TraX goAMLScreening with goAML Reporting

The goAML platform, a fully integrated software solution, was specifically customized to meet with the requirements of the UAE’s anti-money laundering and counter terrorist financing framework for key stakeholders. TraX goAML software is an online tool which will help organizations be compliant with the goAML circular issued by the Ministry of Economy (MOE), UAE.

The Central Bank has made it mandatory for all financial institutions in the UAE to report suspicious activities directly through its goAML portal in 2019. As per the new circular issued in 2021, the below listed non-financial entities should also perform the goAML reporting:

1. Real estate brokers and agents

2. Dealers of precious metals and stones

3. Independent accountants

4. Company service providers

For more info:  https://www.economy.gov.ae/arabic/AML/Documents/Circular-for-establishments.pdf

If you fall into one of these 4 categories, the registration should be done before March 31, 2021. The MOE has put into place a penalty regime ranging from AED 50,000.00 up to AED 5,000,000.00 for companies not taking actions against  clients listed on the sanctions lists.

Cinque Technologies is a leading compliance and goAML solution provider in the GCC. TraX goAML application makes it simple and easy to perform reliable and accurate screening against the sanctions lists such as the UAE terrorist list and United Nations Security Council list mandated by the Ministry of Economy. TraX goAML application has an inbuilt dataset which is constantly updated with an automated reporting tool for filing the Suspicious Transaction Report (STR) /Suspicious Activity Report (SAR) to the goAML portal of the Financial Intelligence Audit (FIU).  The goAML application has been developed to manage and analyze compliance processes and generate STR/SAR reports about different types of financial transactions.