• Menu
  • Menu
  • Business
  • Subscribe now
    Digital subscription Print subscription
  • Logout
Digital subscription
Print subscription
Trending
UAE holidays 2022 Golf in UAE Gratuity Calculator Mind Your Migraine
  • Latest News
  • UAE
    • Crime
    • Education
    • Environment
    • Government
      • Sheikh Khalifa passes away
    • Health
      • Why Worry
    • Transport
    • Science
    • Weather
    • Ask the Law
    • Reader Complaint
    • UAE's Hope Probe
  • Living In UAE
    • Visa+Immigration
    • Housing
    • Phone+Internet
    • Banking
    • Transport
    • Health
    • Education
    • Relocate
    • Ask Us
    • Safety+Security
  • UAE Success Stories
  • Business
    • Banking
    • Aviation
    • Property
    • Energy
    • Analysis
    • Tourism
    • Markets
    • Retail
    • Corporate News
  • Best Buys
    • Electronics
    • Home and Kitchen
    • Offers
    • Consumables
    • Lifestyle
  • Your Money
    • Saving and Investment
    • Budget Living
    • Taxation
    • Expert Columns
    • Community Tips
    • Cryptocurrency
  • Food
    • Cooking and Cuisines
    • Guide to Cooking
  • Games
    • Daily Crossword
    • Sudoku
    • Word Search
    • Spell It
    • Play
  • Play Games
  • Parenting
    • Pregnancy & Baby
    • Learning & Play
    • Child Health
    • For Mums & Dads
    • Ask Us
    • Games
  • Discounts
  • Magical Dubai
    • Dubai Life
    • Live the Luxury
    • Culture and History
    • Adventure
    • Staying Connected
  • World
    • Gulf
      • Bahrain
      • Kuwait
      • Oman
      • Qatar
      • Saudi
      • Yemen
      • Games
    • Mena
    • Europe
    • Africa
    • Americas
    • Asia
      • India
      • Pakistan
      • Philippines
    • Oceania
    • Offbeat
    • Coronavirus
    • Infographics
    • Special Reports
    • Games
    • Corrections
  • Special Reports
  • Photos
    • News
    • Entertainment
    • Readers' Photos
    • Lifestyle
    • Business
    • Sports
  • Opinion
    • Editorials
    • Op-Eds
    • Letters
    • Off the Cuff
    • From the Editors
  • Sport
    • UAE Sport
    • Horse Racing
      • Dubai World Cup
    • Cricket
      • IPL
        • Chennai
        • Delhi
        • Punjab
        • Kolkata
        • Mumbai
        • Rajasthan
        • Bangalore
        • Hyderabad
        • Gujarat
        • Lucknow
        • Live Scores
        • Point Table
        • Top Scorers
      • ICC
    • Motorsport
    • Football
    • Tennis
    • Rugby
    • Golf in UAE
      • UAE
      • World
      • Photos & Videos
      • Course Reviews
      • Eagle Eye
      • Learn to Play
      • Gear
  • Entertainment
    • Hollywood
    • Bollywood
    • Pakistani Cinema
    • South Indian
    • Arab Celebs
    • Music
    • TV
    • Books
    • Theatre
    • Arts+Culture
  • Expo 2020
    • News
    • Photos
    • Pavilions
    • Visit the Expo
    • Experience the UAE
    • Entertainment
    • Videos
  • Going Out
  • Auto
    • News
    • Test Drives
    • Car Culture
    • Auto Care
  • Lifestyle
    • Health+Fitness
    • Community
    • Fashion
  • GN Reach
  • Jobs
  • Tech
    • Electronics
    • Gaming
    • Media
  • Videos
    • How-To
    • Best Of Bollywood
    • News
    • Entertainment
    • Business
    • Sport
    • Community
    • Technology
  • Travel
  • GN Focus
    • Special Features
  • Mind Your Migraine
  • 50 MENA Leaders
  • The Kurator
    • Share
    • Dare
    • Flair
  • Bayat Chapters
  • Gold-Forex
  • Gratuity Calculator
  • Notifications
  • Gold/Forex
  • Prayer Times
  • Cinema Listing
  • Newsletters
  • About Gulf News
  • Contact us
  • Work with us
  • Terms and Conditions
  • Privacy Policy
  • Gulf News store
  • Advertise with us
  • Reach by GN
  • GN Focus
  • Gulf News epaper
  • Sitemap
  • Have your say
  • © Al Nisr Publishing LLC 2022. All rights reserved.
    Whether AML or UBO, UAE businesses have some high-priority compliance tasks to do

