Given the increasing and dynamic regulatory requirements in the present environment, the risk of non-compliance often gets overlooked.
We, at Kaizen, understand the impact of these risks on your business and provide the best Compliance Outsourcing Services in Dubai UAE.
Here are the effective and efficient solutions we provide:
Ultimate Beneficial Owner
A major change in regulations concerning ultimate beneficial owner (UBO) procedures has come into force in UAE. The UAE Cabinet issued Cabinet Resolution no (58) of 2020 concerning regulation of the real beneficiary procedures (“UBO Regulations”) and this was enacted on 28th August 2020.
The UBO Regulations establish a framework for reporting and registering beneficial interests, ultimate beneficial owners (“UBO”) and professional directors.
All UAE companies, whether you are considered “onshore” or “offshore”, must comply with the reporting obligations under the UBO Regulations.
This reporting is directly to the authority that the company is registered under. It should be noted that DIFC and ADGM registered companies remain unaffected by the new regulations.
Non-compliance with the preparation and subsequent updating of any of these registers may lead to administrative fines.
Offering the best compliance Outsourcing services in Dubai, we help our clients to comply with this UBO requirement and to ensure they maintain the required records to demonstrate compliance as well.
Anti-Money Laundering (AML)
Money laundering is a financial crime that poses significant threats to the economy and national security. The UAE has strengthened its AML framework significantly in recent years to align with international standards set by the Financial Action Task Force (FATF).
Key Steps to Establish AML Compliance in the UAE
- Determine Applicability
- Registration on portal
- Appoint an MLRO (Money Laundering Reporting Officer)
- Conduct AML Risk Assessment
- Develop and Implement AML Policies & Procedures
- Staff Training
- Implement Internal Controls
- Ongoing Monitoring & Reporting
AML compliance in the UAE is not merely a regulatory formality. It is a legal obligation designed to protect the financial system and businesses from financial crime risks. Proper registration, risk assessment, policy development, staff training, and continuous monitoring are essential pillars of an effective AML framework.
We ensure you are updated with all the changes to the policy and actionables in a timely manner to avoid any lapses to compliance.
