The United Arab Emirates government Financial Intelligence Unit (FIU) has this eService Portal which is the GoAML system through which it allows the reporting entity to submit the reports to FIU. Let us now see the reason for registration in GoAML and subscription to the relevant sanction lists for compliance with anti-money laundering practices.
What is this GoAML?
GoAML is an online application developed by the United Arab Emirates Financial Intelligence Unit to allow reporting of suspicious transactions and information concerning money laundering through an eService portal. It allows financial institutions and any other reporting entity to electronically submit Suspicious Transactions Reports (STRs) and all other reports to the FIU more securely and efficiently.
Why is registration in GoAML is Important?
It becomes mandatory for all reporting entities located within the boundaries of the United Arab Emirates to register in GoAML. There are serious consequences for failing to register, which may include severe fines and penalties. In addition, it demonstrates compliance with AML requirements and shows readiness to cooperate with the FIU against money laundering and terrorism financing.
Subscription to Sanction Lists
A reporting entity must register with GoAML and subscribe to sanction lists from UAE and other authorities. These lists include individuals and entities sanctioned for money laundering, terrorist financing, or other illegal activities.
Subscribing to the sanctions list is crucial for reporting entities to prevent inadvertent transactions with sanctioned individuals or entities. This entails regular updating and checking of the customer databases against the updated sanction lists for purposes of compliance.
GoAML registers and subscription list sanctions avail several benefits to reporting entities such as:
1. Better AML Compliance: GoAML registration and sanction list subscription help demonstrate an organization’s commitment to AML compliance. It also reduces the risk of non-compliance.
2. Improved Risk Management: The reporting entity is better managed as far as risk exposure is concerned with regard to suspicious transactions, such that it does not suffer losses.
3. Increase efficiency: GoAML is an online eServices portal that simplifies reporting processes and relieves reporting entities from an overwhelming share of administrative task burdens.
4. Better Customer Protection: By screening the reported customers against the sanction lists, they help shield the customers from unknowingly transacting with sanctioned persons or entities.
Conclusion
These are critical elements of a sound AML compliance program through GoAML registration and subscription to sanction lists. Reporting entities should make such prerequisites top priorities to comply with UAE regulations while protecting customers and reputation. It allows reporting entities to leverage the system, use updated sanction lists, enhance AML compliance, and strengthen financial security.
