Regulatory Alerts2018-01-01
ADGM Beneficial Ownership and Control Regulations Consultation Paper No. 1 of 2018
The Board of Directors of the Abu Dhabi Global Market proposes new regulations to codify and enhance beneficial ownership and control practices in alignment with international standards. The framework mandates ADGM entities to maintain accurate registers of beneficial owners, file this information with the Registration Authority, and adhere to strict privacy protections while allowing access for law enforcement and regulatory purposes. Non-compliance with these obligations will result in financial penalties for entities and their officers, with existing entities granted a 90-day transition period to update their records.
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