#UAE Compliance

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Key Updates and Compliance Strategies for Economic Substance Regulations from the MoF

The economic substance regulations (ESR) were introduced by the UAE’s Ministry of Finance (MoF) to align with global standards on transparency and prevent harmful tax practices. These regulations ensure that UAE-based businesses conducting certain activities have substantial economic presence in the country, rather than simply benefitting from tax advantages. Adhering to these rules is crucial for avoiding penalties and safeguarding the business’s reputation.

In this comprehensive guide, we will walk you through the MoF Economic Substance Regulations ESR, recent updates, compliance strategies, and the penalties that companies face for non-compliance.

Understanding UAE ESR Compliance Requirements

Under the UAE ESR compliance requirements, businesses that engage in “Relevant Activities” such as banking, insurance, shipping, intellectual property, lease finance, holding companies, and distribution and service center must meet certain economic substance criteria. Companies must demonstrate that they are conducting core income-generating activities (CIGAs) in the UAE, which involves having sufficient employees, physical assets, and incurring expenditure in the UAE proportional to the income generated from these activities.

Businesses are required to:

File an ESR notification annually through the Economic Substance Regulations UAE online MOF portal.

Submit an Economic Substance Report outlining their compliance with the regulations.

Pass the Economic Substance Test in UAE, which assesses whether the company has sufficient economic presence in the UAE.

Non-compliance with these requirements can result in ESR penalties and fines UAE, including the exchange of information with foreign tax authorities, damaging a company’s reputation internationally.

ESR Penalties and Consequences for Non-Compliance

The UAE Economic Substance Regulations impose various penalties for non-compliance, ranging from fines to more serious administrative actions. These include:

Failure to Submit ESR Notification:

Penalty: AED 20,000

Consequence: Non-filing will lead to immediate penalties and increased scrutiny for future compliance.

Failure to Submit the Economic Substance Report:

Penalty: AED 50,000

Consequence: Businesses that fail to submit their Economic Substance Report will not only face penalties but could also be reported to international tax authorities.

Failure to Meet the Economic Substance Test:

Penalty (First Year): AED 50,000

Penalty (Subsequent Year): AED 400,000

Consequence: Failing to meet the Economic Substance Test can result in heavy fines and, in severe cases, the suspension or non-renewal of the company’s business license.

Providing Inaccurate Information:

Penalty: AED 50,000

Consequence: Providing false or misleading information in the ESR notification or Economic Substance Report can result in severe financial penalties and reputational damage.

Failure to Maintain Proper Records:

Penalty: AED 50,000

Consequence: Businesses must keep detailed records of their core income-generating activities (CIGAs). Failure to maintain these records can lead to audits and further penalties.

Other Consequences:

Exchange of Information: If a business is found non-compliant, the Ministry of Finance may exchange information about that company with foreign tax authorities. This could affect a company’s international reputation and operations.

License Suspension or Revocation: The Ministry of Finance may take administrative action, including suspending or revoking business licenses, especially for repeat offenders.

Compliance Strategies for UAE Businesses

To avoid penalties, companies should adopt a proactive approach toward compliance. Here are several strategies that will ensure businesses meet all UAE ESR compliance requirements:

Follow a UAE ESR Compliance Checklist: Having a thorough UAE ESR compliance checklist is essential. The checklist should cover all aspects, from ESR notification filing to passing the Economic Substance Test in UAE. Monitoring submission deadlines and ensuring all relevant documents are prepared is vital to avoiding penalties.

Seek Filing Assistance: ESR filing assistance UAE can ensure that your business submits accurate Economic Substance Reports on time. Assistance can also help mitigate the risk of providing incorrect information, which could otherwise lead to penalties.

Regular Audits: Conduct Economic Substance compliance audits UAE to ensure that your business is consistently meeting the economic substance requirements. This is particularly important for businesses in UAE free zones or offshore entities that are subject to increased scrutiny.

How MBG Can Help: ESR Compliance Services UAE

At MBC Legal Consultants, we provide specialized ESR compliance services to help businesses navigate the complex MoF Economic Substance Regulations framework.

Our services include:

ESR advisory services: Tailored guidance to help businesses understand their obligations.

Filing assistance: Helping companies with timely ESR notification filing UAE and Economic Substance Notification and Report submission.

ESR audit services UAE: Conducting thorough audits to assess compliance with the UAE Economic Substance Regulations.

