Independent AML Audit Guide

Performing an independent AML Audit is one of the crucial parts of the AML/CFT program that facilitates businesses to keep a check on the quality of the AML measures adopted by the companies.

By conducting an AML audit check, the business receives an independent opinion from an AML Auditor. The Auditor provides insight into the existing AML/CFT program by checking its quality and adequacy. You also get comprehensive information regarding remediating gaps and improving the AML/CFT framework by eliminating loopholes and updating it with the latest standards.

Independent AML Audit is a third line of defence for FIs, DNFBPs, and VASPs. The independent AML auditors take a risk-based approach. Independent AML auditors assess the comprehensiveness and effectiveness of the entity’s Financial Crime Risk Management (FCRM) Program. They check the validity of the AML/CFT program and confirm if it follows all the legal obligations. Further, the auditors assess whether the regulated entity has put in place reasonable and risk-based controls to mitigate financial crime risks. The auditor also checks the effectiveness of the controls.

In this guide, we shall decode the Independent AML Audit to ensure compliance with AML regulations and maintain the AML framework of top-notch standards.

The guide will provide you with the following information:

Role of an independent AML Audit
Key Benefits of Independent AML Audit
When AML Audit needs to be conducted
Steps to Conduct an Independent AML Audit
Independent AML Audit Report
Post-Audit Responsibilities of the Auditee
Best practices for conducting AML Audit

Regulated entities, including Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Asset Services Providers (VASPs), subject to UAE AML Laws, can strengthen the AML/CFT framework by performing an independent review. Therefore, an Independent AML Audit function must be implemented to ensure compliance.

Go through the complete guide to learn more about Independent AML Audit and how it helps your business.

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Corporate Service Provider AML Compliance eBook

UAE AML laws classify corporate services providers as one of the “Designated Non-Financial Businesses and Professions” entrusted with the responsibilities of conducting necessary activities to mitigate money laundering and terrorist financing.

To help CSPs, we have come up with an exclusive eBook that will act as their personal guide throughout the AML compliance journey. Here, you’ll know about the AML regulations in UAE that a CSP must comply with.

Moreover, the eBook contains a detailed description of AML compliance requirements:

goAML Registration
Appointment of a competent AML Compliance Officer
Enterprise-Wide Risk Assessment (EWRA)
Development and Implementation of AML/CFT Policies, Procedures, and Controls
Client Due Diligence (CDD) Measures
Ongoing Monitoring of Transactions and Business Relationships
Implementing Targeted Financial Sanctions (TFS) Program
Identifying and Reporting Suspicious Activities or Transactions
AML Training
AML Governance
AML Record Keeping

Corporate service providers will always have support in AML compliance and stand out as reputed AML warriors by having this eBook by their side.

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Understanding the Difference between UAE Federal AML Law and DIFC AML Rulebook

The primary difference among UAE Federal Law, DIFC, and ADGM Rulebook is the Supervisory Authority that governs, regulates, and administers fulfilment of AML Compliance requirements by Regulated Entities under the purview of each jurisdiction.

The regulated entities operating in the Dubai International Financial Centre (DIFC) are required to comply with the DFSA-issued AML Rulebook, along with the AML Federal Decree-Law and the corresponding Cabinet Decision. Though the DIFC AML Rulebook is developed in line with the Federal AML regulations, there are a few differences between the two, which the DFSA-regulated entities must take into consideration.

The above-mentioned infographic distinguishes the following AML provisions under the Federal Law and the DIFC AML Rulebook:

1. One of the differences, indirectly mentioned above, is related to the Supervisory Authority. The DIFC-based entities are subject to AML supervision by the DFSA – Dubai Financial Service Authority. While, the mainland companies subject to Federal AML regulations vary based on the nature of operations – such as the Central Bank of UAE for Financial Institutions, Ministry of Economy for the Designated Non-Financial Businesses and Professions (DNFBPs), and Virtual Assets Regulatory Authority (VARA) for Dubai-based Virtual Asset Service Providers (VASPs).

2. With respect to the real estate sector, only real estate brokers and agents are subject to AML compliance as per Federal Law. However, the DIFC AML Rulebook extends the compliance regime to the DIFC-based real estate developers as well.

