1. Real estate agents and brokers,
2. Dealers in precious metals and stones,
3. Auditors and accountants,
4. Company and trust service providers,
5. Lawyers, notaries and other legal professionals and practitioners,
6. Any other designated non-financial businesses and professions (DNFBPS) not mentioned above.
Where to register?
Referred to as designated non-financial businesses and professions (DNFBPs), they have been asked to register in the Financial Intelligence Unit (goAML) and the Committee for Commodities Subject to Import and Export Control system (Automatic Reporting System for Sanctions Lists).
What is the time limit to register?
Such businesses were given an extended grace period till March 31 to register, in order to avoid penalties, which include licence cancellation and closure.
What would be the penalties for not registering?
The MoE also underlined the importance of adopting measures to counter money laundering. Failure to do so result in fines ranging from Dh50,000 to Dh1 million – which can be doubled to as much as Dh5 million.
Both the Ministry of Economy and the free zones have taken pro¬active steps to ensure that every entity falling under the scope of the AML Law have received sufficient time and guidance to take the necessary measures required to comply with the regulations. Therefore, it is imperative that entities falling under the scope of the Cabinet Decision expedite the registration process on the goAML platform to avoid penalties and sanctions.