GoAML & Reporting
The goAML system was developed by the United Nations Office on Drugs and Crime (UNODC) to combat money laundering and the financing of terrorism. It is considered an integrated system used by the Financial Intelligence Unit (FIU) to efficiently analyze and distribute Suspicious Transaction Reports (STRs). Many financial intelligence units worldwide are using it, and the UAE is the first Gulf country to apply this modern system.
The financial institutions (FIs) DNFBPs, and RHP were required to register on the goAML portal and file STRs and Suspicious Activity Reports (SAR).
Adilzone Corporate Services LLC offers services and support to facilitate goAML registration and reporting for their clients, ensuring a smooth and hassle-free compliance process.
The UAE FIU analyses suspicious transactions and activities involving money laundering, terrorism financing, and related criminal activities based on data and reports that collaborate and share knowledge to detect and act against such actions.
Dealers in Precious Metals & Stones (DPMS) Reporting: About the Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and financing of criminal organizations, and the powers to issue instructions granted by Article (44) Section 2 of Cabinet Decision No. (10) of 2019 concerning the implementing regulation of decree law no. (20) of 2018 on anti-money laundering and combating the financing of terrorism and criminal organizations, the following transactions must report to the GoAML platform as ‘Dealers in Precious Metals and Stones Report’ (DPMSR).
- Transactions with resident individuals – Cash transactions equal to or exceeding AED 55,000
- Transactions with non-resident individuals – Cash transactions equal to or exceeding AED 55,000
- Transactions with entities/companies – transactions equal to or exceeding AED 55,000 in cash or through wire transfer.
Also, the records of all documents related to transactions must be maintained for five years.
We provide an automated reporting solution for the DPMSR transactions with a systematic KYC Process, Risk Assessment, Screening verifications, and centralized document management. It will be your comprehensive tool for regulatory audit purposes.
