Compliance And Regulatory Services In The UAE

Don’t let UAE’s compliance missteps jeopardize your future! Let the experts handle your compliance & regulation needs for your thriving business!

Juriszone: Protecting You Against Compliance Risks

Your expert shield against constantly changing UAE regulations.

Deep knowledge of UAE laws empowers proactive compliance strategies.

We keep your business ahead of compliance risks, ensuring smooth operations.

UAE Compliance

UAE Compliance: The Key to Protecting Your Business and Reputation

Operating in the UAE’s lucrative market demands strict adherence to complex regulations. Failure to comply can result in hefty fines, loss of license, legal battles, and irreparable damage to your reputation. Don’t let compliance missteps jeopardize your future!

We specialize in:

Anti-Money Laundering (AML)

Developing robust AML programs and training to combat financial crimes.

Know Your Customer (KYC)

Implementing secure customer identification and verification systems.

Ultimate Beneficial Ownership (UBO)

Assisting with accurate UBO filing to enhance transparency.

Economic Substance Regulations (ESR)

Ensuring you meet reporting and economic substance tests.

FATCA and CRS

Supporting compliance with international tax reporting standards.

Who We Serve

Financial Institutions

Corporations with UAE Operations

E-commerce Businesses

Technology & Innovation Companies

Hospitality & Tourism Businesses

Retail & Consumer Goods Companies

Manufacturing & Industrial Businesses

Real Estate & Property Development

Professional & Consulting Firms

Anti-Money Laundering (AML)

Anti-money laundering refers to a set of procedures, measures, and rules that are implemented to prevent, report, and detect money laundering activities, especially to combat the financing of terrorism.

Federal Decree No. 20 of 2018 on Anti-Money Laundering and Countering the Financing of Terrorism is a UAE regulation that applies to all financial and non-financial businesses.

The UAE Ministry of Economy established the NAMLCFT committee to ensure compliance with strict regulations, following recommendations from the Financial Action Task Force.

To maintain compliance with the AML program, businesses need to implement the following activities:

To maintain compliance with the AML program, businesses need to implement the following activities:

1. Risk Assessment

To identify the types of risks your business may face and the level of risk exposure.

2. Policy And Procedure Development

It is mandatory to develop policies and procedures and implement measures to detect and prevent money laundering activities.

3. Monitoring And Screening

To identify suspicious activities for reporting to the authorities.

4. Reporting

This involves filing Suspicious Transaction Reports and Suspicious Activity Reports to the government with the Finance Intelligence Unit.

Mistakes

AML Compliance Program Development

To ensure AML compliance, businesses must develop a tailored AML program that includes risk assessment, policies, procedures, training, and continuous monitoring. Appoint a dedicated AML officer for oversight.

Juriszone specializes in creating customized AML compliance policies to help businesses navigate regulatory requirements.

Compliance Assessment

Non-Muslims residing in the UAE with property or assets (movable and immovable) in the UAE.

Flexibility

To begin with, we conduct an assessment to understand the business structure, assess the policies and risk management techniques in place, and identify the current level of risk.

AML Compliance Training

We curate tailored training programs to equip employees with the necessary skills and knowledge for recognizing and preventing money laundering activities.

Compliance Screening

Our experts conduct periodic compliance screening to assess the level of risk and reevaluate policies and procedures.

Due Diligence

This involves conducting background checks on employees, business partners, and customers.

Policy Development

Our experts will also help develop AML procedures, policies, and manuals for your business to outline the AML regulation activities to follow. These policies and procedures provide your company with a framework for conducting business safely. A manual, on the other hand, has detailed procedures for activities like reporting, customer onboarding, and transaction monitoring.

With these steps, our experts enable the development of robust AML programs that ensure compliance with UAE regulations and guide best practices for international businesses.

Know Your Customer Services (KYC)

We also help to develop and inculcate Know Your Customer Services that help safeguard your business and contribute to AML activities as well.

Depending on your business needs, our experts will develop a comprehensive customer identification and verification system to keep track of financial transactions. In addition, while implementing KYC services, our expert team will assess your existing customer database to help identify high-risk clients and monitor their transactions to prevent money laundering.

UBO

Ultimate Beneficial Owner (UBO)

The Ultimate Beneficial Owner (UBO) filing is a regulation that combats money laundering, tax evasion, and terrorist financing. It requires businesses to declare the natural person(s) who ultimately owns or controls the company, regardless of any intervening structures.

As a result of this transparency, authorities can identify individuals who benefit from the company’s activities.

An ultimate beneficiary is an individual or group owning more than 25% of a company’s shares or voting rights

Under UBO regulations, you must declare all such beneficiaries to promote transparency. In the UAE, key UBO regulations include Cabinet Decision No. 58 of 2020, Federal Law No. 20 of 2018, and Ministry of Economy Resolution No. 10 of 2019.

