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FAQs on Ultimate Beneficial Owner
16 Jan, 23

Ultimate Beneficial Owner UAE FAQs

What is an Ultimate Beneficial Owner? The natural person who ultimately owns or controls the Legal Person, whether directly or through a chain of ownership or control or any-other indirect means, and also the natural person on whose behalf the transactions are being conducted or who exercises ultimate control over a legal person. How do […]
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FAQs AML
13 Jan, 23

Anti-Money Laundering FAQs

What is Money Laundering? Money laundering is defined as any financial or banking transaction aimed at concealing or changing the source of illegally obtained funds, by passing it through the financial and banking system in order to make it appear as originating from legitimate sources, and then re-pumping and investing it illegally. What is Terrorist […]
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Business in the UAE
22 Sep, 22

The Economic Substance Test for Holding Company Business and High-Risk IP Business in the UAE

The UAE issued economic substance regulations (the “Regulations”) in April 2019, amended by Cabinet Resolution No.57 of 2020 in August 2020, which introduced a requirement for UAE entities to maintain an adequate “economic presence” in the UAE relative to the activities they undertake. The UAE economic substance requirements apply to all UAE onshore and free […]
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Dollar Currency
08 Sep, 22

UAE AML- Real Estate Activity Report (REAR) Reporting Requirements for Real estate agents and brokers as per Circular Number: 05/2022

What is Real Estate Activity Report (REAR)? Real estate agents and brokers licensed in the UAE are required to file the REAR effective from July 1st, 2022. They need to report the transaction related to the purchase/sale of Freehold Real Estate, which involves cash or virtual assets. The purpose of REAR is to curb the […]
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KEY ELEMENTS OF EFFECTIVE AML TRANSACTION MONITORING
12 Aug, 22

KEY ELEMENTS OF EFFECTIVE AML TRANSACTION MONITORING

Transaction monitoring is a key part in the defense against money laundering and financial crime. It is the process of identifying and reviewing anomalous activity and transactions before deciding to report any suspicious activity to law enforcement. To conduct adequate transaction monitoring today, is an uphill battle on multiple fronts. Transaction monitoring success is critical […]
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