Deadline for Registration
You are required to register on goAML system before 31st of March 2021.
Why is it necessary to register on goAML?
To file a Suspicious Transactions Document, it is compulsory to first register on the goAML system.
Failure to Register
To file a Suspicious Transactions Document, it is compulsory to first register on the goAML system. Failure to do so would result in a failure to establish procedures for detecting fraudulent transactions.
Furthermore, under UAE policy, failure to disclose evidence of money laundering or terrorism financing is a criminal offense. Resulting administrative penalties for each offense which includes, but are not limited to, a financial penalty of AED 50,000 and a limit of AED 5,000,000 for each violation.
Instruction from the MOE
MOE (Ministry Of Economy) has provided instructions for the goAML pre-registration and registration processes.
The 04 Main Categories Which the Law is Valid For:
There are 04 main categories that the law of UAE is applicable for Businesses. They are: brokers and real estate agents, dealers of precious metals and gemstones, auditors, and corporate service providers.
How Kloudac Helps You?
Your company and your business would be secure and protected from regulatory fines levied by UAE policies by avoiding fraud transaction mechanisms.