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Money laundering and terror financing have become global issues and to control these issues, Financial Action Task Force (hereinafter referred as “FATF”) was established in 1989 by G7 countries in Paris.
FATF published 40 Recommendations on anti-money laundering in 2004, and after 9/11, they published nine more recommendations that deals with terror financing. Recommendation No. 20 is about the “Reporting of Suspicious Transactions”, and it states:
If the financial institution suspects or has reasonable grounds to suspect that funds are the proceeds of criminal activity, or related to terror financing, it should be required by the Law, to report properly its suspicions to Financial Intelligence Unit (FIU) To implement the abovementioned Recommendation No. 20, the United Nations’ Office on Drugs and Crime (hereinafter referred as “UNODC”) developed goAML software that is an integrated and modular online software solution specifically designed for use by the national Financial Intelligence Units (hereinafter referred as “FIUs”).
All members countries of United Nations are required to implement this “goAML” software. UAE being a member country of United Nations, launched goAML software on June 23, 2019. UAE is the first country in GCC to go live with the goAML platform.
UAE introduced Federal Decree-law No. (20) of 2018 (hereinafter referred as “the Law”, or “AML-CFT Law”) and related Cabinet Decision No. (10) of 2019 (hereinafter referred as “the related Regulations”, or “AML-CFT Decision”) to control money laundering and combat financing of terrorism.
The Law and related Regulations are applicable on the financial institutions (banks, insurance companies etc.) and following Designated Nonfinancial Businesses and Professions (hereinafter referred as “DNFBP”) which includes real estate brokers as well.
goAML compliance in the UAE refers to the adherence of financial institutions and designated non-financial businesses and professions (DNFBPs) to the requirements set forth by the United Nations Office on Drugs and Crime (UNODC) for the implementation and use of goAML, an anti-money laundering (AML) system developed by the UNODC.
The UAE has made significant efforts to combat money laundering and terrorist financing activities by implementing various AML regulations and guidelines. As part of these efforts, the UAE Central Bank and other regulatory authorities have mandated financial institutions and DNFBPs to implement robust AML measures, including the use of sophisticated AML systems like goAML.
The goAML system enables the electronic reporting of suspicious transactions and other relevant information to the financial intelligence unit (FIU) of the UAE, which is the Financial Intelligence Unit of the UAE Central Bank. It assists in the detection, investigation, and prevention of money laundering and terrorist financing activities by facilitating the exchange of information between reporting entities and the FIU.
1. Implement goAML System: Entities must deploy the goAML system within their operations, ensuring its proper integration with their existing infrastructure and systems.
Reporting Obligations: Entities must report suspicious transactions, as well as other required information, to the FIU using the goAML system. This includes transactions or activities that may be indicative of money laundering, terrorism financing, or other criminal activities.
3. Training and Awareness: Entities are expected to provide training and awareness programs for their employees, ensuring that they understand their AML obligations, recognize suspicious activities, and know how to use the goAML system effectively.
Record Keeping: Entities must maintain appropriate records of their goAML reporting and related AML activities, ensuring that they are readily accessible for audit or investigative purposes.
5. Compliance with AML Regulations: In addition to goAML-specific requirements, entities must comply with the broader AML regulations and guidelines set by the UAE regulatory authorities.
It's essential for entities operating in the UAE to keep track of any updates or amendments to AML regulations and guidelines to ensure ongoing goAML compliance. Consulting with legal professionals or engaging with the relevant regulatory authorities can provide the most accurate and up-to-date information.
1. Expertise: Our team comprises AML specialists with extensive knowledge and experience in goAML and AML compliance. We stay updated with the latest regulatory developments, ensuring that our clients receive accurate and reliable advice.
2. Tailored Solutions: We understand that every business is unique, and our goAML services are tailored to meet your specific requirements. We provide customized solutions that align with your industry, operations, and jurisdiction.
3. Compliance Assurance: Our services are designed to help businesses achieve and maintain AML compliance. We work closely with our clients to implement effective AML measures, ensuring that they meet regulatory requirements and guidelines.
4. Reporting Accuracy: We prioritize accuracy and attention to detail when reporting through goAML. Our professionals meticulously gather and verify the necessary information, ensuring that your reports are complete, accurate, and submitted in a timely manner.
By engaging Kress Cooper for goAML services, you can benefit from our expertise and commitment to delivering comprehensive and reliable AML solutions. Our services help businesses navigate the goAML platform, develop robust AML policies and procedures, ensure compliance, and contribute to the global efforts against money laundering and terrorism financing.
Contact us today at info@kresscooper.com to learn more about how our goAML services can support your business in meeting its AML obligations.
