CinqueTechnologies
ThegoAML System:A Comprehensive Guide:
1. 2. 3.
Tableofcontents
WhatexactlydoesgoAML mean?
WhoNeedstoSignUpforthe goAMLService?
WhoNeedstoSignUpforthe goAMLServices?
Amongthetermsthathavereceivedalotof attentionfromUAEinvestorsrecently,"goML"isat thetopofthelist.Tocombatthemajorcrimeof moneylaunderingandfundingofterrorism,many countrieshaveadoptedtheUnitedNations(UN) goAMLplatform.TheUnitedArabEmirates(UAE) hasshownitsdedicationtostrengtheningAML/CFT standardsbybeingthefirstGCCjurisdictionto adoptthegoAMLsolutionin2019. Inlightofthis,let'scommittocombatingmoney launderingbylearningmoreaboutthegoAML platformintheUnitedArabEmirates.Takealook forward.
TheUNODCcreatedthegoAMLsoftwarefor usebyfinancialintelligenceunitsthroughoutthe globetocontrolmoneylaunderingandthe fundingofterrorism.AccordingtotheUNODC, therearealreadymorethan50Financial IntelligenceUnitsoperatinginvariouspartsof theglobe.Inordertotrackandpreventfinancial crimeslikemoneylaundering,such departmentsassesstheinformationstoredin thesystem.
WhatexactlydoesgoAMLmean?
FinancialinstitutionsandDNFBPsarerequiredtofilereportswiththeFinancialIntelligenceUnits, whichthenanalyzeandevaluatesuchdatainaccordancewithlocalanti-moneylaunderinglaws andregulations.ThegoAMLplatformstoresthesedataandreports,whichcanbeusedas evidenceininvestigationsofmoneylaundering,terrorismfunding,andotherseverecrimes.The goAMLsupportstherequirementsofanyFinanceIntelligenceUnitintermsofdatacollection, administration,analysis,documentation,workflow,andstatistics.
Inaddition,thesiteprovidesitsregisteredcustomerswiththemostrecentinformationand updatesonthelistoftargetedfinancialpenalties.RegisteredusersofthegoAMLplatformmay choosetogetautomatedalertsthroughemailiftherearechangestothesanctionslistor obligatorycompliancecriteria.BusinessesmaybenefitfromtheexpertiseoftopAMLconsultants bylearningmoreaboutthegoAMLapplication.
WhoNeedstoSignUpforthegoAMLService?
IntheUnitedArabEmirates,thegoAMLplatformisamandatoryregistrationforallorganizations governedbytheCentralBankorotherfinancialauthorities.Registrationinthesystemismandatoryfor allfinancialorganizationsregulatedbytheInsuranceAuthority,theSecuritiesandCommodities Authority,AbuDhabiGlobalMarkets,andtheDubaiFinancialServicesAuthority.However,financial institutionsaren'ttheonlyUAE-basedbusinessesthatmustregisterwiththegoAMLsystem.
ThegoAMLsystemismandatoryforallDNFBPs,includingthosedealingingoldandotherprecious metals,realestate,corporateservices,andauditors.TheseDNFBPsarenon-financialfirms,yetthey poseagreaterthreatofbeingusedforlaunderingorfundingterroristactivities.Foranti-money launderingandcounter-financingofterrorismreasons,theUAEMinistryofEconomyoverseesthe DNFBPs.TheDNFBPsweregivenuntil30April2021tocompletetheirsystemregistration.InApril, inspectorsfromtheMinistryofEconomycheckedupwithvariousbusinessestomakesuretheywere followingthelaw.DNFBPsthatdonotadheretotheAML/CFTrequirementsfacesteeppenaltiesofup toAED1million.
WhoNeedstoSignUpforthegoAMLService?
BusinessesintheUAEneed professionalhelpinorganizingrecords andsupportingpaperstoallow registrationonthegoAMLplatformand thefilingofreportsastheAML/CFT regimeistightening.Businessesrequire theexpertiseofAMLconsultantsto helpthemdevelopAMLcompliance software-relatedcompliance proceduralactivitiesinsidetheir companyinaccordancewiththe relevantlawsandregulationsorrisk incurringlargepenalties.Thetimeto hireisnow!
Contactus
CinqueTechnologies
POBox25035
Dubai,UnitedArab Emirates
+97142220290 info@cinque.ae