Who should be registered in GoAML Portal?

A DNFBP is anyone who engages in the following trade or business activities:

1. When brokers and real estate agents complete transactions for the benefit of their clients in the purchase and selling of real estate.
2. Precious metals and precious stone dealers carry out a single cash transaction or multiple transactions that tend to be connected or exceed more than AED 55,000.
3. Attorneys, notaries, and other independent legal practitioners, as well as independent accountants, when planning, performing, or executing financial transactions for their clients:
   • Purchase and sale of real estate.
   • Management of funds owned by the Customer.
   • Management of bank accounts, saving accounts, or securities accounts.
   • Contributions to the establishment, operation, or management of companies.
   • Creating, operating, or managing legal persons or Legal Arrangements.
   • Selling and buying commercial entities.

4.  Providers of corporate services and trusts when they perform or execute a transaction on behalf of their customers in the following areas: Acting as an agent in the creation or establishment of legal persons;
   • Working as or equipping another person to serve as a director or secretary of a company, as a partner, or in a similar position in a legal person.
   • Provide a registered office, work address, residence, correspondence address, or administrative address of a legal person or Legal Arrangement.
   • Performing work or equipping another person to act as a trustee for a direct Trust or conduct a similar function in favor of another form of Legal Arrangement.
   • Working or equipping another person to act as a nominal shareholder favors another person.
   • A decision of the Minister shall determine other professions and activities

According to the Ministry of Economy, the targeted establishment must take three key measures to protect its enterprises against money laundering threats. As follows, the three steps are:

1. Appointment of a facility compliance officer with responsibility for the registration and follow-up of the two systems;
2. Exercising due diligence on customers by checking the identity of the client and the beneficial owner before forming a business relationship or opening an account and other information listed in the implementing regulations; and
3. Registration in the ‘goAML’ system, filing of suspicious transaction reports through it, registration in the Automatic Reporting System For Sanctions Lists of the Committee for Commodities Subject to Import and Export Control, and alignment of their commercial operations with the lists produced on an ongoing basis by that system.

The Ministry of Economy (MoE) has stated that it will organize field inspection campaigns to track the scope of the dedication of the target establishments to the registration and implementation of relevant measures in both systems. Such initiatives will also help raise awareness of federal law requirements and punishments for violations and ensure they are committed to its provisions.

How can we help you?

Advanced AnalytIQ will help you register in the four classifications : (1) Brokers and Real Estate Agents, (2) Dealers in Precious Metals and Precious Stones, (3) Auditors, and (4) Corporate Service Providers. Contact us!