Cabinet Resolution No. 58/2020
United Arab Emirates
2020
AML/CFT
Overview
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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Related Regulations
FAQ
Who must comply with Resolution 58/2020?
All companies licensed in the UAE (mainland and free zones), except those owned by the UAE government or operating in DIFC/ADGM.
What is considered a UBO?
An individual holding 25% or more ownership/control or exercising control through other means.
What happens if information changes?
Companies must update their UBO records and notify the licensing authority within 15 days.
What are the penalties for non-compliance?
Administrative fines, restrictions on business activity, or license suspension.