The Central Bank of the UAE/Supplied

Regulation

CBUAE launches UN-developed anti-money laundering platform

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The central bank said that more than 900 entities which include banks, insurance companies and money exchange centres are required to register on the goAML platform and 50 per cent of them have already registered.

Monday 24, June 2019 BY KUDAKWASHE MUZORIWA

The Central Bank of the UAE said that the country’s Financial Intelligence Unit (FIU) has launched the new anti-money laundering platform ‘goAML’, which has been open for registration since May, according to local newswire, WAM.

The central bank stated that the platform will help the FIU prevent money laundering, financing of terrorism and other illicit financial activities.

Mubarak Rashed Al Mansoori, the Governor of the CBUAE and Chairperson of the National Anti-Money Laundering and Combating Financing of Terrorism and Illegal Organisations Committee, said, “The platform will act as an integral part of the FIU by elevating its IT infrastructure, strengthening a countrywide cooperation against criminal activity.”

The FIU, the central repository of financial intelligence in the UAE, will use the goAML platform to gather and analyse intelligence submitted by reporting entities which is then analysed and disseminated to law enforcement authorities.

 “The UNODC-developed platform was specifically customised to meet the requirements of the UAE’s anti-money laundering and counter-terrorist financing framework as well as key stakeholders,” said Judge Hatem Fouad Aly, the UNODC Representative for GCC Region.

CBUAE said that all financial entities and Designated Non-Financial Businesses or Professions (DNFBPs) are required to register on the system by 27 June.

TAGS : CBUAE, goAML, DNFBPs, anti-money laundering, counter-terrorist financing, Financial Intelligence Unit, UNODC

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