Who should register ???
It is an obligatory duty under the Federal Decree-Law 20 of 2018 and Article 20(2) of Cabinet Decision No.10 of 2019. As part of its commitment to combat anti-money laundering and terrorism financing, the United Arab Emirates established a system to oversee, control, and collect information on all suspicious practices.
1- Financial institutions and entities carrying the following activities:
• Receiving deposits, providing banking services, credit facilities, finance, money exchange, electronic payments for retail.
• Managing means of payments, guarantees, obligations. Dealing in derivatives and securities.
2- Non-financial entities, sectors who conduct the following activities:
• Dealers of precious metals and precious stones
• Lawyers, notaries, Independent accountants and auditors
• Brokers and real estate agents
• Trust and corporate service providers
• company formation, director services, secretary services, providing work address, nominal shareholding.