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ARTICLE · 21 MAY 2018

Dubai Creative Clusters – New "Know Your Customer" Requirements

Clyde & Co
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In an effort to enhance its compliance with Federal Law No.4 of 2002 regarding Anti-Money Laundering and Combatting Financing of Terrorism, the Dubai Creative Clusters Authority...

United Arab EmiratesCriminal Law
Benjamin Smith
Benjamin Smith
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Co-authored by Tania Diab

In an effort to enhance its compliance with Federal Law No.4 of 2002 regarding Anti-Money Laundering and Combatting Financing of Terrorism, the Dubai Creative Clusters (DCC) Authority will be revising its "Know Your Customer" (KYC) requirements (the Requirements) during the course of this year. These will apply to all free zone limited liability companies (FZ-LLCs) and branches registered in the DCC (DCC Entities). This article outlines the Requirements.

What's new?

Audited Financial Accounts

DCC Entities will now be required to prepare and submit audited financial accounts to the DCC Authority, with the first submission required in 2019 (for a DCC Entity's 2018 financial year).

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