To maintain UBO compliance, a company must:

  • Identify and register the ultimate beneficial owners
  • Maintain accurate records of the owners along with the hierarchy
  • Update changes of ownership in the records and update them to authorities within 60 days
  • Conduct ongoing due diligence to identify any potential changes
  • Cooperate with authorities for investigations related to financial crime

To operate a business in the UAE smoothly, it is vital to maintain and update UBO records on time.

To operate a business in the UAE smoothly, it is vital to maintain and update UBO records on time.

We help file UBO reports and train your employees to fulfill the reporting obligations mandated by the UAE.

Mistakes

Economic Substance Regulations (ESR)

The UAE’s Economic Substance Regulations (ESR), passed in Cabinet of Minister Resolution No. 31 of 2019, combat harmful tax practices. Aligning with OECD standards, the ESR aims to ensure companies generating income in the UAE have substantial economic activity within the country. Businesses must meet reporting and economic substance tests to demonstrate compliance.

The government has introduced a list of relevant activities under the ESR.

Any business carrying out these activities is supposed to comply with the ESR.

List of the relevant activities:

  • Banking Business
  • Insurance Business
  • Investment Fund Management Business
  • Lease-Finance Business
  • Headquarters Business
  • Shipping Business
  • Holding Company Business
  • Intellectual Property Business
  • Distribution and Service Centre Business

The ESR is a complex set of regulations that require careful and planned report filing.

To help ease the burden and ensure compliance, experts at Juriszone aim to provide complete assistance in the filing of ESR.

We Help You With The Following:

Applicability Assessment

Considering the different relevant activities and other criteria specified by the ministry, we first help determine if your business falls under the ESR filing category.

Compliance Support

We provide complete assistance in assessing, understanding, and complying with the Economic Substance Test. These include adequacy in terms of assets and resources for conducting business, a directed test to check whether the company operates majorly in the UAE, and a control test to help ensure the conduct of management activities in the UAE.

Documentation And Reporting

Our experts help prepare and file accurate Notifications and ESRs.

Personal Advisory

We help you understand the new ESR compliance laws, conduct preliminary assessments, and analyze the effect of the ESR on your business.

FACTA

Foreign Account Tax Compliance Act (FATCA)

FATCA aims to ensure compliance with tax obligations by mandating foreign financial institutions to provide information about accounts held by US taxpayers or other foreign entities where US taxpayers have significant ownership of the IRS.

FATCA compliance generally includes

  • Following the registration requirements
  • Conducting due diligence on maintained financial accounts
  • Annual reporting of maintained US reportable accounts
  • Yearly reporting of payments made to non-participating FIs
  • Monitoring changes in FATCA account holder’s status. 

Foreign Financial Institutions ​​are required to perform the following under FATCA:

  • Identify US account holders
  • Report information to the IRS annually
  • Implement due diligence procedures to gather required information
  • Yearly reporting of payments made to non-participating FIs
  • Withholding taxes on certain payments to non-compliant account holders under the FATCA

Through FATCA the UAE and US governments aim to combat tax evasion by US individuals holding assets in the UAE through increasing transparency and accountability for international transactions.

To help ensure compliance, Juriszone services financial institutions by guiding them on the required regulations, deadlines, reporting limits, and the development of an ongoing screening procedure for identifying and analyzing the accounts of US holders.

Under FATCA, an FFI is supposed to report a threshold of $50,000, while for aggregate accounts, the reporting limit is $250,000. The deadlines for these reports are set by the IRS, and our experts continually update our clients for the same.

The IRS conducts periodic audits to analyse the activities, and in case of non-compliance, the FFI may be imposed with penalties and tax withholding. In addition, severe consequences include loss of access to US markets, reputational damages, and legal procedures.

FATCA

Juriszone’s FATCA Compliance Services

Assist with FATCA regulations:

Juriszone can help financial institutions understand and comply with complex FATCA regulations.

Reporting thresholds:

We guide you on the individual ($50,000) and aggregate ($250,000) reporting thresholds set by the IRS.

IRS deadlines:

Juriszone stays updated on IRS deadlines and ensures you meet them for FATCA reporting.

US account holder screening procedures:

We help develop procedures to identify and analyze accounts of US holders according to FATCA requirements.

Common Reporting Standard (CRS): Promoting Tax Transparency

Global Standard

The CRS is an internationally recognized standard for the Automatic Exchange of Information (AEOI) in the financial sector.

Automatic Exchange of Information (AEOI)

The systematic sharing of financial account information between tax authorities of different countries.

Purpose

The CRS helps governments combat tax evasion by enabling financial institutions to share information on accounts held by tax residents of other participating countries.

UAE Participation

The UAE has adopted the CRS, requiring reporting financial institutions to register on the CRS system, submit data, and conduct risk assessments.

Consequences of Non-Compliance

Failure to comply with CRS regulations can result in tax violations and penalties.

Compliance with the CRS protocols involves:

Periodic review of documentation required issued by the CRS

Following the CRS process for onboarding new account holders

Applying due diligence CRS process to existing account holders

Creating a UAE financial compliance framework

Identifying and reporting reportable accounts annually

Juriszone’s CRS Compliance Services

CRS Obligation Assessment

Juriszone analyzes your operations to determine your specific obligations under the CRS regulations.

