Registration with the goAML system in the UAE for DNFBP companies: turnkey support from StableGrowz
If your business falls within the DNFBP (Designated Non-Financial Businesses and Professions) category, you are legally required to register with the goAML system. This is not merely a bureaucratic formality, but a fundamental requirement.
StableGrowz offers assistance with goAML registration: from preparing your UAE goAML registration application to training staff on how to implement AML policies. Our experts’ support throughout the goAML registration process will help you avoid mistakes that could lead to financial losses.
StableGrowz offers assistance with goAML registration: from preparing your UAE goAML registration application to training staff on how to implement AML policies. Our experts’ support throughout the goAML registration process will help you avoid mistakes that could lead to financial losses.
What is goAML?
This is an official online platform developed by the United Nations Office of Information Technology and implemented in the UAE to collect, analyse and disseminate reports of suspicious transactions. The goAML UAE system is used by the UAE FIU to track financial flows and identify signs of money laundering and terrorist financing.
Registering with goAML grants access to the portal through which STRs (Suspicious Transaction Reports) and SARs (Suspicious Activity Reports) are submitted.
What is an STR? It is a report on a suspicious transaction that a company is required to submit via the goAML system upon identifying a transaction that raises doubts as to its legality. It is a key AML reporting tool.
What is a SAR? It is a Suspicious Activity Report, which is submitted when unusual customer behaviour is detected that has not yet resulted in a transaction but indicates potential risks of money laundering or terrorist financing.
What is the Financial Intelligence Unit UAE? It is a government body that receives, analyses and disseminates STR/SAR reports received via the goAML system, with a view to detecting and combating financial crime.
Registering with goAML grants access to the portal through which STRs (Suspicious Transaction Reports) and SARs (Suspicious Activity Reports) are submitted.
What is an STR? It is a report on a suspicious transaction that a company is required to submit via the goAML system upon identifying a transaction that raises doubts as to its legality. It is a key AML reporting tool.
What is a SAR? It is a Suspicious Activity Report, which is submitted when unusual customer behaviour is detected that has not yet resulted in a transaction but indicates potential risks of money laundering or terrorist financing.
What is the Financial Intelligence Unit UAE? It is a government body that receives, analyses and disseminates STR/SAR reports received via the goAML system, with a view to detecting and combating financial crime.
Who needs to register with goAML?
The requirements apply to both mainland companies (goAML registration for mainland companies) and free zone companies (goAML registration for free zone companies).
Even a small estate agency is required to register with goAML — the size of the business is irrelevant.
GoAML registration is mandatory for all organisations classified as DNFBPs (goAML registration for DNFBPs). Who is required to register with goAML:
Even a small estate agency is required to register with goAML — the size of the business is irrelevant.
GoAML registration is mandatory for all organisations classified as DNFBPs (goAML registration for DNFBPs). Who is required to register with goAML:
Estate agents and estate brokers
Dealers in precious metals and gemstones
Auditors, accountants and tax advisers
Corporate service providers
Any agency involved in property sales and purchases (goAML registration for estate agents).
Jewellery companies, gold and diamond dealers (goAML registration for precious metals dealers, goAML registration for jewellery companies).
Firms that maintain client records (goAML registration for accountancy firms, goAML registration for audit firms).
Companies that register businesses and provide nominee directors (goAML registration for corporate service providers).
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Lawyers and notaries
When handling clients’ financial transactions (goAML UAE registration for solicitors and notaries).
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What documents are required for goAML?
The basic package includes:
The appointment of an MLRO (Money Laundering Reporting Officer) is a key requirement for registering a company with goAML.
- A valid trading licence (an official copy of the company’s licence).
- A letter appointing the MLRO (Compliance Officer).
- A copy of the appointed MLRO’s Emirates ID and passport.
The appointment of an MLRO (Money Laundering Reporting Officer) is a key requirement for registering a company with goAML.
How does the goAML registration process work, and what happens next?
The process for registering an organisation with goAML is as follows.
Registering with SACM and setting up Google Authenticator
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What is SACM? It is an access control system that generates one-time passwords via Google Authenticator for logging into goAML.
Registering an MLRO with goAML. How do you appoint an MLRO?
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This must be a UAE resident with an understanding of AML obligations. The role may be combined with another role or outsourced. How do you change the MLRO in goAML? To make the change, you must submit a request to amend the details in the SACM system, attaching the new letter of appointment and copies of the new employee’s Emirates ID and passport.
Development of an internal AML policy
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Set out risk management procedures and rules, taking into account the specific nature of your business.
Implementation of KYC and Due Diligence
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Set up procedures for verifying clients and the source of funds before commencing a business relationship.
Enabling sanctions screening
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Sign up to the EOCN newsletter and set up regular checks of counterparties against local and international sanctions lists.
Conducting a risk assessment (EWRA)
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To analyse the business’s vulnerabilities to money laundering, terrorist financing and the proliferation of weapons.
Submission of STR reports
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Submission of a suspicious transaction report via the goAML system upon detection of any unusual or suspicious transactions.
Record-keeping and storage
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Maintaining and retaining records for at least five years, including compliance files, transaction data and reports on suspicious activity.
How long does it take to register with goAML?
goAML registration for a company in the UAE usually takes 5–10 working days. This timeframe may be extended due to errors in the documentation. We offer a ‘turnkey’ goAML registration service, minimising the risk of delays to zero.
What are the penalties for failing to register with goAML?
Fines for failing to register with goAML Dubai and for non-compliance with AML requirements continue to rise. They can range from 50,000 to 1,000,000 AED per breach.
In the event of repeated breaches, a company’s trading licence may be suspended or revoked, and its accounts may be frozen.
In the event of repeated breaches, a company’s trading licence may be suspended or revoked, and its accounts may be frozen.
Cost of goAML registration
Registering for goAML for business on the portal is free of charge. However, the cost of goAML registration with full AML compliance includes other essential elements: the development of AML policies, training for the MLRO and staff, an annual compliance audit (goAML compliance UAE), and so on. Get a personalised quote during our free 30-minute consultation.
These costs represent an investment in the security of your business, protecting you from fines running into hundreds of thousands of dirhams.
These costs represent an investment in the security of your business, protecting you from fines running into hundreds of thousands of dirhams.
Why do companies choose StableGrowz?
Register goAML in the UAE remotely with StableGrowz
- Fully remote registration.
- Preparation of all documents.
- AML compliance checks.
- Appointment of an MLRO.
- Drafting of an AML policy.
- Post-registration support.
- Assistance with audits.
How can you register with goAML without having to amend your documents? Contact the experts at StableGrowz for assistance with goAML registration in Dubai. We offer a ‘turnkey’ goAML registration service that protects you from regulatory risks and saves you time. Submit a request for a consultation, and we will review your case promptly.
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