Legal support: Offering legal advisory services on how to meet ESR compliance requirements UAE, ensuring your business is fully compliant with UAE ESR laws for businesses.

As Economic Substance Regulations continue to evolve, businesses need to stay informed and compliant to avoid penalties and reputational damage. The consequences of non-compliance are severe, with significant fines, administrative actions, and possible international repercussions.

By adopting compliance strategies, including seeking UAE ESR advisory services and leveraging professional help for ESR filing assistance, businesses can ensure they meet the MoF Economic Substance Regulations. Contact MBG Legal Consultants for expert assistance in navigating the complex requirements and ensuring that your business stays compliant.

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From Employee to Entrepreneur: Start Your Business in the UAE

Dubai’s globalized economy is the power house of entrepreneurs for matching the connectivity with the international market hub. With the business friendly environment, Dubai is a perfect place to start a business with the help of best business setup consultants in UAE. This place serves as a thriving hub for the finances, trade and innovation for the startups and the enterprises seeking scale globally.

Benefits of Starting a Business in the UAE

The benefits of starting a new business setup in UAE, Dubai Includes:

Quick Business Setup

The government of UAE always supports the new entrepreneurs with the streamlined process to register their business, licensing and application of Visa especially with in the free zones.

Tax Advantages

The UAE government offers a zero corporate and personal policy for most business activities and business in Dubai’s free zones are completely exempted from import or export duties, 100% profit repatriation and also zero corporate tax for the fixed period of 50 years. UAE maintains the minimal value added tax of 5% by ensuring minimal impact on the cost of doing the business in UAE.

Strategic Location

UAE is a global hub to access the market of Middle East, Africa, Asia and Europe. It is also been considered as a gateway for the international trade and offers excellent connectivity through air, sea and land transport.

Top-notch Infrastructure

The robust infrastructure of UAE fosters efficiency, growth and global connectivity of the entrepreneurs. With the world class transportation networks, modern logistics facility and cutting edge technology UAE offers the top-notch infrastructure to start a business.

Guide to Start your Business Journey in UAE

Business setup services and consultants in UAE always offers perfect guidelines for the passionate people who want to start their business journey in UAE.

Acknowledge the Market

For starting your business journey as an entrepreneur in UAE you must research your target industry first. For this you can take the guidance from The First Check Consultants as the management consulting company in Dubai. They will help you to identify your competition prevailing in the market and also guide you in analyzing various opportunities in assessing your business venture.

Select the Business Structure and Location

With the guidance of business consulting firms in Dubai select the structure of the business by deciding the ideal business structure for your business. Select free zone for 100% ownership and tax exemptions and mainland for ideal businesses targeting the local UAE market with high customer accessibility and good infrastructure.. Offshore market is ideal for international trade with no physical presence in the UAE.

License Compliance and Register Business

As per your business structure select the appropriate license as commercial license for trading and general business, professional license for the service - oriented business and industrial license for the manufacturing and the industrial business.  Also submit the required documents for the registration of the business to the Department of Economic Development. Business setup services and consultants in UAE has the expertise to deal for the same from government authorities.

Open Corporate Bank Account

Choose a UAE based bank to open a business account and the documents required for it includes:

Business plan

Trade license

Shareholder and the company documents

Regulatory Compliance

Ensure the proper compliance with Tax regulations, UAE labor laws and industry specific requirements.

Along with this you can also leverage online platform and local media for visibility and attend business events to connect with the minded entrepreneurs.

Wrap-up

The First Check Consultants are the best business setup consultants in UAE who will help you to navigate the transition from employee to entrepreneur in UAE.

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Country Compliance Officer & MLRO – Dubai

Job title: Country Compliance Officer & MLRO – Dubai Company: Doha Bank Job description: The Country Compliance Officer & MLRO will oversee compliance and regulatory activities for the Dubai branch, ensuring strict adherence to local laws, regulatory guidelines, and internal policies. This role includes managing field inspections, preparing and reviewing compliance reports, and addressing…

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Advisory Service in uae

Navigate the complexities of business with LGA Auditing, your trusted partner for advisory services in the UAE. Our experienced team offers tailored solutions to help your business grow and succeed.

Our services include:

1. Financial Advisory: Optimize your finances with expert guidance. 2. Business Setup Consulting: Seamless company formation in UAE. 3. Tax Advisory: Stay compliant with UAE tax regulations. 4. Risk Management: Mitigate risks and ensure long-term success.

