Who should register for AML in UAE?
The regulated entities subject to AML rules and regulations in the UAE must register with the UAE FIU’s goAML portal.
These entities include Financial Institutions, Virtual Asset Service Providers and Designated Non-Financial Businesses and Professions (DNFBPs) such as real estate agents, accountants, lawyers, trust and company service providers, and dealers in precious metals and stones.
Since this registration is necessary to report any matter relating to AML compliance, failing to register implies failing to adhere to the AML reporting requirements. Such failure can attract penalties between AED 50,000 and AED 5,000,000.
Check out this eBook to learn more about goAML Registration.