3. Moreover, the following two classes of activities or professions are additionally covered under the definition of “Designated Non-Financial Businesses and Professions” (DNFBPs) under the DIFC AML Rulebook:

Insolvency firms
Person engaged in the issuance of Non-Fungible Tokens (NFTS) or utility tokens or providing related services.

4. The AML documentation requirement is for a minimum period of 6 years in DIFC, as compared to a minimum of 5 years under Federal AML Law.

5. The DIFC AML Rulebook mandates that regulated entities have a UAE resident as an AML Compliance Officer or Money Laundering Reporting Officer (MLRO). There is no such requirement under Federal AML Laws.

6. In addition to the AML compliance obligations imposed under Federal AML Laws, the DIFC entities are required to comply with the following two AML requirements:

Filing an AML Annual Return with the DFSA (for the period starting from August of the previous year till July of the year in which reporting is to be done) and
Appointing a Deputy (MLRO) to manage the AML program in the absence of MLRO.

Ensuring compliance with the DIFC AML Rulebook is very crucial for the regulated entities operating in or from the DIFC.

Let AML UAE be your handholding partner, guiding you throughout the AML compliance journey. With our experience in Federal AML Laws and the DIFC AML Rulebook, we can assist your business in customizing the AML program to stay regulatory compliant and safe against ML/FT vulnerabilities.

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Top 5 methods Criminals use to Launder money

Pathik Shah

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Top 5 methods Criminals use to Launder money

Money Laundering has become a massive problem for governments as the issue is escalating daily. It hits the world economy badly as the vast amount of money is used to fund illegal activities and fund terrorism. As per a recent UN report, approximately $ 800 billion – USD 2 trillion is laundered every year, accounting for 2-5% of global GDP. Anti-money laundering laws, rules, and regulations are implemented to detect suspicious accounts and transactions and trace the source of the illegal money. Now the question arises: what are the products and services that can be potentially used for money laundering activity, and how? So, let’s jump into it and discuss the top 5 methods criminals use to launder money and evade government scrutiny.

Top 5 Money Laundering techniques used by criminals in modern era

1. Instant Messaging

Who would have thought the instant messaging platform would become a popular choice for criminals to launder their dirty money? Criminals use instant messaging apps, which are more than messaging apps, and offer services that make payment facilities available.

Online transfers have reduced cash transactions to a great extent. With the vast amount of transactions being made on messaging platforms, tracking might be a problem, so businesses need to be vigilant and track down suspicious transactions and fake accounts. Companies will require resources and a team to identify such doubtful transactions.

AML training can help companies stay ahead of the criminals and know if the messaging platforms are misused. Training will equip them with updated knowledge of the technology being used and adopt a proactive approach to detect any suspicious transaction immediately.

2. Online Games

The online gaming industry today is growing by leaps and bounds. Criminals have found the gaming platforms to be a potential opportunity to launder money. The games use virtual currencies which users can trade for real cash.

There are no specific regulations for online trading in the gaming industry, so criminals set up numerous accounts in different jurisdictions to transfer money. They purchase in-game credits and transfer them to launder money. They also create fake accounts or hack existing accounts to steal other players’ credits, and all these attempts are made to increase the virtual currencies, which they can later trade for cash.

3. Gift Cards

Gift cards enjoy immense popularity. After the card is activated, criminals quickly transfer the funds available or use them to buy products sold for cash. Stolen debit or credit cards are rampantly used to purchase prepaid cards, and then they are further sold for money.

The method adopted by the criminals is to copy the serial numbers of the cards, scratch the security code and later cover them up. So, it’s essential to catch the criminals when the cards are stolen as these can be used to launder money. A method adopted to prevent prepaid cards for money laundering is that retailers limit the number of prepaid cards anyone can buy in a day.

4. Cryptocurrency

Cryptocurrency is one of the most popular virtual currencies, and criminals are using this newest kid on the block to launder money. This digital currency is protected by encryption which prevents double-spending. But this currency is not issued by the central government and not regulated by the government, so they become a favourite method of the money launderers. Moreover, it is also banned in some countries.

For instance, the Chinese government has stated that all transactions in cryptocurrency are invalid. Though cryptocurrency may not pose a massive threat to a particular country’s currency, its increased use and entry into the mainstream medium of value exchange is undoubtedly something to worry about.

