MENA bitcoin exchange BitOasis the first to be linked with UAE’s GoAML platform
BitOasis, a Dubai-based crypto and bitcoin exchange focused on the MENA region, announced today that it has become the UAE’s first virtual asset service provider to be linked with the GoAML platform launched by the UAE Financial Intelligence Unit.
The BitOasis team worked with the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations (NAMLCFTC) and the UAE Financial Intelligence Unit (UAE FIU) who spearheaded this collaboration.
“Today’s announcement falls directly in line with the vision of the UAE NEXT 50, which was set out last year by our national leadership to support fintech start-ups in growing their businesses with approved anti-money laundering and counter-terrorism financing standards in line with FATF recommendations.”
– HE Hamid AlZaabi, Director-General of Executive Office of Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF)
Overview: GoAML
GoAML is an anti-money laundering platform formed by the United Nations Office on Drugs and Crime (UNODC). The platform was conceptualized to help financial intelligence units gather and analyze regulatory information submitted by selected reporting entities.
Information is then disseminated to law enforcement authorities to help combat criminal activity. The UAE was the first country in the GCC to launch this platform, with an aim to curb organized financial crime including money laundering, terrorism financing, and other illegal financial activities.
“We are delighted to have the UAE’s first fintech startup, BitOasis, being registered with the UAE Financial Intelligence Unit’s GoAML integrated platform. As a strategic step, this decision will ensure that homegrown fintech startups are able to meet compliance requirements as set out by the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations (NAMLCFTC).”
– HE Ali Baalawi, Director of UAE FIU
What does GoAML propose?
- From a regulatory standpoint, it enables the country’s FinTech startups to meet the compliance requirements set out by the NAMLCTF. It also supports startups with their growth and financing initiatives, in line with the Financial Action Task Force (FATF) recommendations.
- BitOasis is the UAE’s first virtual asset service provider leading the way with this tie-up. It adds more credibility to what companies like exchanges are doing in terms of building an efficient and transparent open financial system in the UAE, and the wider region.
- GoAML helps position the UAE as a leader in innovation and is a testament to how the UAE’s leadership continues to encourage tech adoption.
- Fosters a more secure and thriving business environment for FinTech companies in the country.
“We’re proud to be the first virtual asset platform in the UAE to have this partnership with the UAE FIU and thankful for the UAE’s leadership for continuing to advance technology and adoption of innovation in the country. We’ve been a trailblazer in this industry and glad to have the UAE as our home similar to other fast-growing tech companies and unicorns in the region.”
– Ola Doudin, CEO of BitOasis
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Text source: CryptoNinjas
