Filing of Real Estate Activity Report (REAR) on goAML | AML UAE

Introduction

This tutorial guides you through the process of filing the Real Estate Activity Report (REAR) on the goAML platform, as mandated by the UAE Ministry of Economy. Understanding this process is crucial for real estate agents, brokers, and legal firms in the UAE to ensure compliance with regulations aimed at combating money laundering.

Step 1: Understand the Filing Requirements

To determine if you need to file the REAR, consider the following criteria:

• You must file if you are involved in the buying and selling of freehold properties.
• Filing is required only when payments are made through:
  • Virtual assets or cryptocurrencies.
  • Cash payments equal to or exceeding AED 55,000.
  • Funds converted from virtual assets for part or all of the property payment.

Key Definitions

• Freehold Real Estate: Properties where owners have complete ownership of the land and the structures on it indefinitely.

Step 2: Prepare the Necessary Documentation

When filing the REAR, you must gather specific documents based on whether the parties involved are natural persons or legal entities.

For Natural Persons

• Valid copy of a passport or Emirates ID for both buyer and seller.

For Legal Entities

You need to collect:

• Articles of Association and Trade License.
• Register of Ultimate Beneficial Owners (UBOs).
• Copies of valid Emirates IDs or passports for all shareholders and UBOs.

Step 3: Submit the REAR on the goAML Platform

Follow these steps to file the REAR:

1. Log In: Access the goAML portal using your credentials.
2. Navigate to the REAR Submission Section: Look for the designated area for filing the Real Estate Activity Report.
3. Fill Out the Report: Enter the required transaction details as prompted.
4. Upload Documentation: Attach all necessary documents, ensuring they meet the specified requirements.
5. Review Your Submission: Double-check the information for accuracy before submitting.
6. Submit the Report: Finalize your submission and ensure you receive a confirmation.

Step 4: Understand Additional Reporting Obligations

Filing the REAR is an additional step in compliance with financial regulations. Be aware that:

• If a transaction is suspected to involve proceeds of crime, you must also file a Suspicious Transaction Report (STR).
• If any party in the transaction is sanctioned under the UNSC Consolidated List, a Funds Freeze Report must be submitted.

Conclusion

Filing the Real Estate Activity Report (REAR) is essential for maintaining compliance in the UAE's real estate sector. Ensure you understand when to file, what documents are required, and how to submit the report through the goAML platform. Stay informed about your obligations to effectively contribute to the fight against money laundering in real estate transactions. For ongoing updates and compliance tips, follow AML UAE.