As regulatory frameworks evolve, UAE companies face increasing pressure to comply with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations. One crucial compliance tool is goAML, the platform used for reporting suspicious transactions to the authorities. For businesses navigating these requirements, partnering with accounting firms like Swenta can ensure accuracy, efficiency, and regulatory compliance.

Why Real Estate Remains a Focus for Money Laundering

The real estate sector continues to be a prime target for financial crime. Several factors contribute to its attractiveness:

1. High-Value Transactions: Real estate deals often involve substantial sums, allowing criminals to move large amounts of money in single transactions.

2. Limited Oversight: Unlike banks, real estate transactions are less tightly regulated, making it easier to hide the source of funds or the ultimate beneficiary.

3. Difficulty in Tracing Assets: Once funds are invested in property, tracking and recovering illicit money becomes far more challenging.

These risks have tangible effects on communities, including inflated property prices, disrupted markets, and weakened legal compliance. Businesses operating in real estate must adopt stringent AML practices to protect themselves and the sector.

What is a Risk-Based Approach (RBA)?

A risk-based approach prioritizes resources according to the potential risk of money laundering or terrorist financing. Rather than applying identical procedures to all transactions, businesses focus more attention on high-risk cases.

According to FATF guidelines:

• Companies must evaluate the risk profile of clients and transactions.

• High-risk transactions should undergo enhanced due diligence.

• Lower-risk transactions can follow standard monitoring procedures.

AML consultants in Dubai play a vital role in helping businesses implement RBA strategies that align with UAE regulations.

Key Steps for Real Estate and High-Risk Industries

Businesses, particularly in real estate, should take the following measures to comply with AML regulations:

1. Know Your Customer (KYC): Verify the identity of all parties, including beneficial owners behind shell companies or third-party buyers.

2. Analyze the Transaction: Understand the purpose, complexity, and pricing of deals. Suspicious pricing or unusual structures require further investigation.

3. Trace the Source of Funds: Identify whether funds come from cash, offshore accounts, or other high-risk sources.

4. Ongoing Monitoring: Track transaction patterns and client behavior over time to identify changes that could indicate risk.

5. Leverage AML Expertise: Engaging accounting firms ensures compliance with goAML submissions and enhances overall regulatory adherence.

The Role of Accounting Firms in goAML Compliance

Accounting firms offer a unique advantage for UAE companies in managing goAML reporting and AML compliance:

• Regulatory Knowledge: Firms stay up to date with local AML/CFT laws, including goAML requirements, ensuring timely and accurate reporting.

• Financial Expertise: Understanding complex transactions allows accounting professionals to identify suspicious activity more effectively.

• Custom Compliance Solutions: Firms can design tailored AML frameworks for SMEs, corporates, and real estate professionals.

• Continuous Support: Beyond initial setup, accounting firms provide ongoing monitoring, employee training, and periodic compliance audits.

By outsourcing goAML support to an accounting firm, businesses can reduce risk, improve reporting accuracy, and stay compliant with evolving regulations.

Supervisory Authorities and Regulatory Oversight

In the UAE, the Anti-Money Laundering and Combating the Financing of Terrorism Supervision Department (AMLD), under the Central Bank, is responsible for enforcing AML/CFT compliance. Key responsibilities include:

• Monitoring high-risk sectors.

• Building capacity in emerging markets.

• Providing guidance and training to ensure businesses follow the correct procedures.

Strong collaboration between regulators and businesses ensures that the financial system remains secure and transparent.

Focus on Emerging and Underdeveloped Markets

Emerging real estate and financial markets in the UAE require heightened supervision:

• Monitor newly established agencies and market entrants.

• Target sectors with low AML awareness for training programs.

• Strengthen enforcement in regions with historically weak compliance.

Accounting firms provide essential support in these areas, helping businesses set up proper controls, maintain accurate records, and comply with goAML reporting requirements.

Practical Steps for Effective goAML Compliance

1. Implement detailed due diligence checklists.

2. Use technology to flag high-risk transactions automatically.

3. Conduct regular training for employees on AML/CFT obligations.

4. Establish internal protocols for handling high-risk cases.

5. Monitor transactions continuously rather than on a one-time basis.

6. Engage professional accounting firms for ongoing goAML support.

These measures help businesses reduce risk, avoid penalties, and maintain trust in the UAE’s financial system.

In 2025, goAML compliance is an essential requirement for UAE companies. Accounting firms like Swenta provide the expertise, regulatory knowledge, and customized solutions needed to navigate complex AML/CFT regulations effectively. By leveraging professional support, businesses can enhance reporting accuracy, mitigate risks, and ensure long-term compliance success.