UAE first to launch New Artificial financial intelligence reporting platform in the GCC

Media IN ABU DHABI, 23rd June, 2019 WAM

UAE Financial Intelligence Unit (FIU) announced the launch of their new reporting platform (goAML), developed by the United Nations Office on Drugs and Crime (UNODC), to facilitate the receipt, analysis and dissemination of suspicious transactions and activity reports to the UAE’s Law Enforcement Authorities.

The FIU will use the goAML to gather and analyse intelligence submitted by reporting entities, which is then analysed and disseminated to law enforcement authorities when deemed necessary

The new anti-money laundering platform already went live in May and all financial entities being supervised by the UAE Central Bank have to register on this system by 27th June, the UAE Central Bank officials announced today in Abu Dhabi.

Of around 900 entities that are required to register on the platform, 50 percent of them have already registered, the officials added at a press conference.

The Financial Intelligence Unit, being the central repository of financial intelligence in the UAE, will exchange intelligence with the relevant stakeholders domestically through the goAML, hence enhancing the UAE’s national coordination.

The officials said that all the financial entities being supervised by the Central Bank, such as banks, insurance companies and money exchange centres have to register before the deadline