Requirements to identify and record the ultimate beneficial owners of companies apply in many jurisdictions, including the UAE. For international groups with several layers of ownership, keeping this information accurate takes deliberate effort.
Why it matters
Accurate beneficial ownership records support compliance with AML, CFT and UBO requirements, and they make transactions, banking relationships and due diligence smoother.
Practical steps
- Keep an up-to-date chart of the group's ownership and control
- Record changes in ownership when they happen, not at year end
- Align the information held in different jurisdictions
- Assign responsibility for the records within the group
This note is for general information only and does not constitute legal advice.
