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31 March 2021, is the due date to register the DNFBP (designated non-financial businesses & professions) under the goAML in UAE

21/3/2021

 
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
  • Authorization letter from the institution you represent ( form available for the download on the MOE  website).
  • A copy of the passport, resident VISA, Emirates ID.
  • A copy of the commercial trade license (for companies).
  • Download the "Google Authenticator" application on the phone. (This application contains the password for the SACM protection system, which is a password that changes every minute)
​Gupta Accountants competent team of chartered accountants in Dubai, provides best supports at all the stages of the compliance with goAML (Anti-Money-Laundering System)  to the  Designated Non-Financial Business and Professions"(DNFBP) based & registered under free zones and on main land, established in the emirates of  Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah.  ​​
Elisa John link
19/5/2021 12:18:37 pm

Your blogs are much informative, I have any doubts in accounting related subject i referred your blogs. This blog subject is very useful for the persons who running business in Dubai.


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    Author

    Ramesh Kumar Gupta is a young and dynamic Chartered Accountant and has 22 years of experience in assurance, accounting, audit and business management.  He is a member of the Institute of Chartered Accountants of India (ICAI).  He is the Managing Partner of Gupta Accountants an accounting and advisory firm in Dubai UAE

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"WE AT GUPTA ACCOUNTANTS, ASSIST IN THE TIMELY AND CORRECT OBLIGATORY COMPLIANCES BY YOUR BUSINESS BASED IN UAE AND ADD VALUE BY REDUCING THE COST OF NON- COMPLIANCE​"
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T: +971 4 396 7982 
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​E:  info@guptaaccountants.com 

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  • HOME
  • ABOUT US
    • GUPTA ACCOUNTANTS
    • MANAGEMENT
    • UNITED ARAB EMIRATES
  • SERVICES
    • ACCOUNTING >
      • Accounting Dubai
      • Accounting Abu Dhabi
      • Accounting Sharjah
      • Accounting RAK
      • Accounting Fujairah
      • Accounting Ajman
      • Accounting UAQ
    • AUDIT COMPLIANCE >
      • Audit Dubai
      • Audit Sharjah
      • Audit RAK
      • Audit AD
      • Audit Ajman
      • Audit Fujairah
      • Audit UAQ
    • AUDIT INTERNAL >
      • Review Dubai
      • Review AD
      • Review Sharjah
      • Review RAK
      • Review Ajman
      • Review Fujairah
      • Review UAQ
    • VAT REGISTRATION >
      • Registration Dubai
      • Registration AD
      • Registration Sharjah
      • Registration Ajman
      • Registration Fujairah
      • Registration RAK
      • Registration UAQ
    • VAT DEREGISTRATION >
      • Deregistration Dubai
      • Deregistration AD
      • Deregistration Sharjah
      • Deregistration RAK
      • Deregistration Ajman
      • Deregistration Fujairah
      • Deregistration UAQ
    • VAT COMPLIANCE >
      • Compliance Dubai
      • Compliance AD
      • Compliance Sharjah
      • Compliance Ras Al Khaimah
      • Compliance Fujairah
      • Compliance Ajman
      • Compliance Umm Al Quwain
    • VAT CONSULTING >
      • Consulting Dubai
      • Consulting AD
      • Consulting Sharjah
      • Consulting RAK
      • Consulting Fujairah
      • Consulting Ajman
      • Consulting UAQ
    • VAT REFUND >
      • Refund Dubai
      • Refund AD
      • Refund Sharjah
      • Refund RAK
      • Refund Ajman
      • Refund Fujairah
      • Refund UAQ
    • VAT VDS >
      • VDS Dubai
      • VDS AD
      • VDS Sharjah
      • VDS RAK
      • VDS Ajman
      • VDS Fujairah
      • VDS UAQ
    • VAT AUDIT >
      • VAT Audit Dubai
      • VAT Audit AD
      • VAT Audit Sharjah
      • VAT Audit RAK
      • VAT Audit Ajman
      • VAT Audit Fujairah
      • VAT Audit UAQ
    • ESR COMPLIANCE >
      • ESR Dubai
      • ESR Sharjah
      • ESR RAK
      • ESR AD
      • ESR Ajman
      • ESR Fujairah
      • ESR UAQ
    • UBO COMPLIANCE >
      • UBO DUBAI
      • UBO AD
      • UBO SHARJAH
      • UBO RAK
      • UBO AJMAN
      • UBO FUJAIRAH
      • UBO UAQ
    • UAE AML COMPLIANCE >
      • AML DUBAI
      • AML ABU DHABI
      • AML SHARJAH
      • AML AJMAN
      • AML RAS AL KHAIMAH
      • AML UAQ
      • AML FUJAIRAH
  • CONTACT
  • BLOG
  • Insights
    • VALUE ADDED TAX - UAE >
      • FAQ - How to >
        • How to check TRN validity in UAE
        • How to de-register under VAT in UAE
        • How to apply for VAT registration in UAE
        • Supplies not eligible for input tax recovery under VAT in UAE
        • Supplies not eligible for input tax recovery under VAT in UAE
        • Input VAT Adjustments under Capital Assets Scheme
      • FAQ - Place of Supply >
        • Place of supply of goods under VAT in UAE
        • Place of supply in case of export of goods
        • Place of supply of specific goods
        • Place of supply of services
        • Place of Supply of Certain Transport Services
        • Place of Supply of Services Related to Real Estate
        • Place of Supply of Telecommunication and Electronic Services
        • Place of supply of services in special cases
      • FAQ - Registration >
        • Introduction to VAT Laws in UAE
        • Frequently Used Terms in Indirect Tax System
        • VAT Registration in UAE
        • Who should register under VAT
        • Tax Registration Number (TRN)
        • VAT registration Deadlines in UAE
        • VAT Group Registration
        • VAT Registration Threshold Calculation in UAE
        • Input Tax Recovery under VAT in UAE
        • What is Capital Asset Scheme in UAE VAT ?
    • CORPORATE TAX - UAE >
      • INTRODUCTION OF CORPORATE TAX - UAE
      • Public Consultation Document Issued
    • Due dates