Whether you're a startup or an established enterprise, we provide strategic insights to make informed decisions.

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🌍 Simplifying Exporting to the UAE with an Exporter of Record 🌍

Expanding into the UAE can be a game-changer for businesses in the import/export industry. However, navigating the complexities of local regulations and customs can quickly become overwhelming. That's where partnering with an Exporter of Record (EOR) in the UAE comes into play. 📦✨

An Exporter of Record takes on the responsibility of ensuring that all your exports meet local laws, handling everything from compliance to documentation. This service eliminates the risk of costly mistakes and delays, allowing businesses to focus on growth.

From personal experience, using an Exporter of Record in the UAE has made the entire process much smoother. The EOR handles the nitty-gritty details of export compliance, such as export permits, customs declarations, and risk management, freeing up time and resources to scale operations.

Why should every import/export business consider an EOR in the UAE?

1️⃣ Seamless Compliance: Ensure adherence to UAE regulations, avoiding penalties. 2️⃣ Expert Documentation: Accurate and timely submission of all necessary paperwork. 3️⃣ Faster Market Access: Speed up the export process and focus on expanding your market footprint. 4️⃣ Risk Mitigation: Reduce the risk of compliance issues and shipment delays.

Looking to expand into the UAE market? EOR Services in the UAE are a smart investment that can save time, money, and headaches. 🚀

Have you used an Exporter of Record in your business? Share your thoughts and experiences in the comments below! 💬👇

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PCI DSS Compliance: What UAE Businesses Need to Know More in 2024- 2025

The PCI Security Standards Council (PCI SSC) released the updated PCI DSS v4.0 in March 2024. This enhanced standard introduces a phased approach, focusing on continuous security improvements. Here’s a breakdown of the key requirements and changes

UAE has emerged as a leading hub for innovation and commerce in the Middle East. With a rapidly growing e-commerce sector, UAE businesses are increasingly processing sensitive payment card data. This digital transformation, however, necessitates robust security measures to protect customer information and maintain trust. Here’s where the Payment Card Industry Data Security Standard (PCI DSS) comes into play.

This blog serves as a comprehensive guide for UAE businesses, outlining the essentials of PCI DSS compliance in 2024-2025. We’ll delve into the significance of compliance, explore the key requirements of the updated PCI DSS v4.0, and provide actionable steps for achieving and maintaining a secure payment environment. We’ll also highlight how ValueMentor, a trusted security advisor, can assist you on your crucial journey.

Why Does PCI DSS Compliance Matter for UAE Businesses?

Data breaches are a growing concern globally, with the UAE experiencing a significant rise in cyberattacks in recent years. A 2023 report by Statista revealed that UAE businesses witnessed a staggering 35% increase in data breaches compared to the previous year [1]. These breaches often target sensitive payment card information, leading to financial losses, reputational damage, and potential regulatory fines for non-compliant businesses.

Enforcing PCI DSS compliance protects not only your customers’ financial information but also your business’s reputation and bottom line. Here are some compelling statistics to consider:

According to a 2023 IBM study, data breaches cost businesses an average of $4.35 million per stolen record [2].

A 2023 Ponemon Institute report found that companies with strong cybersecurity practices experience a 27% lower cost of data breaches [3].

By prioritizing PCI DSS compliance, UAE businesses can demonstrate their commitment to data security and build trust with their customers. This, in turn, fosters a secure and thriving e-commerce ecosystem within the UAE.

Demystifying PCI DSS v4.0: Key Requirements and Updates

The PCI Security Standards Council (PCI SSC) released the updated PCI DSS v4.0 in March 2024. This enhanced standard introduces a phased approach, focusing on continuous security improvements. Here’s a breakdown of the key requirements and changes:

Phased Implementation : PCI DSS v4.0 takes a phased approach, with immediate requirements that must be implemented as soon as possible. These include strengthening access controls, enhancing detection capabilities, and implementing a formal vulnerability management program. Additional best practices are mandated by March 31, 2025 .

Focus on Defense-in-Depth : The updated standard emphasizes a layered defense strategy, requiring businesses to implement a combination of security controls to mitigate risks. This includes network segmentation, intrusion detection and prevention systems (IDS/IPS), and regular security testing.

Zero Trust Architecture : PCI DSS v4.0 encourages the adoption of a zero-trust architecture, where all users and devices must be authenticated and authorized before accessing any system or data. This approach minimizes the potential damage caused by breaches.