Today, the digital world is expanding, and many large-scale companies accept this modern currency for providing their products and services. So, it allows criminals to make transactions and indulge in financial terrorism. A recent study has revealed that approximately 56 % of worldwide crypto exchanges do not have a robust KYC process. People use this loophole and use digital currency to launder money.

5. Shell Companies

Criminals often use shell companies or front companies to launder money to hide the identity of the true beneficiary of the proceeds or the profit of the illegal activities. The modus operandi is to sell goods at discounted prices and show false profits. The legal and illicit money is mixed to make them appear legal and avoid scrutiny. This money is used to fund illegal activities.

Conclusion

Governments rely on the newest technology and software solutions, such as the AML software dedicated to identifying and detecting money-laundering activities with advancements in technology. Technologies such as Blockchain are being considered to combat money laundering offences successfully. On the flip side, criminals, too, are using technology to their advantage and using innovative ways to launder money. Criminals use various money laundering methods, and the regulated entities must be prepared to counter them.

Criminals will do whatever it takes to make their fraudulent activities successful. They use creative ways to launder money. A proactive approach is required to help the business stay ahead of the criminals as a business owner. It is crucial to have a robust AML compliance program, exposure to technology, and the right team to help identify the criminals.

It’s better to be prepared and choose a reliable AML service provider that will bring value to the table with its array of services. Right from AML/ CFT policy, controls and Procedure documentation to the creation of Risk assessment report and AML health check-up to the

proper AML software selection, the provider will help your business avoid the risk of non-compliance and follow the AML rules and regulations at all times.

AML UAE is on the mission to empower companies to make them AML compliant. With end-to-end AML compliance services, get complete peace of mind and keep a vigilant eye on the criminals indulging in money laundering and other financial crimes.

FAQs

The various methods used to launder money include:

Using smurfs, mules, or shells
Gambling
Investing in real estate and then selling it
Investing in jewellery and moving it to other jurisdictions
Online auctions and sales
Virtual currencies
Anonymous online payment services
Fake identities
Counterfeiting

The most common method of money laundering is using smurfs, shells, or mules.

Smurfing means dividing large sums of money into smaller transactions.
Mules are individuals smuggling money.
Money launderers create shell companies to hide illegal transactions and evade taxes.

Businesses primarily used for money laundering are:

Financial institutions
Real estate agents
Dealers in precious metals and gems
Trust and company service providers
Lawyers, notaries, and other legal professionals
Accountants and auditors

Most money laundering activities happen because of the illegal activities of terrorism, drug and sex trafficking, smuggling, gambling, cybercrime, and many others.

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About the Author

Jyoti Maheshwari

CAMS, ACA

Jyoti has over 11 years of hands-on experience in regulatory compliance, policymaking, risk management, technology consultancy, and implementation. She holds vast experience with Anti-Money Laundering rules and regulations and helps companies deploy adequate mitigation measures and comply with legal requirements. Jyoti has been instrumental in optimizing business processes, documenting business requirements, preparing FRD, BRD, and SRS, and implementing IT solutions.

Reach Out to Jyoti

Red flags associated with High-Risk Jurisdictions

The regulated entities in the UAE must take a risk-based approach and manage their money laundering, terrorist financing, and proliferation financing risks. One important risk factor is the jurisdictions the entity works with. In this infographic, we will understand the red flags associated with high-risk jurisdictions. The regulated entities must take appropriate countermeasures while dealing with such high-risk countries.

Geographic risk is associated with countries with poor AML/CFT framework, high levels of corruption, drug production and cartel activities, unstable political environment, and lack of transparency. Such countries are also known as secrecy or tax havens.

Red flags are potential risk indicators for money laundering, terrorist financing, or proliferation financing. This infographic lists red flags associated with high-risk countries and jurisdictions.

Businesses dealing with such high-risk jurisdictions must watch out for the red flags to safeguard themselves from various risks such as fraud, theft, reputational damage, and regulatory fines and penalties. Depending upon the risk-based approach adopted by the regulated entity, the entity needs to identify, assess, and counter jurisdiction risk.

Jurisdiction risk must be considered while performing the Enterprise-Wide Risk Assessment and Customer Risk Assessment. If the entity observes any red flags associated with high-risk jurisdictions, it must employ countermeasures such as enhanced due diligence, ongoing monitoring, and regulatory reporting (HRC and HRCA reporting).