    Photos

    Login / Sign Up
    Logout
    Friday, July 1, 2022
    Gold / Forex

    Photos Business

    • News
    • Entertainment
    • Readers' Photos
    • Lifestyle
    • Business
    • Sports
    All Sections

    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

    1 of 12
    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
    2 of 12
    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
    3 of 12
    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
    4 of 12
    Stock Beneficial owner
    ULTIMATE BENEFICIAL OWNER: UBO relates to ‘ultimate beneficial owner’, and calls on all licensed businesses to provide the identity of the owner or the dominant shareholder. Image Credit: Shutterstock
    5 of 12
    Stock Beneficial owner
    DETAILS NEEDED: This must include details of individuals with ownership of at least 25 per cent shareholding and with voting rights, or someone vested with the power to dismiss and appoint a majority of a company's directors. Image Credit: Shutterstock
    6 of 12
    Stock Beneficial owner
    FINES IMPOSED: Dubai has in recent weeks issued fines on those businesses that failed to meet the revised July 7 deadline to be compliant on this requirement. Other emirates too should be cracking the whip to get all their licensed enterprises on the right side of these requirements. Image Credit: Shutterstock
    7 of 12
    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
    8 of 12
    Stock Money laundering
    CATEGORIES: These five categories come under ‘Designated Non-Financial Businesses and Professions’. “These providers have to ensure the goAML registration is complete; establish a customer due-diligence profile for customers; ensure they have adequate internal policies, procedures, and controls in place to comply with legal requirements on AML/CFT (combat financing of terrorism), Identify true beneficial owners and report suspicious transactions,” said Kinjal Bagadia Mehta, Manager - Tax & Compliance at Global Business Services. Image Credit: Shutterstock
    9 of 12
    Stock Money laundering
    FINAL SUBMISSION DATE: For goAML registrations, the Ministry of Economy had set end March as the final date for submission. Image Credit: Shutterstock
    10 of 12
    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
    11 of 12
    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
    12 of 12
    Dubai skyline
    CLEAR SIGNAL: Whether it is ESR or goAML, or for that matter UBO, the signal the UAE authorities are giving all businesses in-country are clear enough – Be transparent on all fronts. And ensure full compliance. Image Credit: Gulf News

    Trending

    • Photos: Lie-flat economy class pods are coming soon

      Photos: Lie-flat economy class pods are coming soon


    • Sheikh Zayed Grand Mosque among world's top attractions

      Sheikh Zayed Grand Mosque among world's top attractions

    Latest In

    • Universal Music acquires Frank Zappa’s catalogue

      18 minutes ago

    • Dubai: How to add a new vehicle to your Salik account

      21 minutes ago

    • UAE: Dh1m full Canadian scholarship for Indian student

      23 minutes ago

    • Indian rupee still weak even as Govt. takes action

      46 minutes ago

    • Spell It: Meet four famous deaf individuals

      1 hour ago

    Go back to top
    Network links:
    • Friday
    • Watch Time
    • getthat
    • Jobs
    • Commercial Printing
    • About Gulf News
    • Contact us
    • Work with us
    • Terms and Conditions
    • Privacy Policy
    • Gulf News store
    • Advertise with us
    • Reach by GN
    • GN Focus
    • Gulf News epaper
    • Sitemap
    • Have your say
    Find us on Social
    © Al Nisr Publishing LLC 2022. All rights reserved.
    This website stores cookies on your computer. These cookies are used to improve your experience and provide more personalized service to you. Both on your website and other media. To find out more about the cookies and data we use, please check out our Privacy Policy.
    Share on Facebook
    Share on Twitter
    Share on Whatsapp
    Share on Mail
    Share on LinkedIn
    Close
    Gulf News

    Get Breaking News Alerts From Gulf News

    We’ll send you latest news updates through the day. You can manage them any time by clicking on the notification icon.

    Subscribe No Thanks
    Continue reading Gulf News
    Dear Reader, please register to read gulfnews.com

    Dear Reader,

    This section is about Living in UAE and essential information you cannot live without.

    Register to read and get full access to gulfnews.com

    Create your account
    or login if you already have one
    First name is required.
    Last name is required.
    Please enter a valid email address.
    Password should have minimum 7 characters with at least one letter and number
    Passwords do not match

    By clicking below to sign up, you're agreeing to our Terms of Use and Privacy Policy

    Login your account
    New to Gulf News? Sign up now
    Please enter your email address.
    Please enter your password.

    Forgot password

    or