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Anti Money Laundering

All Designated Non-Financial Businesses and Professions (“DNFBP’s) must register on a “goAML portal” before 31 March 2021.  The goAML portal is a integrated platform used to file Suspicious Transaction Reports (STRs) and/or Suspicious Activity Reports (SAR).

It is entity’s obligatory duty under the Federal Decree Law 20 of 2018 and Article 20(2) of Cabinet Decision No. (10) of 2019, to have procedures in place to report Suspicious Transactions to manage anti-money laundering (“AML) and counter terrorist financing (“CFT”). This system will allow you to help authorities identify criminal and suspicious activity.

DNFBPs include:

o   Real estate entities that are engaged in buying and selling real properties including real estate brokers and agents

o   Auditors

o   Dealers of precious metals and stones: companies that are involved in the production of precious metals or precious stones, an intermediate buyer or broker, precious stone cutter and polisher, precious metal refiners, and/or jewellery manufacturer who use precious metals and precious stones to retail sellers to the public or buyers and sellers in the secondary and scrap markets. These include gold, silver, platinum, diamonds etc

o   Trust and company service providers: Company or legal person set up / formation, providing 3rd party directorships, business administration, providing registered business address services etc.

 Merali’s Group provides following services:

  • Assessment of goAML requirements to organization

  • Preparation of AML manuals

  • Acting as AML officer for the companies

  • Reporting and submission to relevant authority

For more information please contact us