Pursuant to UAE AML Rules and Regulations, Financial Institutions, DNFBPs, and Virtual Asset Service Providers must register on the goAML Portal to comply with timely reporting requirements with the FIU and the concerned supervisory authority.

The reporting entities are required to submit various reports on the goAML portal, depending upon the nature of the transaction. This video will help you understand various reports that must be filed under  UAE AML regulations.

Based on KYC/ KYB and screening, the reporting entities (Financial Institutions, DNFBPs and Virtual Asset Service Providers) must assess the risk associated and assign an appropriate risk rating to the customer.

The reporting entities shall assess the Customer Risk by classifying the customer risk profile depending upon the risks involved as unacceptable, high, medium, or low. The higher the risks, the more stringent controls must be in place to mitigate such risks.

In case customers are classified as “high-risk”, the reporting entities must apply Enhanced Due Diligence (EDD) measures. The following parameters can be considered while doing risk profiling:

The reporting entities (Financial Institutions, DNFBPs and Virtual Asset Service Providers) must comply with goAML reporting requirements with the Financial Intelligence Unit.

The reporting entities must screen their new/ existing customers based on the UNSC consolidated list and UAE local terrorist list before onboarding or carrying out any occasional transaction.

The key element of Customer Due Diligence before onboarding corporate customers is to identify ultimate Beneficial Owners (UBO) and unveil their true identity to fight against money laundering and terrorist financing.

If UBO pertains to high risk, then the entity will also be treated as high risk, and Enhanced Due Diligence is to be conducted for both. UBO can only be a natural person. The following qualifies as UBO:

Before onboarding any employee, the organisation must conduct Employee Due Diligence to ensure that it does not pertain any risk to the organization. It is important to check the identity and background proof of employees before hiring them. By providing adequate training to employees, it would act as a line of defense, helps in keeping money laundering risks at bay and contribute towards making the organisation compliant with AML. This video highlights the importance of Employee Due Diligence.

This video focuses on the Enhanced Due Diligence (EDD) which is an advanced/ extended form of Customer Due Diligence, wherein additional checks are required to be done to manage the increased financial crime risks. The regulated entities (Financial Institutions, DNFBPs and Virtual Asset Service Providers) are required to undertake robust and rigorous version of CDD when it involves high risks customers. This video will help you understand what is EDD, situations when EDD is to be performed and measures to be applied. Following measures can be adopted to be performed as part of EDD.

The video provides essential insights into the coverage of the AML training program. In order to succeed in fighting financial crimes, the reporting entity must get support from the top management and the employees. The employees must know various typologies and red flags to counter money laundering and terrorist financing. In this video, we will look at the critical topics that must be included in the AML training program of the entity.

• What is ML/TF, typologies, red flags, case studies
• AML/CFT laws and regulations in the UAE
• International organisations – FATF, UNSC, MENAFATF, etc.
• Enterprise-wide Risk Assessment
• AML/CFT Policy, Procedures, and Controls
• KYC, CDD, EDD, Customer Risk Assessment
• Transaction Monitoring
• Regulatory reporting requirements
• Governance Structure
• Sanctions compliance
• Record-keeping requirements

Financial Institutions, Virtual Asset Service Providers, and Designated Non-Financial Businesses and Professions (DNFBPs) must register on the goAML portal to fulfill their regulatory reporting requirements. In this video, we will look at the process of registering on the goAML portal.

• What is goAML portal
• The objective behind UAE FIU’s goAML portal
• Entities required to register on the goAML portal
• The two-stage process of goAML Registration
• SACM Registration – First Stage of goAML Registration
• Second Stage of goAML Registration
• Documents required for goAML Registration
• Regulatory Reporting on goAML Portal

Real estate agents, brokers, lawyers, and independent legal firms must report specified transactions related to real estate to FIU in the prescribed format called Real Estate Activity Report (REAR). This video will help you understand various requirements around REAR report submission.

• REAR applicability to Real Estate Agents and Brokers
• REAR applicability to lawyers and independent legal firms
• Circumstances warranting submission of REAR on the goAML portal
• REAR applies to buying and selling of freehold property only
• Monetary threshold around REAR submission for cash and crypto transactions
• Documents to be submitted along with REAR