goAMLComplianceServices

It is mandatory for designated non-financial businesses and professions, which includes real estate agents, dealers in precious metals and stones, corporate service providers and auditors. Whether it applies to you turns on your licensed activity and whether it falls within these designated categories, so check your trade licence description against the list.

Registration and ongoing compliance support are quoted after a proposal, since the scope depends on your activity, transaction volumes and whether you need policies, KYC procedures and reporting set up alongside registration. Bookkeeping support, if required separately, starts at AED 599 per month for up to 50 transactions.

Non-compliance with anti-money laundering obligations, including failure to register on goAML where required, can result in financial penalties and other regulatory action from the relevant UAE authority. The exact amount depends on the nature and duration of the breach, so this is assessed case by case.

Depending on your activity, you may need to file a Suspicious Activity Report, a Suspicious Transaction Report, a Dealers in Precious Metals and Stones Report, a Real Estate Activity Report or a Fund Freeze Report. Which reports apply turns on your business type and whether you encounter transactions that trigger a reporting obligation.

The designated categories include real estate agents and brokers, dealers in precious metals and stones, corporate service providers, and auditors. If your licence falls under one of these activities, you are expected to register on goAML and maintain related KYC, due diligence and reporting procedures.

You will typically need your trade licence, details of your business activity, authorised signatory information, and internal policies covering KYC, due diligence and suspicious transaction identification. Vigor Accounting and Taxation LLC can advise on the exact documents needed once your activity and registration status are reviewed.