BitOasis links with UAE FIU GoAML platform

We are very proud and excited to announce that BitOasis has become the UAE’s first virtual asset service provider to be linked with the GoAML platform launched by the UAE Financial Intelligence Unit.

In a year marked with many firsts and milestones for BitOasis, this announcement helps solidify trust in our platform and the UAE’s growing virtual asset ecosystem.

The BitOasis team is honored to be working 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. This is a big step towards building a robust tech infrastructure that will help ensure financial security for the UAE and its FinTech startups.

HE Hamid AlZaabi, Director-General of Executive Office of Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) said:

“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 the FATF recommendations.”

“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),” said HE Ali Baalawi, Director of UAE FIU.

Exp Tarek Mohammed, Head of the Virtual Asset Crime Section, Dubai Police GHQ, commented:

“BitOasis, as the UAE’s first virtual asset service provider to be registered with the FIU’s GoAML is a forward-thinking step by NAMLCFTC and the FIU to safeguard the economic security of the country while empowering our fintech start-ups.”

Ola Doudin, CEO of BitOasis, emphasizes on what this announcement means for the company and the UAE:

“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.”

And now for a bit a background…

What is GoAML?

GoAML is an anti-money laundering platform developed 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. This 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.

What does the BitOasis x GoAML tie-up mean?

BitOasis being registered with the UAE FIU’s GoAML platform is great news, here’s why…

  • 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 being the UAE’s first virtual asset service provider leading the way with this tie-up, adds more credibility to what companies like ours are doing in terms of building an efficient and transparent open financial system in the UAE, and the wider region.
  • It helps position the UAE as a world leader in innovation and is a great testament to how the UAE’s leadership continues to encourage tech-adoption.
  • It aids in the creation of an even more secure and thriving business environment for FinTech companies in the country.