Important Registrations and Subscriptions for AML/CFT

June 7, 2024 | 2 min read

goAML Registrations: Ministry of Economy suspends 50 corporations’ operations for failing to register onto goAML system

The Ministry of Economy (MoE) has suspended the operations of 50 businesses operating within the sector of Designated Non-Financial Businesses and Professions (DNFBPs). This suspension is for a period of 3 months and alongside the suspension, the MoE has fined 225 companies with fines worth AED 77 million since the start of 2023.

According to the provisions of the Federal Decree Law Number 20 of 2018, failing to register with the UAE’s Financial Information Unit’s (FIU) goAML system will result in penalties, as seen with the suspension and fines. The FIU will receive suspicious transaction reports from companies within the DNFBP sector through the goAML system. The FIU will flag potential problems relating to financial crimes after analyzing transactions and activities of your business.

EOCN Subscriptions: On 15th April 2024, MOE issued Administrative Resolution No. (112) of 2024, imposing sanctions on companies in the AML/CFT sector for non-compliance with AML and CFT legislations

A thorough inspection conducted by the AML/CFT Department at the MOE identified violations of the obligations set forth in Federal Decree-Law No. (20) of 2018.

These violations were reviewed by the committee for Imposing Administrative Sanctions, which subsequently decided to impose administrative sanctions on the violating companies, amounting to AED 50,000.

Affected parties have the right to file a grievance against the decision within fifteen (15) days from the date of notification. The grievance will be reviewed by the appropriate committee, which will render a decision within thirty (30) days of the grievance submission.

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