Dubai-based crypto and bitcoin exchange Bitassis, focusing on the MENA region, announced today that it has become the first virtual asset service provider in the UAE to be integrated with the GoAML platform launched by the UAE’s Financial Intelligence Unit.
The Bitois team has worked with the National Committee to Combat Money Laundering and Terrorism and Illegal Financing (NAMLCFTC) and the United Arab Emirates Financial Intelligence Unit (UAE FIU) who have led this collaboration.
“Today’s announcement is directly in line with the UAE’s vision for the next 50 years, which our national leadership set last year to support fintech start-ups to grow their business with approved money laundering and counter-terrorism financing criteria. With the recommendation of the FATF. ”
-HI Hamid Al-Jabi, Director General of the Executive Office of Anti-Money Laundering and Anti-Terrorist Financing (AML / CTF)
GAML is an anti-money laundering platform formed by the United Nations Office on Drugs and Crime (UNODC). The platform was supposed to help financial intelligence units collect and analyze regulatory information submitted by selected reporting agencies.
Information is disseminated to law enforcement authorities to assist in dealing with criminal activity. The UAE was the first country in the GCC to launch the platform, which aimed to curb organized financial crime, including money laundering, terrorist financing and other illegal financial activities.
“We are delighted to be registered on the UAE’s first Fintech startup, Bitassis, the UAE’s Financial Intelligence Unit’s GoAML Integrated Platform. As a strategic step, this decision will ensure that domestic fintech startups are able to meet the compliance requirements set by the National Committee for Combating Money Laundering and Terrorism and Illegal Financing (NAMLCFTC).
– HE Ali Baalawi, Director of UAE FIU
What does GoAML suggest?
- From a regulatory perspective, it enables fintech startups in the country to meet compliance requirements set by NAMLCTF. It supports startups with their growth and financing initiatives, in line with the recommendations of the Financial Action Task Force (FATF).
- BitOasis is the first virtual asset service provider in the UAE to show the way through this tie-up. This adds more credibility to what companies like Exchange are doing in building an efficient and transparent open financial system in the UAE and the wider region.
- GoAML helps the UAE lead the way in innovation and is a testament to how the UAE leadership encourages the adoption of technology.
- Encourages a more secure and prosperous business environment for the country’s fintech companies.
“We are proud to be the UAE’s first virtual asset platform to be grateful for this partnership with the UAE FIU and the UAE leadership for continuing technological advances and embracing innovation in the country. We have become a trailblazer in the industry and are delighted to have the UAE as our home like other fast growing technology companies and unicorns in the region. ”
– Ola Daudin, CEO of Bitassis