Maven hawk Management Consultants LLC was founded and incorporated by a group of qualified professionals. The company was set up with the objective of providing management consultancy services over a wide range of portfolios like Corporate Consulting, Risk Management advisory, Transaction advisory , Tax and compliance services, Corporate Financing, Forensic Accounting, IT implementation and Business Transformation services etc.
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Location
Office 215,Kasco Tower, Damascus Street, Al Qusais Industrial Area 3, Dubai, UAE
The Ultimate Beneficial Owner Procedures are the critical element in the UAE’s approach to combating money laundering and financing of terrorism & illegal organizations and financing the spread of weapons of mass destruction under the Financial Action Task Force’s requirements and the National AML strategy’s determinants. These will help fulfill the objectives of Federal Decree-Law on Anti Money Laundering and Financing of Illegal Organizations and Countering Financing of Terrorism, controlling the ultimate beneficial owner procedures. The Resolution covers the most updated requirements for the entities in UAE to disclose their Ultimate Beneficial Owners, which intends to enhance the transparency of the UAE registered entities.
Identifying the Ultimate Beneficial Owners (UBO) when engaging with corporate customers is a key component of the Customer Due Diligence process under anti-money laundering regulations.
The UAE has recently updated its regulations concerning the identification and verification of Ultimate Beneficial Owners (UBOs) through Cabinet Decision No. (109) of 2023, which supersedes Cabinet Decision No. (58) of 2020.Cabinet decision This decision mandates businesses in the UAE to maintain accurate, up-to-date registers of their UBOs and ensure full transparency in their disclosure.
Offered Services are
Preparing & Filing Real Beneficiary Register (UBO declaration)
Maintenance of Registers
Key Elements of UBO Regulations:
1. Business Obligations:
o Companies in the UAE are required to maintain a register of their UBOs, ensuring that the information is accurate and current. This register must be submitted to the Registrar for transparency.
o The Ministry of Economy plays a central role in facilitating the sharing of UBO data with relevant international authorities, ensuring that the UAE adheres to global cooperation standards.
2. Administrative Fines:
o Cabinet Resolution No. (132) of 2023 outlines the penalties for businesses failing to comply with the UBO disclosure requirements outlined in Cabinet Decision No. (109) of 2023. These penalties emphasize the importance of maintaining full transparency and adhering to regulatory standards.
3. AML-KYC and CDD Requirements:
o Under Federal Decree-Law No. (20) of 2018, businesses, particularly Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Asset Service Providers (VASPs), are required to take a risk-based approach in identifying UBOs. This is critical for preventing exposure to Money Laundering (ML), Terrorist Financing (FT), and Proliferation Financing (PF) risks.
o Know Your Customer (KYC) and Customer Due Diligence (CDD) procedures are fundamental for identifying and verifying UBOs, ensuring businesses comply with the UAE’s AML/CFT policies.
4. International Compliance:
o The UAE aligns its AML/CFT and CPF laws with international standards, specifically those established by the Financial Action Task Force (FATF). As part of global cooperation, the Ministry of Economy ensures the sharing of UBO data with international counterparts, enhancing cross-border transparency and collaboration.
