FundFreezeReport(FFR)

Yes, once a designated non financial business or profession identifies a suspicious transaction linked to funds that may relate to money laundering or terrorist financing, it must freeze those funds and submit a Fund Freeze Report through the goAML platform. This obligation applies to entities such as real estate agents, dealers in precious metals and stones, corporate service providers and auditors, depending on their designation.

There is no fixed published fee for FFR filing support, since the work depends on the transaction, the records involved and how quickly action is needed. Vigor Accounting and Taxation reviews the case and provides a proposal covering assessment, freezing guidance and the goAML submission.

A suspicious transaction must be reported without delay once it is identified, and the related funds should be frozen at the same time to prevent further movement before the report reaches the authorities. Waiting to gather more information before freezing or reporting increases the risk of non compliance.

Common red flags include unusually large transactions with no clear business rationale, payments made or received on behalf of unrelated third parties, deliberately complex or layered transaction structures, and a customer's refusal to provide identification or supporting documentation. Not every unusual transaction is suspicious, so each case needs a proper risk assessment rather than an assumption.

Failing to freeze funds or report a suspicious transaction can expose a business to regulatory action under UAE anti money laundering rules, since designated businesses are expected to detect, freeze and report promptly. The exact consequences depend on the circumstances and the regulator involved, so specific cases should be reviewed individually.

The report must summarise the transaction details, the amounts of money involved, the parties concerned and the reasons the activity was flagged as suspicious, all submitted through the goAML platform. Confidentiality must be maintained throughout, and the underlying accounting and transaction records should be kept, since UAE companies must retain records for at least five years.