Compliance of UAE AML Legislations by DNFBPs
Gupta Accountants realizes the complex challenges of compliance with UAE AML obligations on the Designated Non-Financial Businesses and Professions (DNFBPs) while doing business. in UAE. Gupta Accountants provides range smart solutions for compliance with UAE AML.
Summary of the relevant UAE AML legislations :
Executive Regulation :
What is DNFBP?
1. Real Estate Firm that carries out transactions with customers involving the buying or selling of real property For example, real estate developers, brokers and agents.
2. Auditing, accounting or tax consultancy Firm that provide professional services and assurance to third parties on the financial and tax soundness of them and/or their business. For example, chartered accountants, accountants, tax specialists etc.
3. Dealer of precious metals or stones who are are involved in the production of precious metals or precious stones, an intermediate buyer or broker, precious stone cutter and polisher, precious metal refiners, and/or jewelry manufacturer who use precious metals and precious stones to retail sellers to the public or buyers and sellers in the secondary and scrap markets. These include gold, silver, platinum, diamonds etc. For example, jewelry stores.
4. Trust or Company Service Provider who is involved in providing business services and consulting to third parties.
Registration obligations under the goAML in Abu Dhabi, UAE are on the DNFBP (Designated Non-Financial Businesses and Professions) based in mainland and free zone .
What is goAML (Anti-Money-Laundering System) ?
The goAML application is a fully integrated software solution developed specifically for use by Financial Intelligence Units (FIU's) and is one of UNODC's strategic responses to financial crime, including money-laundering and terrorist financing. Financial Intelligence Units play a leading role in any anti-money laundering regime as they are generally responsible for receiving, processing and analyzing reports made by financial institutions or other entities according to the requirements of domestic anti-money laundering laws and regulations. Such reports and other information gathered by FIU's often provide the basis for investigations into money laundering, terrorist financing and other serious offences. goAML is specifically designed to meet the data collection, management, analytical, document management, workflow and statistical needs of any Finance Intelligence Unit. The goAML application was developed by the Information Technology Service (ITS) of UNODC in partnership with the UNODC Global Programme Against Money Laundering, Proceeds of Crime and the Financing of Terrorism (GPML).
31 March 2021, is the due date to register the DNFBP (designated non-financial businesses & professions) under the goAML in UAE
The Ministry of Economy (MoE) in UAE requires Designated Non-Financial Businesses and Professions (DNFBPs) registered in the UAE to register in the system of Financial Intelligence Unit (goAML)
The Ministry of Economy (MoE) in UAE also requires Designated Non-Financial Businesses and Professions (DNFBPs) registered in the UAE to system of Committee for Commodities Subject to Import and Export Control (Automatic Reporting System for Sanctions Lists), and to adopt measures related to both, stipulated by the Federal Law No. 20 of 2018 on combating money laundering crimes and financing of terrorism and illegal organizations, and the regulations and relevant decisions regarding their implementation.
Designated Non-Financial Businesses and Professions (DNFBPs) registered in the UAE are obliged to to adopt measures related to both the aforesaid systems (goAML and ARSSL) as stipulated by the Federal Law No. 20 of 2018 on combating money laundering crimes and financing of terrorism and illegal organizations, and the regulations and relevant decisions regarding their implementation.
The Ministry of Economy (MoE) has clarified in its circular that the registration in both these systems is free and can be done through simple steps by visiting the Ministry of Economy's official website. The grace period to the DNFBPs to register in these two systems has been extended till March 31, 2021. Accordingly the registration for the DNFBs is obligatory to to avoid penalties stipulated by the law.
Documents required to for the registration
Gupta Accountants competent team as AML - Anti Money Laundering Compliance Consultants in Dubai provides supports at all the stages of compliance with UAE AML Legislations.
Why Gupta Accountants ?
- Professionally qualified Chartered Accountants with experience in AML - Anti Money Laundering Compliance Consulting and Advisory in Dubai.
- Cost Effective AML - Anti Money Laundering Compliance services in Dubai and UAE.
- Compliance to local, International standards & applicable rules and regulations.
Gupta Accountants could assist with the UAE UBO Compliance (Ultimate Beneficial Ownership regulations), AML (Anti Money Loundering), CFT (combating the Financig of the Terrorism and Illegal Organisations, to the companies based in Dubai Airport Free Zone -DAFZA,Dubai Auto Zone, Dubai Cars and Automotive Zone, Dubai Design District, Dubai Flower Centre, Dubai Gold and Diamond Park, Dubai Healthcare City, Dubai Industrial City, Dubai International Academic City, Dubai International Financial Centre -DIFC, Dubai Internet City ,Dubai Knowledge Park, Dubai Logistics City, Dubai Maritime City Authority, Dubai Media City, Dubai Multi Commodities Centre -DMCC, Dubai Outsource Zone, Dubai Science Park, Dubai Silicon Oasis - DSO, Dubai Studio City, Dubai Production City , Dubai Development Authority, Dubai Techno Park (New name: National Industries Complex), Dubai Textile City, Energy and Environment Park, International Humanitarian City , Jebel Ali Free Zone Authority JAFZA, Jumeirah Lakes Towers Free Zone, Dubai Production City, Abu Dhabi Airport Business City, Abu Dhabi Global Market -ADGM, Abu Dhabi Ports Company, Higher corporation for specialized economic zones/ ZonesCorp, Industrial City of Abu Dhabi, Masdar City, TwoFour54, Hamriya Free Zone Authority, USA Regional Trade Center Free Zone, Sharjah Airport Free Zone Authority, Ajman Free Zone Authority, Umm Al Quwain Free Zone Authority, RAK Investment Authority Free Zone, RAK Maritime City, Ras Al Khaimah Free Trade Zone, Ras Al Khaimah Media Free Zone, RAK Economic Zone - RAKEZ, Creative City Fujairah, Fujairah Free Zone Authority, International Free Zone Authority - IFZA