The Register of Beneficial Owners includes the following information:

The legal person must include the following data and information in respect of each of its partners or shareholders:

A corporate director, appointed by the business as head of the corporation’s board of directors who supervises the legal entity’s activities and develops a business strategy on behalf of the stakeholders

A Nominee Director is a director who is obligated to act in accordance with the directions and instructions of another person. who is designated by a business entity or beneficial owner to act as a company representative to hide the identity of the actual owner.

Companies have several obligations concerning real beneficiary data: Identify Beneficial Owners and Nominee Directors (if applicable). Maintain registers, including the Register of Shareholders, Register of Ultimate Beneficial Owners, Register of Directors, and Nominee Directors. Submit this information to the affiliated licensing authority. Notify the licensing authority of any changes or amendments within 15 days of their occurrence. Appoint a contact person (legal representative) for the licensing authority for real beneficiary data inquiries. Take reasonable steps to ensure transparency, obtain accurate information about the beneficial owner, and regularly update the records. These obligations are essential for companies to comply with UBO regulations and maintain transparency in their ownership structures.Who is the legal representative? is the natural resident person that authorized by the company to provide any information and documents required from the company.

Performing UBO screening involves several general steps: Step 1: Obtain the Entity’s Identity and Credentials Gather comprehensive and up-to-date information about the company, including registration number, name, address, legal status, and key management personnel. Specific requirements may vary depending on jurisdiction and fraud regulations. Step 2: Research the Ownership Chain Identify natural or legal persons with ownership stakes or interests and determine whether the ownership is direct or indirect. Step 3: Identify the Ultimate Beneficiary Determine the UBO by assessing the ownership interest or management control, including the total percentage of shares and ownership stake, and verify if it falls under UBO regulations in the UAE. Step 4: Perform an AML/KYC Check Subject all identified UBOs to a comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) check. Screen the UBO for potential risks, such as inclusion in Politically Exposed Persons (PEP) lists, inspection lists, sanction lists, or negative publicity. Step 5: Prepare a Risk Assessment Categorize UBOs into risk levels, ranging from low to high, and adopt appropriate risk mitigation measures: Low Risk: UBOs can confirm their identity by signing a statement and undergo visual checks against identification documents. Mid to High Risk: For PEPs or cases related to terrorism or money laundering, conduct thorough investigations, including: Additional searches to gather information about the customer’s risk profile, including political exposure, adverse media coverage, and legal enforcement actions. Analysis of the individual’s source of wealth and funds, noting any discrepancies. Collect information about the purpose and nature of the business relationship. Provide annual updates on substantial ownership changes.