Evolving Threat Landscape : The updated standard acknowledges the ever-changing threat landscape. It emphasizes the importance of continuous monitoring and adaptation to address emerging security vulnerabilities.

Navigating the Path to PCI DSS Compliance: A Step-by-Step Guide

Complying with PCI DSS might seem overwhelming, but it’s a necessary step for UAE businesses accepting card payments. Here’s a roadmap to achieving and maintaining compliance:

Understand Your PCI DSS Merchant Level : The PCI SSC categorizes businesses based on the volume of card transactions they process annually. Knowing your merchant level will determine the specific requirements you need to fulfill.

Conduct a Self-Assessment : Evaluate your current security posture by performing a Self-Assessment Questionnaire (SAQ). This document helps identify areas that need improvement to meet PCI DSS standards.

Develop a PCI DSS Compliance Plan : Create a comprehensive plan outlining the steps you’ll take to achieve and maintain compliance. This plan should include details on control implementation, resource allocation, and timelines.

Implement Security Controls : Put into place the necessary security measures based on your PCI DSS requirements. This may involve upgrading and reconfiguring firewalls.

Maintain Security Measures : Compliance is not a one-time effort. Regularly monitor your systems, update software, conduct security awareness training for employees, and address any identified vulnerabilities promptly.

Seek Expert Guidance : Consider partnering with a Qualified Security Assessor (QSA) for assistance with PCI DSS assessments and ongoing compliance validation. ValueMentor, a trusted security advisor with extensive experience in the UAE market,

ValueMentor can be your one-stop shop for navigating the complexities of PCI DSS compliance.

Here’s how our expertise can benefit your UAE business:

Tailored Compliance Solutions : We understand that every business has unique needs. Our team of security professionals will work closely with you to assess your current security posture, develop a customized compliance plan, and identify the most effective security controls for your environment.

Expert Guidance and Support : Our PCI DSS Consultant possess in-depth knowledge of PCI DSS requirements and extensive experience conducting security assessments. We’ll guide you through every step of the compliance process, ensuring you meet all the necessary standards.

Streamlined Implementation : We can assist with the implementation of essential security controls, including firewalls, intrusion detection systems, and access control solutions. We can also recommend reputable vendors and ensure proper integration with your existing infrastructure.

Note: This blog is sourced from www.valuementor.com/pci-dss-compliance/pci-dss-compliance-what-uae-businesses-need-to-know-more-in-2024-2025/

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🌟 Exciting News from the UAE! 🌟 The Central Bank is stepping up efforts to combat money laundering by tracking crypto transfers. This initiative aims to enhance transparency and security in the digital finance landscape.

At Live Ex Shield, we prioritize your protection and safety in the crypto space! 🔒 Stay ahead in the crypto game with our solutions.🔍 For more details, click the link below.

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A Pathway to Understanding ISO 27001 Certification Audit and Compliance

For businesses of all kinds, protecting sensitive data is essential in the current digital era. One of the most well-known certifications for information asset management and security is ISO 27001:2004. It offers a structure for creating, putting into practice, looking after, and continuously enhancing an Information Security Management System (ISMS).

The certification shows that a company has set up a system that conforms with international best practices for information security and safeguards sensitive data.

The audit process is one of the most crucial steps in getting ISO 27001 certification. The ISO 27001 Certification Audit verifies that an organization's Information Security Management System (ISMS) is operating as planned and satisfies standard standards. The main points of ISO 27001 certification will be covered in this article, with an emphasis on the audit procedure and ways that businesses might become compliant.

An ISO 27001 Audit: What Is It?

The purpose of an ISO 27001 audit is to verify that the Information Security Management System (ISMS) of your company complies with the most recent information security best practices, as outlined in ISO/IEC 27001:2013 recommendations. For an organization to get and maintain its ISO 27001 accreditation, a number of routine internal and external audits must be performed. 

The ISMS controls of a business are adequate to safeguard its data, documents, and other information assets, as shown by ISO 27001. Companies can get a competitive edge by demonstrating that their security measures are more stringent and compliant with international standards by obtaining an ISO 27001 accreditation.

Companies must demonstrate that their systems and processes satisfy the requirements of ISO/IEC 27001:2013 through an external audit conducted by an authorized ISO 27001 auditor or an accredited, impartial auditing company in order to be certified.

