November 30, 2022Dated: | Byadmin admin | Role of Financial intelligence unit The main aim of the financial intelligence unit is to protect UAE from the risk of money laundering and financing of terrorism and any other illegal activities in the country. In 1998 central bank of UAE established a special unit to avoid fraud and suspicious transactions known as the financial intelligence unit. In 2002 financial intelligence unit is renamed as Anti-money laundering and suspicious cases unit (AMLSCU) Also, stakeholders came together from domestically and internationally, so the risk of financial transactions, Money laundering, and terrorism financing can be reduced and both partners work very effectively. And if a Reporting entity finds any crime or suspicious transactions, UAE law requires a Reporting entity to file STR (Suspicious transaction report) to UAE FIU. Background of goAML UAE is the first to lunch the goAML platform in GCC In Abu Dhabi on 23/06/2019, UAE Financial intelligence unit(FIU) announce the launch of their new reporting platform goAML, to find out the suspicious transaction and avoid fraudulent transactions happening in the country also helps to eliminate the upcoming threats in a better and more efficient way. What is goAML goAML is a software developed by (UNODC) united nations office on drugs and crime, to be used by the financial intelligence unit to report suspicious transactions and terrorist financing. Such units around the world analyze and prevent Anti-money laundering crimes. Also, goAML platforms help registered users to get notifications on updates or any of the mandatory compliance required as per UAE. Who has to register for the goAML Portal? In UAE, All entities regulated by central banks and other financial authorities need to register for the goAML portal. Such as1) Real estate brokers.2) Corporate Service provider. 3) Dealers in precious metals and jewelry. 4) Independent chartered accountant, Auditors All DNFBPs need to register under goAML and Report any suspicious transactions and Crimes happening to be reported. The registration has to be done with the Central Bank of UAE and the Financial Intelligence Unit (FIU) UAE, As per Federal Decree-law No. 20 of 2018,If the Ministry of Economy found anything missing as per the law, they might impose a high penalty for the same. Non-registration will attract a penalty of AED 50,000/- All DNFBPs. Are nonfinancial businesses involved in high monetary value and at high risk of Money laundering and terrorist financing? In UAE, All DNFBPs are controlled by the Ministry of finance for AML and CFT (Combating the Financing of Terrorism) purposes. Anyone conducting any one of the above business activities needs to register for goAML the registration has to be done with the Central Bank of UAE and the Financial Intelligence Unit (FIU) UAE. After registration, each company will have one designated person who is called MLRO (Money Laundering Reporting Officer most mostly company owners are becoming MLROs. The duty of MLRO is to identify suspicious clients’ transactions, if any, and report them to the government. And if any company or entity does not have MLRO then CEO or Director can be registered as MLRO. Every company in real estate must have Anti Money Laundering Policy and Procedure and all the employees in the company must be aware of the AML policies of the company. All the transactions/clients must be recorded correctly and need to submit as and when the Central bank or Financial Intelligence Unit asks. How Flying Colour will help you? For any business or entity falling under the said activities, we would advise them on what documents need to be arranged for goAML registration, helping them in preparing policies and procedures for their company as required. Also, we can help in giving training to the employees. As a qualified team, we would take care of the end-to-end process per the rules and regulations set by the central bank and financial intelligence unit.