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Federal Decree-Law No. (20) of 2018 on Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations, and its Implementation Regulation was issued. It is the fundamental legal structure that criminalizes money laundering and terrorist funding activities and capitalizes on the legal and institutional framework's efficacy in the implementation of procedures and interventions that help anti-money laundering efforts and fight the financing of terrorism and illegal organizations.The UAE conducted its first national risk assessment on money laundering and terrorist funding in 2018, with broad participation from all relevant authorities. Money laundering and terrorist funding are high risks in a variety of regions, according to the assessment. FATF (Financial Action Task Force) reviewed the UAE in compliance with international standards in 2019 and discovered a range of areas that would benefit from a national structure to tackle money laundering and terrorist funding in order to grow further.The Ministry of Economy (MOE), UAE has prepared comprehensive plans for implementation and compliance with the requirements of Federal Decree Law no 20 of 2018 concerning AML and CFT. In this regard, MOE is vested with the duty of supervising and regulating Designated Non-Financial Businesses and Professions (DNFBP) operating in UAE for AML, CFT and Financing of Illegal Organizations Crimes.

AML applies to activities in four categories

  • Brokers and Real Estate Agents
  • Dealers of precious metals and gemstones
  • Auditors and accountants
  • Corporate/Management service providers

Compliance with Anti-Money Laundering and Combating Financing of Terrorism laws (AML-CFT) has been critical for UAE companies under above mentioned categories with fines ranging up to AED 1 million. However, most businesses have no idea how to measure their performance in terms of AML compliance. Several requirements have been mapped out by competent authorities such as the UAE Central Bank and the Ministry of Economy to assist businesses in ensuring AML-CFT compliance.However, business owners should be aware that eliminating fines should not be their primary goal when attempting to ensure AML enforcement in the UAE. Simply reaching the bare minimums would not help you accomplish the original goal of AML-CFT rules, which is to prevent offenders from escaping with ill-gotten monetary gains. Businesses should strive to incorporate processes that are both flexible, efficient and cost-effective.

Documents / Information Required for goAML Registration

First of all, the entities are required to identify the nominated Compliance Officer / Money Laundering Reporting Officer in their firm. If an entity doesn’t have such an officer, then the Managing Director/COO/CFO of the firm can register in the goAML platform. They should have the following documents,

  • Valid and active e-mail address for the Nominated Person
  • An active mobile number (UAE or international number is accepted) for the Nominated Person
  • All supporting documentation for the firm and the nominated person prepared in a consolidated PDF file
  • All supporting documentation for the firm and the nominated person prepared in a consolidated PDF file
  • Authorization letter from the institution
  • Information of nominated person should be provided as Admin and user in the system
  • Valid Passport Copy
  • Valid Residency VISA Copy
  • Valid Emirates ID
  • Valid commercial trade license

Review AML Compliance System with VATBOX Team

VATBOX team can conduct independent assessments of the Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT)& Restrictions Compliance Frameworks. Our team of experienced professionals can assist you in complying with the new Anti-Money Laundering and Combating the Financing of Terrorism (CFT) regulations. Contact us for AML compliance services in UAE to fight money laundering with the best regulatory practices.

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