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Compliance with regulations like ESR, AML & UBO is a must for those companies that fall under the purview of these regulations. Our team of Compliance experts assist clients to reduce and minimize the risk of non-compliance and penalties and help them with complexities in adapting to the fast-evolving regulatory environment for better strategic, operational, and remediation efficiency.
The UAE Cabinet of Ministers issued amended ES Regulations (ESR) by Cabinet Resolution No. 57 of 2020 on 10 August 2020 and to clarify certain aspects of the amended ES Regulations, the UAE Minister of Finance also issued updated guidance on 19 August 2020 by Ministerial Decision 100 of 2020. The Economic Substance Regulations require Licensees registered in the UAE that carry on one or more Relevant Activities, to have economic substance in the UAE in relation to these activities, and to comply with notification and return filing obligations. The Regulations apply to Licensees registered in UAE, including in a Free Zone or in a Financial Free Zone, that carry out any Relevant Activities.
The Anti Money Laundering regulation was introduced by the UAE government to combat money-laundering practices, establish a legal framework that supports the authorities concerned with anti-money laundering and crimes related to money-laundering, and counter the financing of terrorist operations and suspicious organisations. Businesses with specified transactions in certain fields are required to comply and report them to the authorities.
The Ultimate beneficial owner (UBO) regulations requires entities to disclose their ultimate beneficial owners. The main purpose is to enhance the transparency of entities registered in the UAE and to develop an effective beneficial owner data mechanism.The Licensee in the UAE (unless exemptions apply) is required to prepare the Ultimate beneficial owner (“UBO”) register, Nominee Director register (if applicable), and Partners or Shareholders register.
Regulatory activity around crypto and digital assets is intensifying as usage by investors, companies, and even some central banks, shows widespread interest and adoption at retail and institutional levels. The regulatory landscape in the UAE with respect to virtual assets is evolving at a very fast pace compared to globally. With the Government promoting the adoption of virtual assets, the county houses a number of licensing and regulatory options for the Digital asset space.
The Dubai government has also set-up VARA (Virtual Assets Regulatory Authority) to grant licenses / regulatory approval for entities in the digital asset space. We advise clients in relation to the licensing and regulatory requirements and assist in setting up a compliant corporate structure with relevant licenses and approvals from authorities. We have expertise in laws pertaining to the EU, UK, US, and Central Asia. We can also assist in opening a bank account and post-licensing requirements with various regulatory authorities.
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