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The Ultimate Beneficial Owner (UBO) is the individual who ultimately owns or controls a company, even if the business is legally registered under another name. In the UAE, Cabinet Decision No. 58 of 2020 on UBO Regulations mandates that all companies disclose their UBO details to the relevant authorities to combat money laundering and financial crimes. Failure to comply with UBO reporting requirements can result in fines, business license suspension, or criminal prosecution. Certain free zones (DIFC, ADGM) and offshore entities (RAK ICC, JAFZA Offshore) have stricter UBO disclosure rules to ensure financial transparency.
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