FAQ's

goAML is the UAE’s official reporting system managed by the Financial Intelligence Unit (FIU). All regulated businesses must register and use it to file Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs). Without goAML registration, companies risk penalties and fines.

You need to submit your company license, authorized signatory documents, specimen signatures, and AML compliance officer details through the goAML portal. Many businesses use AML consultants to complete the registration smoothly and avoid delays.

Businesses must:

• Have documented AML/CFT policies and procedures

   

• Perform Customer Due Diligence (CDD) and Know Your Customer (KYC) checks

   

• Identify Ultimate Beneficial Owners (UBOs)

   

• Report suspicious activity via goAML

   

• Train staff regularly on AML compliance

   

• Keep records for at least five years

AML policies are legally required in the UAE. They protect your company from fines, reputational damage, and even license cancellation. A proper policy shows regulators you are committed to preventing money laundering and terrorist financing.

Non-compliance can lead to:

• Fines up to AED 5 million

   

• Suspension or revocation of your trade license

   

• Imprisonment for responsible individuals

   

• Public enforcement action and reputational harm

An AML consultant can:

• Draft and update AML policies

   

• Assist with goAML registration and reporting

   

• Conduct staff training

   

• Perform risk assessments

   

• Prepare you for inspections from regulators

Yes. Real estate agents, brokers, and developers are classified as DNFBPs. They must conduct CDD, verify the source of funds, report large cash deals, and file suspicious transactions through goAML.

Yes. Virtual Asset Service Providers (VASPs) are heavily regulated and must follow strict AML rules, including KYC, transaction monitoring, and goAML reporting.

CDD means verifying your customer’s identity, source of funds, and risk level before doing business with them. It is a legal requirement to prevent money laundering and terrorism financing.

An STR is a report filed to the FIU when a transaction or activity seems unusual or suspicious. Filing STRs through goAML is mandatory, and failure to do so can result in heavy penalties.

A UBO is the real individual who ultimately owns or controls a business. UAE law requires businesses to identify and disclose UBOs to prevent misuse of corporate structures for illegal activities.

At least once a year. Regular AML training helps staff recognize red flags, understand reporting obligations, and ensures compliance with UAE regulators’ expectations.

Many businesses in the UAE outsource AML policy drafting, training, and reporting support to specialized compliance firms. This is often more cost-effective and ensures professional handling of complex regulatory requirements.

AML regulations in the UAE are frequently updated. The best way to stay compliant is by engaging a professional compliance consultant who monitors regulatory changes and updates your policies and processes accordingly.