As per the FATF blacklist, Iran, North Korea, and Myanmar are treated as high-risk jurisdictions. For more understanding about FATF blacklist and grey list, Read our article What are FATF Blacklist and Grey list countries? February 2024.

Red Flags Associated With Smurfing

Smurfing is one of the widely used money laundering techniques. In this technique, the money launderer fragments the large cash amount into smaller amounts to keep it below the threshold level set for AML checks (such as applying Customer Due Diligence measures, ongoing monitoring and reporting) and then deposits it into financial institutions.

AML laws and regulations mandate that reporting entities take the right measures to identify and prevent smurfing activities. They are obliged to maintain red-flag indicators that indicate suspicious transactions and activities related to potential smurfing attempts and submit the necessary report with the Financial Intelligence Unit (FIU) by filing a Suspicious Transactions Report and Suspicious Activity Report, as the case may respectively.

Such risk indicators may include multiple cash deposits of equal amounts from one or more persons from various locations to the same bank account or multiple accounts opened by a single person who does not have any apparent business transactions through these accounts but is merely used for the distribution of illegal funds.

This infographic provides a list of red flags associated with the smurfing technique that you can implement in your AML program. These red flags relate to transactions, customer behaviour, and account activity.

By implementing these red flag indicators in your anti-money laundering compliance program, you can shield your business from smurfing and related financial crime activities.

Webinar on setting the right AML/CFT compliance framework

Pathik Shah

Webinar on setting the right AML/CFT compliance framework

How to draft and implement robust AML/CFT Policies and Procedures

Uplift your AML compliance program with robust and effective AML/CFT policies, and procedures: Watch Our Exclusive Webinar!

Navigate the peculiarities of what AML/CFT policies and procedures should cover to manage your financial crime risk while achieving regulatory compliance in our recorded webinar featuring CS Dipali Vora, an AML compliance risk management expert. Gain profound insights as she shares her expertise and experience on the subject.

The webinar was conducted on:

🗓️ Date: 7th March 2024

🕒 Time: 12:30 PM to 01:30 PM (GST)

Struggling to Align AML/CFT policies and procedures with Your Workflow?

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Key Highlights:

With this insightful webinar, you’ll explore the key components that must form part of an AML/CFT program to make it wholesome.

During the session, we also discussed each aspect of the AML/CFT policy and procedures in detail, connecting the significance with the compliance obligations imposed upon the regulated entity.

With this webinar, we guide and assist the regulated entities in being self-aware of the status of their existing AML/CFT policies and procedures and understand the means to upgrade them.

Watch it completely and don’t miss this exciting opportunity to level up your AML efforts

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About the Author

Pathik Shah

FCA, CAMS, CISA, CS, DISA (ICAI), FAFP (ICAI)

Pathik is an ACAMS-certified AML consultant specialising in governance, risk, and compliance for regulated entities in the UAE. He brings over 28 years of experience, with 1,000+ hours of AML training and 200+ advisory engagements across DNFBPs, VASPs, and FIs. He supports businesses in aligning with AML/CFT requirements from the CBUAE, DFSA, MoET, MoJ, VARA, CMA, FSRA, and FATF. Known for translating complex regulations into audit-ready procedures, Pathik enables operational clarity and compliance readiness.

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UAE Removed from FATF Grey List

UAE removed from the FATF Grey List

On 23rd February 2024, UAE was removed from the FATF Grey List, a list also known as jurisdiction under increased monitoring list, which includes countries that are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing.

At the FATF plenary meeting held from 21st to 23rd February 2024, UAE was confirmed to have successfully shown that it had met the action points and consequently been removed from the grey list. Similarly, Gibraltar, Barbados, and Uganda have also been removed from the Grey List.

Further, Kenya and Namibia are now added to the FATF grey list.

The United Arab Emirates was added to the Grey List on 4th March 2022. The UAE was supposed to fully implement FATF recommendations set out in its action plan that was issued following the UAE’s 2020 Mutual Evaluation.

