ALERT! Brokerage firm goAML Certificate Mandatory

Adherence to goAML is obligatory for property agents' businesses, necessitating them to apply for and obtain the essential approval. "goAML" refers to an Anti-Money Laundering (AML) compliance system that property agents' businesses in the UAE are required to apply for and obtain approval.

In the context of the UAE real estate sector, some of the prominent names in the industry are making it mandatory for the entities they engage with, including brokers and property agents, to achieve and maintain full certified compliance with AML rules. This reflects a growing emphasis on combating money laundering and illicit financial activities within the real estate market.

For property buyers in the UAE, this means an additional step in the due diligence process before making an investment. Prospective buyers are encouraged to verify whether the brokerage firm they are dealing with has obtained all the necessary "goAML" certifications. These certifications serve as evidence that the brokerage firm has implemented the required AML measures and is committed to preventing the use of real estate transactions for money laundering or other illegal financial activities.

At MBG, we specialize in creating AML Risk Assessment frameworks advising on aspects of risk-related, finance and legal compliance matters. Our Anti – Money Laundering Consulting services ensure our clients follow all the AML Compliances and are ready for the new regulations in 2024.