UAE ramps up business ownership rules to combat money laundering, terrorism financing

Key points:

The latest updates to the business ownership norms include:


• New rules help identify companies’ real owners and prevent hiding ownership through complex structures.

• Five steps are outlined to determine the actual beneficiary owner of a company.

• Nominee board members must disclose their status and provide necessary information to companies.

• A risk management approach is emphasized for enterprises to prevent money laundering and terrorism financing.

• A dedicated AML/CFT unit will be established within the Registrar’s office to oversee compliance and report to the Ministry.

• Administrative sanctions include warnings and financial penalties for violations, with a possible license suspension.