Constant ISO 27001 audits show how effective and efficient a company's security measures are. Furthermore, these audits track and demonstrate continued adherence to ISO standards. Organizations can examine and evaluate the degree of residual risk associated with their current information security standards by regularly performing audits. 

Organizations may continue to enhance their ISMS controls and standards to reduce residual risk by using the findings of an IT audit for ISO 27001 as a guide. 

ISO 27001 Certification Auditing Process

A thorough ISO 27001 Audit Process carried out by a recognized certification organization is necessary to obtain ISO 27001 certification. There are two primary steps to the certification audit:

Step 1 Audit: Assessment of Documentation

Step 2 Audit: On-Site Assessment

Step 1: Assessment of Documentation

The primary goal of the ISO 27001 audit process's first step is to check that the organization's documentation complies with the standard's standards. Assessing the ISMS paperwork, policies, security controls, risk assessment procedures, and statement of applicability are all included in this.

In this stage, the auditor assesses whether the documentation is in line with ISO 27001 and accurately represents the organization's existing practices. Among the main areas of attention are:

ISMS Range: Has the ISMS's scope been outlined in detail by the organization? To do this, the system's limits with regard to people, procedures, and technology must be determined.

Framework for Risk Management: Does the company have a formal procedure in place for recognizing, evaluating, and reducing risks? Is this procedure recorded and examined on a regular basis?

Security Guidelines and Practices: Are the information security policies of the company current and comprehensive? Are all the essential topics covered, including data protection, incident response, and access control?

The auditor will provide a report detailing any non-conformities or opportunities for improvement following the evaluation of the paperwork. Before moving on to Stage 2, the organization must resolve any substantial concerns that are found.

Step 2: On-site Assessment

The on-site audit, which takes place in the second step, involves auditors visiting the organization's location to assess how well the ISMS is working in real-world situations. This entails evaluating the degree to which the established policies and procedures are being followed and put into practice.

As part of the on-site assessment, auditors will:

Interview Crucial Individuals: Staff members will be interviewed by auditors to gauge their knowledge of information security procedures and their responsibilities for upholding the ISMS.

Examine Security Restrictions: The auditor will assess how well-intuned physical security, access controls, encryption, and backup plans are being implemented. Examining operating procedures, data processing procedures, and IT systems may be part of this.

Verify that all legal and regulatory requirements are being met: Businesses need to make sure their ISMS conforms with all relevant laws and rules, including GDPR, HIPAA, and industry-specific guidelines.

Examine the protocols for handling incidents and responding. The manner in which the company manages security incidents—including their identification, reporting, and remediation—will be examined by auditors.

The auditors will deliver a thorough report with all findings, non-conformities, and observations following the on-site audit. Prior to certification, organizations must resolve any concerns that are found.

Frequently Occurring Non-Conformities in ISO 27001 Audits

Deviations from the ISO 27001 standard's standards are known as non-conformities. Before certification is granted, these issues—which could be significant or minor must be rectified. 

During ISO 27001 audits, the following non-conformities are frequently discovered:

Inadequate Risk Assessments: Non-conformity may arise from inadequately assessing all possible hazards to information assets. A thorough risk assessment procedure that encompasses every aspect of the company is essential.

Absence of Employee Training: Workers need to understand their responsibilities for preserving information security. Staff members' ignorance or inadequate training may result in security failures.

Inadequate Documentation: All rules and procedures should be routinely reviewed and updated, and the ISMS must be thoroughly documented. Documentation errors or out-of-dates may cause non-compliance.

Failing to Monitor and Evaluation: To make sure the ISMS stays successful over time, ongoing monitoring and review are necessary. Non-conformities may result from infrequent evaluations or risk assessments.

ISO 27001 Certification's Benefits

Obtaining ISO 27001 standard offers businesses a number of advantages.

Enhanced Security: Possessing a strong framework for handling information security threats is ensured by the certification for enterprises.

Regulatory Compliance: Data protection regulations are only one of the many legal and regulatory obligations that ISO 27001 Compliance in UAE assists enterprises in meeting.

Enhanced Trust: By showcasing their dedication to information security to partners, stakeholders, and clients, certified enterprises may foster confidence and trust.

Decreased Risk of Data Breaches: Establishing and upholding an ISMS lessens the possibility of security events like data breaches, which can cause harm to one's reputation and finances.

The Bottom Line!!

In conclusion, a firm seeking to protect its information assets and cultivate stakeholder confidence may find great value in obtaining ISO 27001 Certification Audit.

