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Anti-Money Laundering (AML)
Aura Vision Advisors boasts one of the most extensive and well-established financial crime teams, ensuring our ability to develop and implement efficient, comprehensive, and standardized Anti-Money Laundering (AML) services and sanction initiatives for our global clientele. Our dependable compliance function assists in identifying and preventing fraud, safeguarding your business reputation.
Anti-Money Laundering (AML) encompasses a set of laws, regulations, and practices designed to thwart and detect the illicit process of disguising the origins of funds acquired through criminal activities as legitimate income. Money laundering entails making unlawfully obtained funds appear legal by funneling them through a convoluted series of transactions or activities, rendering it challenging to trace the original source of the funds.
Key Regulations:
– Federal Law No. 20 of 2018: Anti-money laundering and combating the financing of terrorism and illegal organizations
– Cabinet Decision No. (10) of 2019: Implementing regulation of decree law no. (20) of 2018 on anti-money laundering and combating the financing of terrorism and illegal organizations
– Guidelines for Designated Non-Financial Businesses and Professions on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations
Key Benefits Offered by Aura Vision Advisors:
– AML/CFT Framework, including policies and procedures
– KYC Forms and Internal reporting forms
– Risk Assessment Matrix
– AML CFT Training
– Monthly/Periodic AML Compliance Review Report
Partnering with Aura Vision Advisors ensures robust AML compliance measures tailored to your business needs, providing peace of mind and ensuring regulatory adherence.
Q.1 : What is a goAML certificate?
A: A goAML certificate is a certification issued by the UAE Financial Intelligence Unit (FIU) to entities that have registered and complied with the goAML system requirements. The goAML (Anti-Money Laundering) system is a platform used to report suspicious financial activities and transactions to the authorities.
Q. 2: Why is the goAML certificate important?
A: The goAML certificate is crucial for several reasons:
• Compliance: Ensures that financial institutions and other reporting entities comply with UAE’s anti-money laundering regulations.
• Prevention of Financial Crimes: Helps in the detection and prevention of money laundering and terrorist financing.
• Legal Requirement: Mandatory for certain businesses and institutions to operate legally in the UAE.
Q. 3: Who needs to obtain a goAML certificate?
A: The goAML certificate is required for:
• Banks and Financial Institutions: Including commercial banks, investment banks, and other financial entities.
• Real Estate Brokers: Involved in property transactions.
• Precious Metals and Stones Dealers: Engaged in the trading of high-value goods.
• Insurance Companies: Providing various types of insurance services.
• Accountants and Auditors: Who handle financial transactions for clients.
• Other Designated Non-Financial Businesses and Professions (DNFBPs): As defined by the UAE laws.
Q. 4: How can one obtain a goAML certificate?
A: To obtain a goAML certificate, follow these steps:
1. Register on the goAML Platform: Visit the UAE FIU website and complete the registration process.
2. Submit Required Documents: Provide all necessary documents, including business licenses and identification details.
3. Complete Training: Ensure that relevant staff members complete any required training on using the goAML system.
4. Compliance Check: Undergo a compliance check by the UAE FIU.
5. Receive Certificate: Once approved, you will receive your goAML certificate.
Q. 5: What documents are needed for goAML registration?
A: The documents required for goAML registration typically include:
• Business License: A copy of the entity’s valid business license.
• Identification Documents: Passports or Emirates IDs of the company’s key personnel.
• Proof of Address: Utility bills or lease agreements for the business premises.
• Compliance Policies: Documentation of the company’s internal anti-money laundering policies and procedures.
Q. 6: How long is the goAML certificate valid?
A: The goAML certificate is usually valid for one year. Entities must renew their certification annually by re-registering and demonstrating ongoing compliance with the goAML system requirements.
Q. 7: What are the penalties for not having a goAML certificate?
A: Failure to obtain or renew a goAML certificate can result in:
• Fines: Financial penalties imposed by regulatory authorities.
• Legal Action: Potential legal action and prosecution.
• Operational Restrictions: Suspension or revocation of business licenses.
• Reputational Damage: Loss of reputation and trust in the business community.
Q. 8: What is the goAML system?
A: The goAML system is an anti-money laundering platform developed by the United Nations Office on Drugs and Crime (UNODC). It is used by financial intelligence units globally to collect, analyze, and report suspicious financial activities to prevent money laundering and terrorist financing.
Q. 9: How does the goAML certificate benefit businesses?
A: The goAML certificate benefits businesses by:
• Ensuring Compliance: Helps businesses meet legal and regulatory requirements.
• Enhancing Credibility: Demonstrates a commitment to preventing financial crimes.
• Facilitating Smooth Operations: Avoids disruptions and penalties associated with non-compliance.
• Building Trust: Increases trust among clients, partners, and regulatory authorities.
As Dubai-based business consultants, we aid global investors in establishing their envisioned business ventures in Dubai and across the United Arab Emirates.