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beneficial owner is the individual who ultimately owns, controls, or benefits from a company or asset, even if it is legally registered under another name. The UAE has strengthened Ultimate Beneficial Owner (UBO) regulations under Cabinet Decision No. 58 of 2020, requiring companies to disclose their true ownership structure to combat money laundering and financial crime. This regulation applies to most UAE mainland and free zone companies, except those in financial free zones like DIFC and ADGM, which have their own disclosure requirements. Compliance with UBO regulations is critical, as failure to register accurate information can lead to penalties and business restrictions.
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