To strengthen Anti-Money Laundering (AML) regulations, the UAE introduced the goAML portal, requiring specified businesses to register before March 31, 2021. Entities falling under the Cabinet Decision must complete the registration process on the goAML platform to avoid penalties and sanctions.
What is Money Laundering?
Money laundering refers to any financial or banking transaction that conceals or alters the source of illegally obtained funds by passing them through the financial system, making them appear as legitimate earnings, and subsequently reinvesting them in unlawful activities.
The UAE has enacted Federal Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML Law). This law incorporates key recommendations from the Financial Action Task Force (FATF) to improve the detection and prevention of money laundering and terror financing.
The AML Law mandates compliance for Designated Non-Financial Businesses and Professions (DNFBPs). The UAE Ministry of Economy requires the following businesses to register on the goAML portal:
✔ Brokers and Real Estate Agents
✔ Dealers in Precious Metals and Precious Stones
✔ Independent Auditors and Accountants
✔ Independent Corporate Service Providers
📌 Additional Requirements:
- These businesses must also register in the automatic reporting system for sanctions list compliance under the Committee for Commodities Subject to Import and Export Control.
- Failure to register by March 31, 2021, could lead to financial penalties ranging from AED 50,000 to AED 5 million or even license revocation.
Steps to Register on the goAML Portal
✅ Step 1: Register in the SACM Protection System
- Access the goAML portal and create a username.
✅ Step 2: Authenticate Your Account
- Use the Google Authenticator app to generate a password for secure login.
✅ Step 3: Complete Registration
- Registration on goAML is free.
- Our consultants can assist in ensuring successful goAML registration and AML compliance.
- You can also complete the process independently via the official goAML registration link.
Pre-registration Requirements for goAML in the UAE
Before registering, businesses must:
✔ Appoint a Nominated Compliance Officer / Money Laundering Reporting Officer (MLRO)
✔ Have a valid email address and mobile number (UAE or international) for the MLRO
Documents Required for goAML Registration
Businesses must provide the following documents for registration:
📌 Authorization letter from the business entity
📌 Copy of passport, resident visa, and Emirates ID of the registrant
📌 Valid commercial trade license (for companies)
📌 SACM protection system password (obtained via Google Authenticator)
