Businesses and entities in the UAE that are subject to Anti-Money Laundering (AML) regulations, including financial institutions, real estate agents, accountants, legal professionals, and designated non-financial businesses and professions (DNFBPs), are required to register with and use the goAML system for reporting suspicious transactions.

Usually, Bank Account Opening takes 5-7 working days for Business entities. It can be further delayed if the background check and activity concerning are not satisfying the benchmarks.

Entities subject to AML regulations must file the following types of reports via goAML:

• Suspicious Transaction Reports (STRs): When a transaction is suspected to be related to money laundering or terrorism financing.
• Suspicious Activity Reports (SARs): When an activity, behavior, or series of transactions raises suspicion of money laundering or terrorist financing.
• Cash Transaction Reports (CTRs): For large cash transactions, especially those exceeding AED 55,000 or its equivalent.

To register for goAML, businesses must create an account on the official goAML portal by submitting necessary details about their business, such as the trade license, contact information, and authorized signatory. The registration process can be done online via the goAML platform.

Under UAE's Anti-Money Laundering (AML) laws, businesses must:

• Monitor and report suspicious transactions and activities.
• Keep records of all transactions and customer interactions.
• Submit STRs, SARs, and CTRs as required.
• Implement internal controls and procedures to detect and prevent money laundering and terrorism financing.

Transactions or activities that appear suspicious or involve large amounts of money, especially cash transactions exceeding AED 55,000, should be reported via goAML. These may include transactions that:

• Have no apparent legal or economic purpose.
• Appear structured to avoid detection (e.g., multiple small transactions).
• Are inconsistent with the customer’s known activities or business.

After a report is submitted through goAML, the Financial Intelligence Unit (FIU) reviews the data and decides whether to investigate further. The FIU may take appropriate actions such as freezing assets, investigating the individuals or entities involved, or alerting relevant authorities, including law enforcement.

Yes, businesses are required to conduct Customer Due Diligence (CDD) to verify the identity of their clients and assess the potential risks of money laundering and terrorist financing. This includes obtaining identification documents, understanding the purpose of the business relationship, and monitoring transactions for suspicious activity.

Failure to comply with the UAE’s AML regulations, including not reporting suspicious transactions or not submitting reports via goAML, can result in significant penalties, including fines and possible criminal sanctions. The penalties can also extend to individuals in the business found to be negligent or complicit.

No, reports submitted through goAML cannot be submitted anonymously. The platform requires users to provide their identity and contact information for follow-up and clarification purposes if needed by the authorities. However, the reporting process is confidential and the identity of the reporter is protected

goAML facilitates the collection, analysis, and reporting of financial intelligence to detect and prevent money laundering and terrorism financing activities. The platform helps authorities identify suspicious activities, trace illicit financial flows, and ensure compliance with international anti-money laundering standards.

If you encounter a suspicious transaction, it is your obligation to file a Suspicious Transaction Report (STR) or Suspicious Activity Report (SAR) through the goAML platform. You should also take appropriate steps to ensure that the transaction does not proceed until further investigation is conducted.