How to file the Designated Non-Financial Businesses and Professions (DNFBP) Form?

May 24, 2022Dated:  | |

Only a few countries can match the business and investment opportunities that UAE can provide to the affluent professionals. Dubai’s tax-efficient structure and investor-friendly policies encourage ex-pats to buy houses, start new businesses or make strategic investments. But sadly, that has also raised ample money laundering opportunities.

In response to the request of the Financial Action Task Force (FATF), the world’s top anti-money laundering organization, the UAE has issued a set of guidelines for designated non-financial businesses and professions (“DNFBPs”). The move is to combat terrorist financing and other financial crimes. 

All designated non-financial businesses and professions (“DNFBPs”) must register themselves on the goAML portal, failing which they will have to face penalties. 

To avoid non-compliance and mistakes, we have explained how to file the forms for DNFBPs in this blog.

What are Designated Non-Financial Businesses And Professions (“Dnfbps”)?

According to the FATF recommendations, designated non-financial businesses and professions (DNFBP) are businesses that carry on non-financial activities and constitute a money laundering and terrorism funding concern. The UAE Government introduced the term ‘DNFBP’ to check unscrupulous businesses from laundering money under the cover of non-financial businesses. 

As per the FATF guidelines, all DNFBPs are susceptible to similar risk-based AML/CFT compliance standards as banks and other financial institutions concerning record-keeping requirements, transaction monitoring, and reporting.

Form Filling Assistance For Designated Non-Financial Businesses And Professions (“dnfbps”)

As per the Federal Decree-Law, No (20) of 2018 and Article 20(2) of the Cabinet Decision No. (10) of 2019, must register on the goAML portal. The UAE Ministry of Economy (MoE) established the goAML system to submit Suspicious Transaction Reports (STR) or Suspicious Activity Reports (SAR). 

It helps the MoE identify suspicious and nefarious activities and check money laundering activities. 

Registration to the goAML Portal

All designated non-financial businesses and professions (“DNFBPs”) apply to register on the platform as follows:

  1. Register to the protection system (SACM) on the goAML portal to receive your username.
  2. You can obtain your password by using the Google Authenticator app to access the goAML portal.

Fill up the fields on the application form where an asterisk (*) appears compulsorily with relevant details to complete the registration process.

Essential Documents for goAML Portal Registration

  • A letter to state that you are the authorized representative of the business establishment.
  • A copy of
  • Your passport, resident visa, and Emirates ID
  • If you are a company, the commercial trade license.

Finally, you must download the Google authenticator app on your smartphone for the SACM system password.

Please note that the SACM system password changes once every minute.

Conclusion

Following your registration, the goAML portal will issue your establishment a unique organization identity number (Org ID). The users from the organization can access all relevant information about the business establishment from the portal by using the org ID.

Flyingcolour can help you identify if your establishment is a dnfbps and assist with filling the application to register to the goAML portal to avoid penalties.

Book your free consultation with us to know more about the comprehensive services.

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