The FATF recognised the variety of reforms taken by the UAE since its inclusion in the grey list, including:
1. The establishment of an Executive Office to counter ML/TF
2. Establishment of a special court to combat financial crimes
3. Adoption of new AML/CFT guidelines for FIs and DNFBPs
4. Adoption of a new penal code strengthening UAE’s ML/TF, anti-bribery and corruption regulations

The EOCN (Executive Office for Control and Non-Proliferation) and its team worked tirelessly to ensure compliance with the FATF recommendations and to enforce the national AML/CFT action plan. It also developed an automated intelligence platform called FawriTick that integrates details of financial crimes. Further, a reporting platform was specifically developed to address the AML/CFT compliance needs.

Fines worth more than AED 115 million were issued for money laundering, and more than 8000 inspections were carried out. The authorities seized AED 925 million in breaches of AML practices and procedures.

The United Arab Emirates signed various preliminary agreements for anti-financial crime and ratified extradition treaties with South Africa and Denmark.

The authorities are now working on the UAE’s National Risk Assessment plan which should be ready by the end of 2024.

All of the above reforms and strong enforcement helped take UAE out of Grey List.

Changes in FATF Grey List

Countries Removed from FATF's Grey List (Jurisdiction Under Increased Monitoring):

UAE
Gibraltar
Barbados
Uganda

Country Added to FATF's Grey List (Jurisdictions under Increased Monitoring):

Kenya
Namibia

FATF Grey List as of 23rd February 2024 / Jurisdictions Under Increased Monitoring 23rd February 2024

1. Bulgaria
2. Burkina Faso
3. Cameroon
4. Croatia
5. Democratic Republic of Congo
6. Haiti
7. Jamaica
8. Mali
9. Mozambique
10. Nigeria
11. Philippines

12. Senegal
13. South Africa
14. South Sudan
15. Syria
16. Tanzania
17. Türkiye
18. Vietnam
19. Yemen
20. Kenya
21. Namibia

Source: https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/Increased-monitoring-february-2024.html

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Implication of UAE's exit from FATF Grey List

The Financial Action Task Force’s decision to remove the UAE from the list of High-Risk Countries under Increased Monitoring (Grey List) is a welcome move and a recognition of the efforts put in by the country to strengthen its AML/CFT framework. The likely implications of UAE’s removal from Grey List are:

1. Less processing costs and time for international transactions involving foreign currency
2. Increased foreign trade and investments in the UAE
3. Lower bank charges
4. Enhanced credibility of the country’s financial system
5. Increased job opportunities due to an increase in international trade and investment

Action Items for FIs, DNFBPs, and VASPs consequent to changes in FATF Grey List

Take a risk-based approach and conduct an Enterprise-Wide Risk Assessment (EWRA) if necessary.
Align internal policies and procedures with EWRA.
Assess the impact of FATF Grey List changes on Customer Risk Assessment procedures and conduct customer due diligence accordingly.
Make changes to the High-Risk Countries list maintained by the entity.

Is it positive for the UAE to no longer be on the greylist?

The greylisting of a country by FATF affects a country adversely. Such countries are under increased monitoring, resulting in high costs associated with international trade, which eventually impacts its growth.It’s a huge advantage for UAE to come off the FATF Grey List.

Save yourself from non-compliance penalties

By hiring AMLUAE for AML/CFT compliance

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AML Compliance Guide for Law Firms in UAE

Legal practitioners, including lawyers, notaries, and legal service providers, face vulnerabilities relating to financial crimes, such as money laundering and financing of terrorism. For that reason, the UAE has placed law firms and legal professionals under the AML regime.

UAE’s AML laws mandate that law firms and professionals need to take responsibility for identifying and mitigating ML/FT risks.

To help them ensure AML compliance, we have come up with our comprehensive guide that will act as their go-to partner in crossing the compliance hurdles. Covering various crucial aspects, this guide provides invaluable insights into safeguarding your practice against potential exploitation by financial criminals.

Explore the following key areas within the guide:

goAML Registration
Appointing an AML Compliance Officer
Conducting Enterprise-Wide Risk Assessment
Establishing AML/CFT Policies, Procedures, and Controls
Client Due Diligence Measures
Ongoing Monitoring of Transactions and Business Relationships
Compliance with Targeted Financial Sanctions
Identifying and Reporting Suspicious Activities or Transactions
AML Training
AML Governance
Filing Real Estate Activity Report (REAR)
AML Record Keeping

By going through this guide, you’ll learn how critical AML compliance is, for law firms operating in the UAE. Take proactive steps to shield your business from potential risks associated with financial crimes by exploring this exclusive guide tailored for law firms.

