Mistakes to avoid during goAML registration
Mistakes to avoid during goAML registration
Every regulated entity – a Financial Institution, Designated Non-Financial Business and Profession (DNFBP) and a Virtual Asset Service Provider (VASP) is required to access the Financial Intelligence Unit’s (FIU) goAML Portal for submitting various AML reports. This calls for mandatory registration on the goAML Portal.
The goAML registration involves a 2-stages, but it is a simple and straightforward process. So, you must ensure that you do not commit the usual blunders.
This blog lists these typical errors you must avoid while registering on UAE’s goAML Portal.
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Common goAML registration mistakes to tackle
As a regulated entity subject to AML compliance in the UAE, you must take care of the following mistakes while registering the business on the UAE FIU’s goAML Portal:
Not following the step-by-step procedure of goAML registration
Any new business incorporated in UAE that qualifies as a financial institution, a DNFBP, or a VASP under the AML regime must register on the goAML Portal. While registering on the portal, you must follow each step in the correct sequence. Missing any instruction or doing it inaccurately will disturb the entire registration flow, ending up in an error message or rejection email from the supervisory authority or the FIU.
If the assistance text on the portal offers any notes or directives, follow that. For example, if the instruction mentions avoiding using “+” while entering the contact details, this must be complied with.
So, you must follow the step-by-step procedure to complete your goAML registration. Follow whatever is asked in each step to avoid mistakes and last-minute hassles. You can find the sequence of goAML registration in our publication – goAML Registration Guide.
Erroneous, insufficient, or missing documents
To proceed with the goAML registration, reporting entities must submit relevant documents. These documents serve as proof of the business’s identity and the identification of the person nominated as AML Compliance Officer. These documents include:
- A copy of the regulated entity’s trade license
- Authorization letter authorising a person’s appointment as the entity’s AML Compliance Officer
- A copy of the AML Compliance Officer’s identity documents – Emirates ID, passport, and resident visa
You must ensure that you do not miss attaching any of these documents. Also, these must be accurate and up-to-date. Only valid and legible copies of the required documents must be attached.
If you miss any document or attach an inaccurate copy, a rejection email from the supervisory authority would become inevitable. This will delay the registration process. So, ensure not to make this error for a smooth goAML registration.
Outdated or wrong information
Another mistake most regulated entities make while registering on the goAML portal is feeding incorrect information.
While filling in the information on the portal, you need to provide the following details:
- Registration type
- Company name
- ID number
- Supervisory body
- Individual’s name representing the company and making the application on the goAML portal
- Nationality of the individual
- Contact details (phone number and email address)
Make sure that you fill in accurate information in these fields. If you have mentioned an incorrect email ID, you will never hear back from the FIU on your goAML registration application status.
Also, once you are registered on the goAML portal, if there are any changes in the details already furnished on the portal (such as a change in the Compliance Officer or the registered mobile number), you must change it on the goAML portal. Maintaining incorrect or outdated information might lead to missing out on critical communication from FIU or even cancelling the goAML registration.
So, submit and maintain error-free data for a smooth ride through the goAML Portal.
Not using a valid email address and mobile number for registration
The first stage of goAML registration involves registering on the Service Access Control Manager (SACM) system. This step gives you a username and Secret Key to access the Google Authenticator.
You need a registered email ID to access this username and Secret Key. Also, you need a registered UAE mobile number to download the Google Authenticator app.
So, you must use a valid email address and mobile number in the first stage.
In this first step, you must access the webpage: https://services.uaefiu.gov.ae/sacm/registration.php.
You must fill in all the details on the form. It includes an email address and phone number where you will receive the OTPs. You will then receive the email OTP and URL, after which you can access the Secret Key and username. After this, you must download the Google Authenticator app on your registered mobile number to create your account.
Upon signing in to this account on SACM, you are directed to the goAML page for the next steps of the registration process.
So, if you don’t have a valid mobile number and email ID, you cannot proceed with the goAML registration.
Weak system security
Security of your login credentials to the goAML portal is essential. It might result in compromising your goAML account’s security. So, you must be careful about it by managing the following:
- Ensure your Google Authenticator is set up on a secure and safe device from unauthorised users.
- Use strong IDs and passwords to avoid possible hacking.
- Keep changing passwords at regular intervals.
- Do not share the login credentials with anyone.
- If any new user is to be set up on the goAML Portal under your business’s registration, obtain necessary approval from the senior management and AML Compliance Officer.
Thus, keeping your goAML portal secure and confidential can protect your account from a possible security breach and inadvertent access.
Missing relevant notifications from regulatory authorities
Your concerned regulatory authority or the FIU might send you notifications for goAML registration or related matters. If required, whitelist the email IDs to which the FIU responds or sends an update around the registration application.
You must keep yourself abreast of these notifications coming from the FIU. Such notifications may request additional details or highlight any inconsistency in the goAML registration application you have made.
If you miss these notifications, it might delay the registration process. So, ensure that you pay attention to every communication received from the FIU.
AML UAE as your goAML Registration Partner
AML UAE is a distinguished and trustworthy provider of AML compliance services in the UAE. We help you with all the documentation, formalities, and reporting to comply with AML laws. Our legal experts and AML professionals ensure the best AML advice for your business.
Our team understands the gravity of AML laws for any business. If these laws’ provisions and requirements are not met, you can face penalties. So, we provide our AML expertise to your business to enable smooth and hassle-free AML compliance. Our services include help in goAML registration and report submission, among others.
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About the Author
Pathik Shah
FCA, CAMS, CISA, CS, DISA (ICAI), FAFP (ICAI)
Pathik is a Chartered Accountant with more than 25 years of experience in compliance management, Anti-Money Laundering, tax consultancy, risk management, accounting, system audits, IT consultancy, and digital marketing.
He has extensive knowledge of local and international Anti-Money Laundering rules and regulations. He helps companies with end-to-end AML compliance services, from understanding the AML business-specific risk to implementing the robust AML Compliance framework.