Regulations

SHCC is committed to support strenuous efforts of UAE to combat global money laundering and financing of terrorism (AML/CFT) and to implement the standards set by the International Financial Action Task Force (FATF) and the Ministry of Economy UAE. We would like to hereby provide related information and links to materials that we expect our client to be aware of and in compliance with.

AML/CFT Legislation, Rules and Regulations of UAE

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Federal Decree by Law No. (20) of 2018 on Anti Money Laundering and Combating the Financing of Terrorism and Illegal Organizations. Read More
Cabinet Decision No. (10) of 2019 Concerning the implementing regulation of decree law no. (20) of 2018 on anti- money laundering and combating the financing of terrorism and illegal organizations Read More
Federal Decree Law No (26) of 2021 to amend certain provisions of Federal Decree Law No (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations Read More
Cabinet Decision No. (58) of 2020 Regulating the Beneficial Owner Procedures. Read More
Cabinet Resolution No 53 of 2021 Concerning the Administration Penalties. Read More
Cabinet Resolution No (74) of 2020 regarding the Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combatting of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing, and Relevant Resolutions Read More

DNFBPs Guidance

Guidance available for the Designated Non-Financial Businesses and Professions (Auditors, Dealers in Precious Metals and Stones, Real Estate, Trust and Company Service Providers) on Ministry of Economy portal. Read More
Guidelines for Designated Non-Financial Businesses and Professions. Read More
Supplemental Guidance for Auditors. Read More
Supplemental Guidance for Dealers in Precious Metals and Stones. Read More
Supplemental Guidance for the Real Estate Sector. Read More
Supplemental Guidance for Trust and Company Service Providers. Read More
Useful links
For details regarding registering in Goaml. Read More Targeted Financial Sanctions Guide. Read More Details to determine the Ultimate Beneficial Owner (UBO). Read More

For Queries & Clarifications

Should you have queries, please address it to the following email: lease-licensing@shcc.gov.ae

Dear SHCC Investor,
as per the Cabinet Resolution No. 58 of 2020 (the ‘Decision’) on the “Regulation of[SA1] Procedures Related to Real Beneficiaries “published by the UAE Ministry of Economy On 28th August 2020. The Decision requires companies based in the UAE mainland and free zones to maintain registers of their beneficial owners and shareholders. Further, the decisions require that the companies file their registers with the relevant registrar and licensing authorities.

AML/CFT Legislation, Rules and Regulations of UAE
  • To maintain UAE’s economic position with International requirements.
  • To regulate minimum obligations in disclosure of Beneficial Owners, Shareholders, Partners & Nominee Board Members.
  • To have effective & enduring regulatory mechanism & procedures for the beneficial owner data.
Beneficial Owner or Real Beneficiaries
  • A person that ultimately owns or controls, whether directly through a chain of ownership or control or by other means of control such as the right to appoint or dismiss the majority of its Directors, 25% or more of the shares or 25% or more of the voting rights in the Legal Person.
  • If no real Beneficiary fits the criteria above, or there is any doubt over who has final controlling, the physical person who exercises control over the Entity through any other means shall be the Real Beneficiary.
  • If no physical person is determined, the Real Beneficiary shall be the physical person who holds the position of the person in charge of Senior Management.
  • A Real Beneficiary can be made up of more than one person i.e. where more than one person participates in the ownership or control they shall all be dealt with as owners and controllers.
  • Scope:
    Cabinet Decision No. 58 of 2020 is applicable to all Legal Persons (having separate Legal Identity) licensed & registered in the UAE i.e. Legal Person in the UAE Mainland & Non-Financial Free Zones
Registers to be maintained:
Companies have to create and maintain the following registers at their office:
  • Register of shareholders.
  • Register of beneficial owners
  • Register of nominee directors
    i.e. the person following the guidelines or instructions issued by another person.

Deadline

Companies covered by the Decision are required to maintain and submit the required information within 60 days from date of promulgation of the above Decision or at the time of incorporation of a new entity to their respective Registrars.

As the Registrar of the Companies incorporated in SHCC, you must notify us the aforesaid Ultimate Beneficiary Owner’s information and any change or amendment thereafter within 15 days of such change or amendment.

Other Key Requirements:
  • Every Entity must take reasonable measures to obtain appropriate, accurate and up-to-date data for the Registers and preserve its records from damage, loss or destruction. They must also appoint an individual point of contact (resident in the UAE) and provide the details of that contact to the Registrar..
  • The Decision details the data to be collected and entered on each respective Register. Any additional data requested by the Registrar shall need to be provided by the deadline specified in the data request.
  • Entities in a regulated market, in a state of dissolution or liquidation are subject to adjusted filing requirements under the Decision.
  • Any case of a violation to the provisions of this Decision can result in the Minister of Economy or the Licensing Authority imposing one or more sanctions.
You may refer the Cabinet Decision here in: العربية English
Declaration

You may submit the information required at our e-Portal

Beneficial Owner Procedure Regulation Webinar

Click here to watch the webinar organized in cooperation with the Ministry of Economy and Executive Office of Anti-Money Laundering and counter Terrorism Financing.

To submit UBO Click here
please address it to the following email: lease-licensing@shcc.gov.ae

Different type of acceptable legal forms and type of information and documentation to register a company Click here