Introduction of goAML platform has been viewed as one of the fundamental regulatory requirement in the battle in against to money laundering and terrorist funding. Based on the country wide risk evaluation performed in UAE and the enforcement of AML (Anti-Money Laundering) /CFT (Countering Financing of Terrorism) law which grew to be high-quality in year 2018 in the country, the regulatory authorities in the area have been emphasizing the significance of goAML platform and its utilization by means of the business entities
Introduction of goAML platform has been viewed as one of the fundamental regulatory requirement in the battle in against to money laundering and terrorist funding. Based on the country wide risk evaluation performed in UAE and the enforcement of AML (Anti-Money Laundering) /CFT (Countering Financing of Terrorism) law which grew to be high-quality in year 2018 in the country, the regulatory authorities in the area have been emphasizing the significance of goAML platform and its utilization by means of the business entities.
All the modern facts and updates referring to the listing of targeted financial sanctions will be reachable thru the goAML platform which can be accessed by the registered users. Also the platform has enabled computerized notifications to registered users through e-mail about the updates on the sanctions’ list and on any obligatory compliance necessities in this regard. goAML is a fully integrated software developed by the United Nations Office on Drugs and Crime (UNODC) to be used by financial intelligence units across the world to curb money laundering and terrorist financing.
As per the UNODC, more than 50 Financial Intelligence Units around the world are part of the system at present. Such units use and analyse the data recorded in the system to control and prevent money laundering crimes. Circuit Computer introduced a robust technology of goAML – Automation Software in order to meet the reporting procedures for Anti Money Laundering and Combating the Financing of Terrorism and Illicit Organizations. The purpose of goAML – Automation is, reporting on time, accuracy of data, ease of use and provides API connectivity to reporting entities core system.
As per the recommendations issued by the Central Bank of UAE, all reporting entities in UAE are required to send a number of reports to FIU by using having access to goAML platform. Also the Ministry of Economy (MoE) in UAE has launched many awareness programs completely to urge the registered Designated Non-Financial Business and Professions (DNFBPs) to register on the goAML platform. Due date for companies to register on the goAML platform Considering the pandemic scenario and the massive wide variety of predicted registrations with the aid of the organizations.
The due date for registration on the goAML platform has been extended until 30 April 2021. To ensure compliance with the obligatory requirements with respect to the AML reporting, it is important that the companies register timely on the goaML platform and post the required reports in the prescribed forms via the portal. Also the Ministry of Economy (MoE) has notified about its plan for arranging area inspections for monitoring the compliance throughout the organizations in this context.
The goAML-Automation is driven by a security model that specifies the access rights of each user and provides an audit trail and full logging of every transaction by each user.goAML-Automation offers other versatile options such as
The goAML System is :
goAML is a software developed by the UNODC for detecting and combating money laundering and terrorist financing. It’s widely used by Financial Intelligence Units (FIUs) to collect and analyze suspicious transaction reports (STRs) globally. In the UAE, all entities dealing with high-risk transactions must register on goAML as per AML regulations.
Registration on goAML involves two stages: first, the organization must register as an entity, followed by the registration of authorized individuals, such as the Compliance Officer or MLRO, under the entity’s account. Verification and approval are required from the regulatory body before access is granted.
The goAML platform is primarily for submitting Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs). Other reports, like responses to search and freeze notices, are not handled on goAML.
Processed reports remain accessible for five calendar days. Draft reports are available for 15 days before automatic deletion, while rejected reports can be resubmitted within a 10-day grace period after editing.
The goAML Message Board is a communication tool that allows two-way communication between the FIU and reporting entities. It notifies users about the acceptance, rejection, or additional information requests for submitted reports.
Ensure each document is under 5MB, with file names that do not contain special characters. For report submissions, the total file size cannot exceed 20MB. If issues persist, verify browser settings to enable pop-ups and allow document uploads on the portal.
Yes, delegation is possible but requires prior registration and approval of the third party by the Supervisory Body. Once approved, the delegation settings can be updated within the goAML portal.
Entities previously using the STR system can access a separate platform for historical data, allowing them to review past reports for compliance and auditing.
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