Report Generation & Submission

Juriszone assists in generating CRS-compliant reports and submitting them to the relevant authorities.

Process Implementation

They help you implement the necessary processes to ensure accurate and timely CRS reporting.

CRS-Compliant Procedures & Controls

Their team helps you develop robust procedures and internal controls to streamline CRS compliance and ensure long-term adherence.

The Importance Of Regulatory Compliance

Businesses operating in the UAE must comply with applicable regulations and laws for smooth operations. These regulations enable the growth of the business environment in the UAE.

1. Avoid Penalties And Fines

As mentioned above, the UAE government imposes fines and penalties in case of non-compliance with the regulatory laws. The regulatory authorities in the UAE conduct regular audits to check for compliance, for which adherence to their standards is a must.

Apart from financial fines, you may even face loss of license or legal liabilities in case of severe ignorance of the regulatory laws.

2. Maintain Business Reputation

By providing an international platform to businesses, the UAE market fosters connections with partners and investors for multiplied growth. To take advantage of this, it is vital to have a good market reputation that attracts both clients and collaborations.

However, if you fail to comply with the regulatory guidelines in the UAE, you are bound to face a poor market reputation. Unethical practices can, therefore, kill your business.

3. Access Global Markets

With compliance and regulatory laws like the AML, UBO, ESR,  FATCA and CRS, it is easier to conduct international trade. To foster this cross-border business, it is vital to comply with the regulations.

why choose us

Why Choose Juriszone?

As your compliance and regulatory services providers in the UAE, we at Juriszone are committed to helping your business thrive by meeting and maintaining compliance standards across different regulatory laws.

With an expert team onboard and years of servicing clients in the UAE, here’s what makes us stand out as the best compliance and regulatory services in the UAE:

Deep Understanding Of UAE Regulations

Our experts have an in-depth knowledge of the UAE regulations, along with years of on-field experience. In addition, our team constantly updates themselves with changing regulations to maintain service quality and ensure the smooth operation of your business.

Tailored Solutions

We don’t believe in a one-size-fits-all solution and are dedicated to providing tailored plans for compliance management according to your business needs. Our experts will conduct a risk profile to analyze your requirements and suggest the right plan accordingly. Through this, we also offer the best rates for the service.

Practice Risk Mitigation

At Juriszone, we believe in preventing compliance breaches to mitigate fines and legal liabilities at all costs. Therefore, we conduct regular internal audits for our clients to analyze risks and take corrective measures within time.

Get Your Business Compliant With Juriszone’s Expertise

FAQs: Your Dubai Trademark Questions Answered

Any business wanting to operate in the UAE should have the following regulatory compliance and compliance services:

  • Anti-money laundering
  • Know your customer
  • Ultimate beneficial ownership
  • Economic substance regulations
  • FATCA and CRS

Value Added Tax is a consumption tax levied at each stage of distribution or production of goods and services in the UAE. Since its introduction it has affected businesses’ pricing strategies and cash flow management. It is necessary for businesses to collect the tax from customers and pay it to authorities on time to avoid penalties and therefore financial setbacks.

The government of UAE includes finance audits for companies in its set of rules and regulations. Therefore, any business operating in the UAE must adhere to the auditing standards to prevent penalties and guarantee compliance with the global finance reporting standards for uniform working.

Businesses in the UAE need to develop and follow an AML program that includes procedures, risk assessment, policies, training, and continuous monitoring. This can be supported by appointing an internal AML officer and taking help of compliance and regulatory services like Juriszone.

Non-compliance with UAE regulatory requirements can attract heavy penalties, court cases, and even revocation of the business licence which can lead to reputation damage and heavy losses.

Compliance and regulatory services in the UAE help businesses maintain compliance with the help of tailored strategies and constant guidance. The experts analyse the company’s policies and workflow according to regulations and suggest required policy changes. By updating the company workflow according to recent regulatory changes, compliance services can help prevent penalties in UAE businesses.

Yes, you can outsource your businesses entire compliance function to a third-party, reliable service provider in the UAE.

UAE businesses often face problems in updating themselves with the changing compliances and the complexity of the regulations. Without expert guidance, they lack the resources and training that can help them stay compliant.

The UAE is constantly making changes to its regulatory and business policies to support economic growth. These changes are rolled out in different sectors and businesses need to keep a track of the same. For this, you can hire a third-party compliance service as the experts there are dedicated to updating themselves with the changing rules and helping your company adapt to the same.

To improve its regulatory compliance in the UAE, a business must first update itself with the latest regulations. Following this, it is vital to conduct training programs and awareness sessions for the employees to educate them on the regulatory obligations.

The latest UAE compliance regulation set for 2024 is the introduction of the corporate tax, meticulous recording and documentation of statutory board meetings, adherence to the Wages Protection System, and mandatory employee insurance.