Your Complete Guide to goAML Registration and AML Compliance in Dubai
Compliance with Anti-Money Laundering (AML) regulations has never been more critical for businesses in the UAE. The goAML portal, developed by the United Nations Office on Drugs and Crime (UNODC), serves as the UAE’s primary tool for combating money laundering (ML) and terrorism financing (TF). As a registered business, you are part of a collective effort to maintain transparency and prevent financial crimes.
At Young and Right, we are committed to simplifying the goAML registration process and providing expert guidance to ensure full compliance with UAE laws.
What is the goAML System in the UAE?
The goAML (Anti-Money Laundering System) is a secure and sophisticated platform used by the UAE’s Financial Intelligence Unit (FIU) to:
- Collect reports on suspicious financial activities.
- Manage data from financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs).
- Analyze patterns and trends to combat ML/TF.
- Enforce compliance with UAE’s AML regulations.
- It allows businesses to submit Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs) while providing a mechanism for authorities to monitor and act against financial crimes.
The goAML system benefits both businesses and regulators by ensuring transparency, reducing the risk of financial crime, and maintaining a compliant and secure business environment.
Why is goAML Registration Mandatory in Dubai?
The UAE government has implemented strict AML and Counter-Terrorism Financing (CTF) regulations to protect its economy and align with global standards, such as those set by the Financial Action Task Force (FATF).
Registration on the goAML portal is a legal obligation under:
Who is Required to Register on the goAML Portal?
Entities that must register include:
Financial Institutions (FIs):
- Banks
- Money Exchange Houses
- Insurance Providers
- Payment Service Providers
Designated Non-Financial Businesses and Professions (DNFBPs):
- Real Estate Agents and Brokers: Those handling transactions over AED 55,000.
- Dealers in Precious Metals and Stones:
For cash transactions exceeding AED 55,000.
- Auditors and Accountants: Providing financial advisory or transactional services.
- Lawyers, Notaries, and Legal Professionals: Involved in managing clients' money, securities, or other assets.
- Trust and Company Service Providers: Offering services such as establishing businesses or managing corporate entities.
Virtual Asset Service Providers (VASPs):
Companies dealing in cryptocurrencies, NFTs, or other virtual assets.
If your business falls into any of these categories, Young and Right is here to assist you in completing your registration efficiently.
Key goAML Reporting Obligations in Dubai
Once registered, businesses must fulfill several reporting obligations to remain compliant:
- Suspicious Transaction Report (STR):
Used to report financial transactions suspected of involving ML or TF. Examples include large, unusual, or unexplained cash deposits or withdrawals.
- Suspicious Activity Report (SAR):
Submitted when there are suspicions of illegal activities, even if no transaction is completed.
- High-Risk Country Reports (HRC and HRCA):
Reports transactions or activities linked to high-risk countries identified by the FATF or UAE authorities.
- Dealers in Precious Metals and Stones Report (DPMSR):
Required for cash or wire transactions exceeding AED 55,000 in this sector.
- Real Estate Activity Report (REAR):
Filed by real estate agents or brokers handling cash or virtual asset transactions in freehold property.
- Partial Name Match Report (PNMR):
Reports transactions linked to individuals or entities matching the UAE Sanctions List.
- Fund Freeze Report (FFR):
For transactions involving funds related to confirmed matches with the Sanctions List.
By fulfilling these obligations, businesses demonstrate their commitment to preventing financial crimes and safeguarding the UAE economy.
Steps to Register for the goAML Portal in Dubai
Step 1: Create an Account
- Visit the goAML UAE Portal.
- Fill in the registration form with accurate business details.
Step 2: Submit Required Documents
- Authorization Letter for the applicant.
- Copies of Passport, Emirates ID, and Resident Visa.
- Valid Commercial Trade License.
Step 3: Enable Two-Factor Authentication (2FA)
- Install the Google Authenticator app using the unique secret key provided during registration.
- Use the generated code to access the portal securely.
Step 4: Await Approval
- Once the FIU verifies your application and documents, your account will be activated.
Why Choose Young and Right for goAML Compliance?
At Young and Right, we simplify goAML registration and compliance for businesses across various sectors. Our services include:
- Seamless Registration: We guide you through the entire process, ensuring timely and accurate registration.
- Comprehensive Training: Educating your team on goAML usage and reporting obligations.
- Custom AML Solutions: Tailored strategies to meet your business’s specific compliance needs.
- Ongoing Support: Assistance with filing STRs, SARs, and other reports as required.
Penalties for Non-Compliance with goAML Regulations
Failing to register or report on time can lead to:
- Fines ranging from AED 50,000 to AED 1 million.
- Suspension of business licenses.
- Increased scrutiny from regulatory authorities.
- With Young and Right, you can avoid these risks and maintain full compliance with UAE regulations.
Industries We Serve
Our expertise spans various sectors, including:
- Financial Institutions
- Real Estate Agents and Brokers
- Auditors and Accountants
- Dealers in Precious Metals and Stones
- Law Firms and Notaries
- Virtual Asset Service Providers
YOUNG AND RIGHT 
