goAML Platform: Who Qualifies and What You Get
Learn how the goAML Platform helps designated businesses in the UAE report suspicious transactions to meet legal requirements.
The goAML Platform is a digital system used to report suspicious transactions to help prevent financial crimes.
Who it's for
This platform is for Designated Non-Financial Businesses and Professions (DNFBPs). These are specific types of businesses that are required by law to monitor and report certain financial activities.
What you get
The platform provides a dedicated compliance portal. You use this system to submit reports regarding suspicious transactions to the relevant authorities.
What it costs you
Registration on the platform is mandatory for qualifying businesses. You will also need to appoint and maintain an internal compliance officer within your organization to manage these responsibilities.
The catch to know
Failure to comply with the reporting requirements can lead to severe institutional fines for your business.
How to apply
- Confirm that your business falls under the category of a Designated Non-Financial Business or Profession.
- Appoint a dedicated compliance officer for your organization.
- Register your business on the official portal.
- Use the portal to fulfill your mandatory reporting obligations.