The UNODC (United Nations Office on Drugs and Crime) has the mission to provide world peace and security, human rights, and growth by building the world safer from drugs, crime, and corruption. One of the topics that the UNODC deal with is Money Laundering which is an illegal method of making a large sum of money generated by criminal activity such as drug trafficking, seem to have come from a legitimate source. To combat money laundering, UNODC created the goAML, which is an application with a database and intelligent analysis system developed by the EAC-VN (Enterprise Application Center Vienna). This center is in charge of the fight against money laundering and the financing of terrorism. The goAML application offers three primary solutions:
I. Collection: Financial Intelligence Units (FIU) from banks submit the data
II. Analysis: the FIU performed rule-based analysis, risk- score, and profiling
III. Data exchange: the exchange of data could be:
The Financial Intelligence Units obtain reports from financial institutions and other reporting entities in the form of cash transaction reports, Suspicious transaction reports, electronic funds transfer reports, and list-based reports. In 1998, it was established by the Central Bank of the UAE, a particular unit for investigating fraud and suspicious transactions. In 2002, this entity was renamed as Anti-Money Laundering and Suspicious Cases Unit (AMLSCU). After the Federal Decree-Law Number 20 of 2008 on Anti-Money Laundering and Combating Financing of Terrorism and Financial of illegal Organizations, the unit was renamed to the Financial Intelligence Unit. There are five types of FIUs: small FIUs in fragile countries, small FIUs in stable countries, average FIUs, big data FIUs, and FIUs supporting a distributed user community or distributed financial institutions. Furthermore, it is essential to know the benefits of the goAML system:
i. Help countries meet international standards by establishing operative FIUs.
ii. Offer a uniform and standard global Anti-Money laundering platform.
iii. Decrease the learning curve for new users with its standard graphical user interface on all screens.
iv. Supported by a growing user community.
v. Assistance from a strategic partnership with many international and regional institutions.
To register on goAML, there are two registration stages:
The information necessary for the pre-registration is: to know the Supervisory Body (SB) that you are regulated by, the organization’s legal name as registered with the SB, the trade license number, a scan of the Emirates ID, or passport. For the security code, it will be necessary to provide the name, nationality, type of identification, email address, mobile number, a copy of the authorization letter, and EID. First, it is necessary to access this link of the Service Access Control Management (SACM) and click on registration. The secret code will be provided to the registering person at the end of the pre-registration process. For the registration process, it is necessary to submit all the information required, such as ID number, name, nationality, mobile number, etc., and click on the submit button to obtain the pre-registration number. It is required to complete the verification process to receive a successful verification process. Finally, you will complete the secret code process, and after you will receive in your email your login details.
In UAE, all the reporting entities must submit different types of reports such as suspicious transactions report electronically to the UAE Financial Intelligence Unit (FIU) using the goAML portal. With the registration, the institution has access to the system, and the organization will acquire a goAML organization identity number (Org ID).
On the website of the Central Bank in UAE, you will click on the register link and then register a new organization; it is necessary to complete:
In the case of an SCA-regulated entity, it will be required to attach the company’s license issued by SCA, emirates ID, and passport copy of the Compliance office with the visa page and authorization letter from the firm mentioning his/her positions. The DFSA-DIFC regulated entities will be enough to attach a copy of the approval email from DFSA approving an MLRO designate.
After filling in all the information required and clicking on submitting a request, notification of acceptance/rejection will arrive by email; once the registration has been approved, the reporting identity is required to communicate the organizational ID to users within their own organization who are authorized to use the system. By registering in the goAML system, financial institutions and selected non-financial businesses and professions will be able to obtain opportune updates when a person is included or deleted from the local list of targeted economic sanctions and the UN Security Council List and implement necessary measures in agreement with appropriate decisions visit our official website to know more about legal possibilities.