Despite its stringent nature, the certification audit process guarantees that businesses have put in place an extensive and efficient ISMS.

Organizations may secure their data in the increasingly connected world of today by obtaining and maintaining ISO 27001 certification via rigorous preparation, resolution of non-conformities, and a dedication to ongoing development.

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🏦💼 Safeguard your business by staying proactive. Prevent hefty fines and reputational damage with strong anti-money laundering measures. Stay compliant, stay protected! 🔒✨

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A Guide to Choosing The Best Audit Firm in 2025 in UAE

Choosing the best audit firm from the accounting companies in UAE needs certain considerations and requirements to be performed for a business domain. With the following guide, you can take the firm decision to select the best accounting firm in Abu Dhabi in 2025.

Identify your requirements

There is availability of numerous accounting and bookkeeping companies in UAE, for selecting the best one always identify the type of audit you are in need of as - financial, forensic, compliance or internal audit. Evaluate the workings of the audit firms who have expertise with in your industry, so as to analyse the scaling of the audit firm to handle with the complexities of a firm.

Assess with Regulatory Compliance

Take a research in evaluating the assess of the accounting companies in UAE, whether they are expertise in UAE Vat laws, Corporate tax or in the Excise tax. Always ensure that the firm follows International Financial Reporting Standards for being compliance with UAE regulatory compliance. The firm must adhere all the free zone regulations and federal economic legislation too.

Evaluate Team Expertise

Always checkout the team of the concerned accounting firm in UAE if they are experienced in your business sector. Evaluate their team of professionals including Charted Accountants, Certified Public Accountants and so on. The diversity and multilingual capabilities of an audit firm in UAE plays the crucial role in the seamless and effective client’s engagement as multilingual auditors cal liaise with the foreign investors aligning for the global compliance with the UAE requirements.

Credential Evaluation

Check the reviews, references and the testimonials for analyzing the firm’s reputation. Always choose the firm who has already proven themselves as the best internal audit consultants in UAE. Check if the audit firm is approved by the authorities like Dubai Financial Services Authority, Abu Dhabi Global Market and Ministry of Economy.

Evaluate Customer Service and Communication

Ensure about the customer service of the audit firm weather they provide the regular updates and reports for the auditing process. Ensure about their effectiveness and quirky response for the queries generated. Check if they can provide the tailored solutions for the different approaches or the observations. Ensure that the firm uses modern audit tools and software for the efficiency.

Requesting Proposals

The audit firms which you have shortlisted, ask them for the detailed proposals and also compare their offerings and the client reference. This process is critical for ensuring that the audit firm you are choosing aligns with the basic needs of your business and provides the best value to you. This proposal includes negotiate fees, timelines and deliverable with the selected firm.

Contemplate accessibility with Location

If you are operating in a free zone, always select the firm which are familiar with the specific rules and regulations. Choose an accounting firm in Abu Dhabi whose office is near by the location of your office area or within your emirate for the convenience. And also ensure about the firm to provide you the clear breakdown of the cost which must be aligned with your budget and without compromising with the quality work.

By following this approach you will evaluate the value of the services; the auditing firm is offering you and helps you in selecting the right internal audit consultants in UAE.

Wrap-up

The First Check Consultants focuses on UAE businesses and regulatory requirements whose expertise team always provides unique insights into the market trends and business strategies in multicultural environment of UAE’s globalized market.

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VP of Compliance - Based in Malta, London, Malysia or Dubai

Job title: VP of Compliance – Based in Malta, London, Malysia or Dubai Company: Halian Job description: Job Title:VP of Compliance – Based in Malta, London, Malysia or Dubai Location: dubai, NONE Employment… Type: Permanent VP of Compliance – Based in Malta, London, Malysia or Dubai Step into a leadership role at a global fintech… Expected salary: Location: Dubai Job date: Thu, 21 Nov 2024…

[amaaudit]

📢 AML Due Date Alert!... The UAE Ministry of Economy – AML Department has invited DNFBP sectors to participate in the 2023 ML/TF risk assessment data collection process. Submission of required data, covering the period from 1st January to 31st December 2023 📅 , is mandatory by 16th December 2024.  If you haven’t received the invitation, contact amlra@economy.ae. Ensure accurate and timely submissions to avoid penalties. Stay compliant with AMA Audit Tax Advisory and prepared for 2024 updates! 🚀