Importance of GoAML Policy and Procedures

September 22, 2022Dated:  | |

In recent times, the GoAML has grabbed the attention of investors in the UAE. The platform was developed by the United Nations and rolled by many countries to fight serious crimes related to money laundering and terrorism financing. In 2019, UAE became the first GCC country to launch the GoAML platform.

What is  GoAML?

GoAML is the fully integrated software developed by the United Nations Office on Drugs and Crimes(UNODC). The software is used by the different financial intelligence units globally to curb money laundering and terrorist financing. 

According to UNODC, more than 50 Financial Intelligence Units across the world are part of the system at present. These units use and analyze the data recorded in the system to control and prevent money laundering crimes.

UAE has mandated the implementation of AML Policy rules and regulations. The introduction of the AML-CFT Program. This includes strict penalties and deterrence in the form of imprisonment. The crucial decisive steps are taken toward fighting money laundering.

The non-compliance with the AML laws attracts heavy penalties and also jeopardizes the company’s reputation in the long run. It is recommended to hire an expert to avoid the risk of non-compliance and keep the business AML compliant.

Companies that don’t adhere to the AML rules and regulations have to face major consequences of non-compliance. It can ruin their business and damage their goodwill in the market. This can lead to major financial losses in the form of heavy penalties. The major reason why companies face heavy losses is a lack of awareness and knowledge of AML laws. 

Importance of GoAML Platform

The Financial Intelligence Units globally receive, process and analyze the reports made by the financial institutions and non-financial businesses and professions. The reports are developed according to the requirements of the domestic anti-money laundering laws and regulations. 

The reports are logged at the GoAML platform which provides the basis for conducting investigations for different crimes such as money laundering, terrorist financing, and more. The software helps in data management, analytical, management, data collection, workflow, and statistical needs of any Finance Intelligence Unit.

The registered users can easily access the latest information and updates about the targeted financial sanctions available on the platform. The registered user receives the automatic notification on their emails. 

Documents Required for GoAML Registration

The companies are required to identify the compliance officer or reporting officer in their firm. If there is no designated officer then the COO or Managing Director of the firm can register on the platform.

For registration, these are the following documents required such as

  1. Active and valid e-mail address of the nominated person.
  2. An active mobile number (UAE or International Number) is accepted for the nominated person.
  3. The supporting documentation of the firm and nominated person documents are in the consolidated PDF file.
  4. Authorization letter from the institution.
  5. Valid Passport Copy.
  6. Valid Residency VISA Copy.
  7. Valid Emirates ID.
  8. Information of the nominated person is provided as admin and user in the system.
  9. Valid Commercial Trade License.

Who should register on the GoAML Platform?

The entities regulated by the Central Bank or any other financial institution are required to register on the GoAML Platform. The financial institutions that come under the Insurance Authority, Securities, Commodities, Abu Dhabi Global Markets, and Dubai Financial Services Authority are required to register in the system.

Consult with Flying Colour Tax

UAE has tightened the AML regime where businesses require expert assistance in managing the records and supporting documents that enables registration on the GoAML platform. Our experts help in the implementation of the AML system within the organization without any hassle.

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