Cabinet Resolution No. 58/2020
United Arab Emirates
2020
AML/CFT
Overview
This Resolution establishes the UAE’s framework for identifying and maintaining records of Ultimate Beneficial Owners (UBOs). It was issued to enhance corporate transparency, combat money laundering, and align with FATF recommendations.The law requires companies registered in the UAE (mainland and free zones, except DIFC and ADGM which have their own rules) to disclose, record, and maintain UBO information with accuracy and timeliness. The regulation aims to prevent misuse of corporate structures for money laundering, terrorist financing, and tax evasion.Industries impacted include all private sector companies, corporate service providers, holding structures, and foreign investors operating in the UAE.
Key Obligations
- Maintain a Register of UBOs (individuals owning or controlling 25%+ shares or voting rights, or exercising control by other means)
- Maintain a Register of Partners/Shareholders and a Register of Nominee Directors
- File UBO information with the relevant licensing authority and keep it updated within 15 days of any change
- Appoint a person responsible for compliance and communication with authorities
- Ensure records are accurate, current, and accessible to regulators
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