Regulatory Alerts2020-08-25
Cabinet Decision No. 58 of 2020 Regulating Beneficial Owner Procedures
The UAE Cabinet issued this decision to replace Cabinet Decision No. 34 of 2020 and mandate licensed legal persons to establish and maintain accurate registers of beneficial owners and shareholders. It defines beneficial owners as individuals holding 25% or more of shares or voting rights, or exercising ultimate control, and requires entities to verify this data, submit it to the Registrar within sixty days, and report any changes within fifteen days. The regulation enforces strict data confidentiality while permitting disclosures for anti-money laundering compliance and international cooperation, backed by administrative sanctions and a formal grievance process for non-compliance.
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