Compliance & Regulations Services In Dubai UAE
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Compliance & Regulations
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Ultimate Beneficial Ownership (“UBO”)
Though companies are progressively expected to understand who they are doing business with to combat fraud, identifying the UBO is part of Anti Money Laundering (AML) and Know Your Customer (KYC) processes. Ultimate Beneficial Ownership screening is mandatory for specific industries such as banks, solicitors, estate agents, accountants, etc. under the Money Laundering and Terrorist Financing (Prevention) Act.
Economic Substance Regulation (ESR)
As a member of the OECD Inclusive Framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued economic substance regulation (Cabinet of Ministers Resolution No. 31 of 2019), (the “Regulations”) on 30 April 2019.
On 11 September 2019, guidance on the application of the Regulations was issued, Ministerial Decision No. 215 of 2019, and Cabinet Decision No. 58/2019 on the Determination of Regulatory Competencies lists the Regulatory Authorities tasked with the administration and enforcement of the Regulations.
Anti Money Laundering
The UAE Ministry of Economy (MoE) launched awareness and monitoring campaign to encourage the Designated Non-Financial Businesses and Professions (DNFBPs) registered in the UAE, including the entities operating in commercial free zones, to register in the system of Financial Intelligence Unit (FIU) (goAML). These DNFBPs are also required to register in the system of Committee for Commodities Subject to Import and Export Control (Automatic Reporting System for Sanctions Lists), and to adopt measures related to both, specified by the Federal Law No. 20 of 2018 on combating money laundering crimes and financing of terrorism and illegal organizations, and the regulations and relevant decisions regarding their implementation.
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Accountants have the best knowledge about the company’s assets and liabilities. While liquidation, the accountant’s decisions play a vital role. Therefore, at BSA, we have the best decision-makers. They have elite individuals who know all the liquidation procedures, such as liquidation reports and partnership contracts.
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