Sharjah 24: The Sharjah Economic Development Department (SEDD) held a seminar on "Real Beneficiary Procedures and KYC Model" as part of its efforts to meet international standards and implement UAE Cabinet regulations.
The seminar, attended by employees and investors from Sharjah's economic sector, focused on legislative agendas for real beneficiaries and addressed participants' inquiries. This seminar is one of many specialized events organized by SEDD to enhance the regulatory framework for real beneficiary data, providing a comprehensive guide to help company registrants assess and manage risks.
Hamad Al Midfa, Deputy Director of the Legal Affairs Department at SEDD, stated that the seminar highlights the collaboration between federal and local authorities to ensure full compliance by economic establishments. This effort contributes to enhancing transparency in the country's business environment, solidifying its status as a competitive economic hub that upholds the highest standards of integrity and transparency in financial and commercial oversight, while combating unethical business practices.
He also noted that the “Real Beneficiary Service” provided by the Department requires companies to create a dedicated record for the real beneficiary and integrate this data into the licensing systems of local authorities. This initiative strengthens national efforts to combat money laundering and bolsters the UAE's standing in global rankings related to financial integrity.
Al Midfa emphasised that SEDD strives to create an optimal environment for investment and business continuity, aiming to encourage companies to expand their operations, attract more investments, and enhance Sharjah's competitive business landscape. He also highlighted SEDD's commitment to continually improving its services, working closely with local and federal authorities to advance all economic sectors and elevate the quality of services offered to investors.
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