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Federal Decree by Law No. (10) of 2025 Regarding Anti-Money Laundering, and Combating the Financing of Terrorism and Proliferation Financing

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Mistakes to avoid during goAML registration

Common-goAML-registration-mistakes-to-tackle

Pathik Shah

Protect your business with reliable and effective AML strategies with AML UAE.

Mistakes to avoid during goAML registration

Every regulated entity – a Financial Institution, Designated Non-Financial Business and Profession (DNFBP) and a Virtual Asset Service Provider (VASP) is required to access the Financial Intelligence Unit’s (FIU) goAML Portal for submitting various AML reports. This calls for mandatory registration on the goAML Portal.

The goAML registration involves a 2-stages, but it is a simple and straightforward process. So, you must ensure that you do not commit the usual blunders.

This blog lists these typical errors you must avoid while registering on UAE’s goAML Portal.

Detect and deter money laundering in the real estate sector with our expert AML compliance services.

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Common goAML registration mistakes to tackle

As a regulated entity subject to AML compliance in the UAE, you must take care of the following mistakes while registering the business on the UAE FIU’s goAML Portal:

Not following the step-by-step procedure of goAML registration

Any new business incorporated in UAE that qualifies as a financial institution, a DNFBP, or a VASP under the AML regime must register on the goAML Portal. While registering on the portal, you must follow each step in the correct sequence. Missing any instruction or doing it inaccurately will disturb the entire registration flow, ending up in an error message or rejection email from the supervisory authority or the FIU.

If the assistance text on the portal offers any notes or directives, follow that. For example, if the instruction mentions avoiding using “+” while entering the contact details, this must be complied with.

So, you must follow the step-by-step procedure to complete your goAML registration. Follow whatever is asked in each step to avoid mistakes and last-minute hassles. You can find the sequence of goAML registration in our publication – goAML Registration Guide.

Erroneous, insufficient, or missing documents

To proceed with the goAML registration, reporting entities must submit relevant documents. These documents serve as proof of the business’s identity and the identification of the person nominated as AML Compliance Officer. These documents include:

A copy of the regulated entity’s trade license
Authorization letter authorising a person’s appointment as the entity’s AML Compliance Officer
A copy of the AML Compliance Officer’s identity documents – Emirates ID, passport, and resident visa

You must ensure that you do not miss attaching any of these documents. Also, these must be accurate and up-to-date. Only valid and legible copies of the required documents must be attached.

If you miss any document or attach an inaccurate copy, a rejection email from the supervisory authority would become inevitable. This will delay the registration process. So, ensure not to make this error for a smooth goAML registration.

Outdated or wrong information

Another mistake most regulated entities make while registering on the goAML portal is feeding incorrect information.

While filling in the information on the portal, you need to provide the following details:

Registration type
Company name
ID number
Supervisory body
Individual’s name representing the company and making the application on the goAML portal
Nationality of the individual
Contact details (phone number and email address)

Make sure that you fill in accurate information in these fields. If you have mentioned an incorrect email ID, you will never hear back from the FIU on your goAML registration application status.

Also, once you are registered on the goAML portal, if there are any changes in the details already furnished on the portal (such as a change in the Compliance Officer or the registered mobile number), you must change it on the goAML portal. Maintaining incorrect or outdated information might lead to missing out on critical communication from FIU or even cancelling the goAML registration.

So, submit and maintain error-free data for a smooth ride through the goAML Portal.

Not using a valid email address and mobile number for registration

The first stage of goAML registration involves registering on the Service Access Control Manager (SACM) system. This step gives you a username and Secret Key to access the Google Authenticator.

You need a registered email ID to access this username and Secret Key. Also, you need a registered UAE mobile number to download the Google Authenticator app.

So, you must use a valid email address and mobile number in the first stage.

In this first step, you must access the webpage: https://services.uaefiu.gov.ae/sacm/registration.php.

You must fill in all the details on the form. It includes an email address and phone number where you will receive the OTPs. You will then receive the email OTP and URL, after which you can access the Secret Key and username. After this, you must download the Google Authenticator app on your registered mobile number to create your account.

