Whether AML or UBO, UAE businesses have some high-priority compliance tasks to do

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Whether AML or UBO, UAE businesses have some high-priority compliance tasks to do

UAE's updates to anti-money laundering and ownership compliance rules are far-reaching

Published: August 13, 2021 10:45 Manoj Nair, Business Editor and Nivetha Dayanand, Web Editor

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Stock Beneficial owner — REGULATIONS TIGHTENED: Dealing with the fallout from COVID-19 wasn’t the only thing that UAE businesses had on their minds from last year. The UAE has been tightening up regulations related to the carrying out of business in the country, updated regulations with far-reaching consequences. Image Credit: Shutterstock

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Dubai skyline — REVISED RULES: The revised rules are part of the UAE’ wider efforts to give business enterprises and its owners/staff as little leeway as possible to engage in proscribed activities. Licensed entities are now required to be as transparent as they can be – and even more – if they want to retain their presence in the local marketplace. Image Credit: Supplied

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Dubai Economy — MANDATORY: Three sets of regulations became mandatory, going by their acronyms goAML, UBO and ESR. Failure to comply risks businesses with some of the stiffest penalties on commercial activity. Local businesses are starting to find how costly non-compliance can be. Image Credit: Supplied

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Stock Money laundering — REGISTER: The goAML rule requires five categories of businesses to register on the Ministry of Economy portal for a future reporting of ‘suspicious transactions’ or ‘suspicious activity’. The five business categories relate to those in real estate brokerage, those trading in precious stones, any independent auditor, a consultancy service provider, and independent lawyers. Image Credit: Shutterstock

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1.639501-1520628202 — ECONOMIC SUBSTANCE REGULATIONS: The third compliance measure UAE authorities had updated was on ESR, or Economic Substance Regulations. These require UAE-based onshore and free zone companies (and certain other businesses) that carry out a set of defined ‘relevant activities’ to maintain and demonstrate a certain ‘economic presence’ in the UAE. This way they meet the ‘Economic Substance Test’ requirements. Image Credit: Gulf News Archive

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190712 banking system — ACTIVITIES: The relevant activities include banking and insurance services, fund management, leasing operations, operating a headquarters in the UAE, running a shipping enterprise, having holding company operation in the country, and being in distribution and services. Image Credit: Supplied

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