UAE: Dh100,000 fine for firms not submitting authentic beneficiary data
The company’s licence can also be suspended for a year for not conforming to the instructions of the ministry.
The UAE’s Ministry of Economy has asked all companies in the country to submit authentic details of their beneficiaries before June 30 to avoid penalties.
The ministry said the companies found flouting the rule would be sent a written warning note, followed by a Dh100,000 fine if they fail to meet the deadline.
Importantly, the company’s licence can also be suspended for a year for not conforming to the instructions of the ministry.
The new law will come into effect from July 1 and all the establishments registered and licensed in the UAE — including commercial free zones — are required to submit their beneficiaries’ data under this rule. However, government-owned companies and financial free zone establishments have been exempted from the exercise.
“Establishments' commitment to providing real beneficiary data will help create a national economic database, raising the UAE’s position in global economic and financial indicators and boost international cooperation in countering money-laundering and combating terrorism financing,” said the Ministry of Economy.
The UAE authorities have tightened anti-money laundering regulations and combating the financing of terrorism (AML/CFT).
The UAE Central Bank (UAECB) has also recently fined a number of entities in the country for not adhering to the country’s AML/CFT regulations.
The Ministry of Economy said all registered establishments would keep the record of beneficiaries at its headquarters and submit an undertaking to establish the registry through the licensing authorities’ website.
They have also been asked to add registry data to the licensing authorities’ system through their website.
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