The UAE Ministry of Economy (MoE) announced that all Designated Non-Financial Businesses and Professions (DNFBPs) must complete their registration in the following anti-money laundering systems by March 31, 2021. This is part of the UAE’s Federal Decree No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
The following entities or firms are considered as DNFBPs:
  • Brokers and Real Estate Agents
  • Dealers in Precious Metals and Precious Stones
  • Independent Accountants
  • Providers of Corporate Services and Trust Services
The registration consists of two stages:
  1. The first stage is the registration stage in the protection system (SACM) of the goAML portal.
  2. The second stage is the registration stage in the goAML system.
The businesses that will not comply with this regulation by March 31 may face the revocation of the non-compliant parties’ licenses and the closure of such facilities, as well as financial penalties ranging from AED 50,000 to AED 5 million for each violation.
Your Fichte & Co team can support you in both stages of the registration.
Contact us today to speak with your legal expert!

For any legal assistance, please do not hesitate to reach us at, please email us at info@fichtelegal.com or call +971 4 435 7577

MoE: Register your non-financial business to anti-money laundering systems was last modified: March 31st, 2021 by Chiara De Maria