Atik Munshi told Gulf News about anti-laundering regulations in the UAE real estate market
Potential property buyers in the UAE before they make the investment need to check whether their brokerage firm has all the "goAML" certifications in hand. If they don"t, property buyers may find their submissions made through that particular brokerage firm will not be accepted.
"The onus of monitoring and reporting of money laundering activities is on all UAE registered DNFBP (designated non-financial business or professions) irrespective of their size. These businesses are considered "gateways" and hence their role in identifying and reporting suspicious transactions to the UAE Central Bank is cemented under this regulation. As the money laundering law applies to all transactions, entities other than DNFBPs too would need to screen their customers and vendor," Managing Partner at Finexpertiza UAE Atik Munshi told Gulf News.
goAML is a mandatory requirement that property agents businesses need to apply for and get the required approval. The goAML platform relates to anti-money laundering measures, and businesses with the goAML certification are bound by it to report any suspicious activities they encounter from any client.
Who qualifies as a DNFBP:
- Real estate developers or agents which carry out transactions with a customer involving the buying or selling of real property.
- Dealers in precious metals or precious stones.
- Legal consulting firms.
- Accounting or audit firms.
- Trust or company service providers (CSP), who are not otherwise a DNFBP.