CORPORATE COMPLIANCE SERVICES

DIEZ REGULATORY

Introduction

Europe Emirates Group introduces a specialized service designed to support businesses in navigating the DIEZ Regulatory Offsite Assessment Requirements effectively. With the recent announcement from the DIEZ Supervision team regarding the upcoming offsite assessment, it’s imperative for businesses to ensure strict compliance with UAE Cabinet Decision No. 10 of 2019, Cabinet Resolution 109 of 2023, and subsequent regulations focusing on Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Beneficial Owner procedures.

Given the critical nature of these regulations in safeguarding the UAE’s financial system, non-adherence could lead to significant penalties, including fines up to 500,000 AED as highlighted by Cabinet Resolution No. (132) of 2023.

Service Overview

Our service is meticulously crafted to assist your business in preparing for and navigating through this assessment with precision and strategic foresight. We are committed to ensuring that your documentation and compliance efforts not only meet the established regulatory standards but also set a benchmark for excellence in regulatory compliance.

Comprehensive Service Offerings

Documentation Preparation and Review: Our team will guide you in compiling and thoroughly reviewing all necessary documents to ensure they are comprehensive and align with the regulatory expectations.
Customized Compliance Strategy Development: Tailoring a compliance strategy that fits your business operations and adheres to the strict requirements set by the DIEZ Supervision team, we aim to mitigate any potential risks associated with non-compliance.
Submission and Liaison Support: Handling the submission process on your behalf, we act as a direct liaison with the DIEZ Supervision team, efficiently addressing any inquiries or clarifications, thereby streamlining the communication process.

Expert Guidance and Compliance Process

Understanding the complexities and the stakes involved in complying with these regulations, our team, equipped with extensive expertise in regulatory inspections and documentation, is dedicated to facilitating a seamless and effective compliance process for your business. We emphasize the importance of prompt and close collaboration with our team to address and fulfill any information requests urgently. Immediate action is crucial to ensure compliance within the specified deadlines, avoiding the risk of severe penalties, including official warnings and substantial fines, as outlined in the Cabinet Resolutions.

Additional Service Note

Important Service Note:During the execution of submission preparations, it may be discovered that additional services or documents, not initially identified, are required to achieve full compliance. These additional requirements might uncover gaps in compliance efforts that necessitate further services or documentation not included in this initial service offering. It is important for clients to understand that these additional services or documents, essential for ensuring compliance, will need to be contracted independently. Our team will identify these needs during our thorough review process and advise on the best course of action to attain and maintain compliance.

Benefits of Specialized Service

By opting for our specialized service, businesses can confidently navigate the complexities of the Regulatory Virtual Inspection, ensuring that their operations not only meet but exceed the stringent compliance standards. Our dedicated support mitigates the risk of penalties and enhances your business’s standing and the broader UAE financial ecosystem, securing your operational integrity and compliance posture.

The information provided does not constitute a direct or implied recommendation or endorsement of any strategy, decision, or action. Clients are encouraged to consult with the tax, legal, or professional advisors to determine the applicability of the information to their specific circumstances. Europe Emirates Group expressly disclaims any liability for errors or omissions in this information or for any loss or damage suffered by any person as a result of reliance on the information provided. Use of and reliance on the information is at the user’s own risk.