Compliance Alert: UAE Ministry of Economy Circular on goAML registration
COUNTDOWN HAS STARTED 3 WEEKS TO 31ST MARCK DEADLINE !!
ATTENTION: DNFBP’s !
You MUST register on the goAML systems no later than 31st March 2021.
Registration on the goAML system is mandatory to file Suspicious Transactions Report.
Failure to register on the goAML systems is failure to put procedures in place for the reporting of the Suspicious Transactions.
Failure to report suspicions of money laundering or terrorist financing is a criminal offence under the laws of the UAE and includes administrative penalties, but is not limited to, a financial penalty of AED 50,000 and no more than AED 5,000,000 for each violation.
The Ministry of Economy (“MOE”) is the competent authority for all DNFBP’s except law firms and DNFBP’s registered in DIFC and ADGM.
MOE has issued guidance on completing the ‘goAML’ pre-registration and registration, which are publicly available on their website.
How we can help?
- By ensuring that your company complies
Depending on the health check conducted, we can assess the extent of the services that may be required. Our scope of work includes:
Partner & Head – Regulatory & Compliance Services