Upon signing in to this account on SACM, you are directed to the goAML page for the next steps of the registration process.

So, if you don’t have a valid mobile number and email ID, you cannot proceed with the goAML registration.

Weak system security

Security of your login credentials to the goAML portal is essential. It might result in compromising your goAML account’s security. So, you must be careful about it by managing the following:

Ensure your Google Authenticator is set up on a secure and safe device from unauthorised users.
Use strong IDs and passwords to avoid possible hacking.
Keep changing passwords at regular intervals.
Do not share the login credentials with anyone.
If any new user is to be set up on the goAML Portal under your business’s registration, obtain necessary approval from the senior management and AML Compliance Officer.

Thus, keeping your goAML portal secure and confidential can protect your account from a possible security breach and inadvertent access.

Missing relevant notifications from regulatory authorities

Your concerned regulatory authority or the FIU might send you notifications for goAML registration or related matters. If required, whitelist the email IDs to which the FIU responds or sends an update around the registration application.

You must keep yourself abreast of these notifications coming from the FIU. Such notifications may request additional details or highlight any inconsistency in the goAML registration application you have made.

If you miss these notifications, it might delay the registration process. So, ensure that you pay attention to every communication received from the FIU.

AML UAE as your goAML Registration Partner

AML UAE is a distinguished and trustworthy provider of AML compliance services in the UAE. We help you with all the documentation, formalities, and reporting to comply with AML laws. Our legal experts and AML professionals ensure the best AML advice for your business.

Our team understands the gravity of AML laws for any business. If these laws’ provisions and requirements are not met, you can face penalties. So, we provide our AML expertise to your business to enable smooth and hassle-free AML compliance. Our services include help in goAML registration and report submission, among others.

Begin your AML compliance journey with a positive first step.

Contact our team to handle your goAML registration process.

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About the Author

Pathik Shah

FCA, CAMS, CISA, CS, DISA (ICAI), FAFP (ICAI)

Pathik is an ACAMS-certified AML consultant specialising in governance, risk, and compliance for regulated entities in the UAE. He brings over 28 years of experience, with 1,000+ hours of AML training and 200+ advisory engagements across DNFBPs, VASPs, and FIs. He supports businesses in aligning with AML/CFT requirements from the CBUAE, DFSA, MoET, MoJ, VARA, CMA, FSRA, and FATF. Known for translating complex regulations into audit-ready procedures, Pathik enables operational clarity and compliance readiness.

Reach Out to Pathik

Independent AML Audit Guide

Independent AML Audit Guide

Corporate Service Provider AML Compliance eBook

Corporate Service Provider AML Compliance eBook

Understanding the Difference between UAE Federal AML Law and DIFC AML Rulebook

Understanding the Difference between UAE Federal AML Law and DIFC AML Rulebook

UAE Federal Laws vs DIFC Rule Book: Related Resources and Insights

Pathik Shah

Top 5 methods Criminals use to Launder money

Top 5 Money Laundering techniques used by criminals in modern era

1. Instant Messaging

2. Online Games

3. Gift Cards

4. Cryptocurrency

5. Shell Companies

Conclusion

FAQs

Red flags associated with High-Risk Jurisdictions

Red flags associated with High-Risk Jurisdictions

Red Flags Associated With Smurfing

Red Flags Associated With Smurfing

Related Posts

Pathik Shah

Webinar on setting the right AML/CFT compliance framework

UAE removed from the FATF Grey List

UAE removed from the FATF Grey List

Changes in FATF Grey List

FATF Grey List as of 23rd February 2024 / Jurisdictions Under Increased Monitoring 23rd February 2024

Implication of UAE's exit from FATF Grey List

Action Items for FIs, DNFBPs, and VASPs consequent to changes in FATF Grey List

Is it positive for the UAE to no longer be on the greylist?

AML Compliance Guide for Law Firms in UAE

AML Compliance Guide for Law Firms in UAE

Pathik Shah

Mistakes to avoid during goAML registration

Common goAML registration mistakes to tackle

Not following the step-by-step procedure of goAML registration

Erroneous, insufficient, or missing documents

Outdated or wrong information

Not using a valid email address and mobile number for registration

Weak system security

Missing relevant notifications from regulatory authorities

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