GoAML is a platform used globally to combat problems like criminal financing activities. Businesses related to various industries are required to register with GoAML Software to work in complying with AML regulations.
Entities required to register are:
Several business categories that are mandatory to register:
Financial institutions
Financial institutions like exchange houses, money transfer services, banks, investment firms and other entities regarding finances are required to register on the goAML application.
Designated non-financial businesses or professionals
Some professions like real estate agents, metal dealers, lawyers, accountants and all the professions that require transactions of huge amount are also require to register on the platform.
Additionally, other listed sectors such as money service businesses, casinos and courier companies are required to register.
If you are not sure whether your business falls under the category or not then you can consult with the Ministry of Economy’s website.
What does GoAML registration apply to?
GoAML registration applies to financial transactions that include:
• CDD
The phase includes the verification of identity and source of funds of your customers.
• Suspicious activity reporting
Reporting transactions that are suspected to be related to criminal financial activities
• Record keeping
It is important to keep detailed records of the customer’s transactions well maintained.
What are the consequences of non-registration?
If an entity fails to register with the goAML solution then it can lead to various penalties that include:
Fines
One has to pay up to AED 50,000 or higher if a person violates the law or regulations set by the authorities.
Suspension of business activities
Sometimes, due to non-compliance with the regulations, the Ministry of Economy or Supervisory Authority can temporarily suspend your business operations or activities. This might harm your business and will hurt others.
Reputational damage
Non compliance with the regulation also causes reputational damage that can hurt your customer base and you might loss the generated trust among your customers. This will hinder your future business prospects.
Now, any business entity can simply access goAML portal and can register simply by filling login form at the official portal to safeguard from illicit financial activities.
