementation: Design and implementation of compliant customer onboarding systems.
Staff Training: AML awareness and compliance training tailored to your business activity.
Ongoing Compliance Review: Regular monitoring and internal audit of AML controls.
With expertise in AML regulations and UAE compliance frameworks, P1 ensures that your organization remains fully compliant, protected, and well-prepared to face regulatory scrutiny.
Build a culture of integrity and compliance with P1 Consultants by your side.