GoAML Registration Deadline Extension

Anti-Money Laundering Registration Deadline Extension

The Ministry of Economy (MoE) has extended the deadline for GoAML registration to 30/04/2021.

Did you know that registering for GoAML and applying Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) are now legal obligations? This requirement is based on Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering, Combating the Financing of Terrorism, and Illegal Organisations. It also follows its implementing regulations. To highlight this, the Ministry of Economy issued circulars No. 5/2021 and 6/2021 on 30/3/2021 regarding GoAML registration.

Who Must Register?

If you practice one of the following businesses, you must register for the GoAML system without delay:

• Mediators and real estate brokers.

• Traders of precious metals and gemstones.

• Auditors.

• Corporate providers.

• Legal advice (except for attorneys).

Important Notice

As a Designated Non-Financial Businesses and Professions (DNFBP), failing to report suspicions of money laundering or terrorist financing is a criminal offense.

If a DNFBP does not complete its registration on the ‘GoAML’ system by the close of business on 30 April 2021, the MOE will take action. The firm will be considered in breach of Article 20(2) of the Cabinet Decision No. (10) of 2019. This means failing to establish proper procedures for reporting suspicious transactions.

Penalties for Non-Compliance

Pursuant to Article 14 of the Federal Decree-Law No. (20) of 2018, the MOE, as the Supervisory Authority for DNFBPs, may impose penalties. These penalties include fines of AED 50,000 to AED 5,000,000 per violation.

To avoid such penalties and fines, please register via the link below:

GoAML Registration

How Can Parker Russell UAE Help Your Firm in Compliance with AML/CFT?

• Designing AML/CFT policies and procedures tailored to your firm’s business activities.

• Reviewing and assessing existing AML/CFT policies and procedures.

• Providing observations and recommendations to improve internal controls.

• Offering outsourcing for the MLRO position.

• Assisting with GoAML and Sanction list registration processes.

Are you interested in learning more about Anti-Money Laundering services?