Fairness in each step; Finfair’s Compliance solutions

Experience fairness in every business step with Finfair's Compliance Solutions. Our comprehensive suite of services ensures that your business adheres to regulations and standards with integrity. From risk management to policy implementation, Finfair is your trusted partner in achieving compliance excellence while fostering a fair and ethical business environment. Choose Finfair for compliance solutions that align with your values and drive sustainable success.

We specialize in accelerating business operations, supporting revenue growth without compromising on risk exposure. Our approach involves implementing a globally consistent compliance policy that is both sensitive and adaptable to local needs, ensuring effectiveness across every territory.

Key Features of Finfair's Compliance Consulting Services:

1. Data-Driven Insights:
Leverage our expertise to obtain data and analytically-derived insights on entities, principals, and processes. This empowers your organization to make informed decisions, react promptly, and be well-prepared in dynamic business environments.

2. Global Consistency:
We design and implement a compliance policy that is globally consistent, ensuring uniformity across diverse territories while remaining sensitive to local nuances.

3. Risk Mitigation:
Our services focus on supporting revenue growth without increasing risk exposure. We tailor solutions that strike a balance between expansion and risk management.

4. Flexibility to Local Needs:
Recognizing the importance of local compliance nuances, our approach is sensitive and flexible, accommodating the specific requirements of each territory.

5. Board-Level Focus:
Position compliance as a board-level issue, emphasizing its critical role in the overall success and sustainability of the business.

At Finfair, we go beyond traditional consulting, providing comprehensive solutions that align with your business objectives. Our Compliance Consulting Services are designed to enhance efficiency, mitigate risks, and foster a globally compliant yet locally responsive business environment. Trust Finfair to guide your business with integrity and precision, making compliance a seamless and integral part of your journey towards success.

Elevate Your Compliance Standards with Finfair's Premium Services:

At Finfair, we have mastered the art of efficient regulatory compliance, a skill we believe can significantly benefit any company. Our compliance services are meticulously designed to assist companies in meeting the evolving demands of UAE safety regulations. With a focus on efficiency, precision, and practicality, we navigate the complexities of regulatory landscapes, ensuring that your business not only meets but exceeds safety standards in the dynamic UAE business environment. Trust Finfair to be your partner in achieving seamless operations through effective and streamlined compliance practices with our services.

1. Economic Substance Regulations (ESR)
The Economic Substance Regulations (ESR) in Dubai, UAE, introduced via Resolution 31 of 2019, signify a significant step towards enhancing the nation's tax frameworks. These regulations aim to promote transparency and accountability among companies by requiring them to maintain a tangible economic presence in the UAE.

Under the Economic Substance Regulations, both Onshore and Free Zone entities are required to demonstrate sufficient economic presence within the UAE. This ensures that companies conducting business in the country contribute to its economic development and are accountable for their operations.

The guidelines outlined in the Economic Substance Regulations play a crucial role in reinforcing Dubai's position as a global business hub. By encouraging companies to establish genuine economic activities within the UAE, these regulations foster sustainable growth, attract foreign investment, and enhance the country's reputation as a business-friendly destination.

2. Ultimate Beneficial Owners (UBO)
A UBO is a natural person who holds ownership or control over a company, trust, or legal entity, directly benefiting from its assets and profits. Essentially, the UBO is the authentic individual steering the entity's decision-making, whether through direct or indirect means.

In a strategic move, the UAE has replaced Cabinet Decision No. 34 of 2020 with Cabinet Resolution No. 58 of 2020, specifically focusing on the Regulation of Procedures Related to Real Beneficiaries. This decision, aimed at enhancing transparency, outlines robust mechanisms and procedures to identify and regulate Ultimate Beneficial Ownership for entities registered in the UAE. The ultimate goal is to ensure international compliance, bolster global confidence, and fortify the UAE's position as a transparent business hub.

Within the framework of anti-money laundering and counter-terrorism financing laws, electronic money institutions are mandated to adhere to client identification obligations. A crucial facet of this obligation involves the identification of Ultimate Beneficial Owners (UBO) of their clients, aligning with international standards and contributing to the prevention of illicit financial activities.

3. Country by Country Reporting (CbC Reporting):
CbC Reporting is a crucial component of Action 13 under the Base Erosion and Profit Shifting (BEPS) initiative, led by the Organization for Economic Cooperation and Development (OECD) and the Group of Twenty (G20) industrialized nations.

BEPS Action 13 mandates large Multinational Groups of Entities (MNEs) to submit a CbC Report. This report breaks down the global revenue, pre-tax profits, accrued income tax, and other economic indicators for each jurisdiction where the MNE operates.

• Purpose of CbC Reporting: The primary aim of CbC Reporting is to bridge the information gap between taxpayers and tax administrations. It ensures transparency on where economic value is generated within the MNE Group and verifies whether it aligns with profit allocation and tax payments on a global scale.

• UAE Compliance Criteria: UAE-headquartered Groups meeting specific criteria are obliged to comply with CbC Reporting legislation. These criteria include being MNE Groups with residents for tax purposes in different jurisdictions and having a total consolidated revenue equal to or exceeding AED 3,150,000,000 for the preceding financial year.

• Tax Residency and Filing Deadlines: Entities must submit a CbC Reporting (CbCR) notification, confirming their status as the Ultimate Parent Entity resident in the UAE. This includes essential identification details such as trade license number, address, business activity, and year-end.

• CbC Report Content: The CbC Report itself encompasses quantitative and qualitative information about the MNE Group. Key details, including revenues, profits, employee count, business description, etc., must be accurately reported.

4. Anti Money Laundering (AML) Compliance:
Dubai stands as a cornerstone of the UAE and the Middle East's financial landscape, with its iconic Dubai International Financial Centre (DIFC) serving as a beacon for international business interests. Since its establishment in 2004, the DIFC has flourished into one of the world's top ten financial centers, attracting a myriad of banking and financial institutions. However, this prominence also makes Dubai a prime target for financial criminals aiming to exploit its wealth concentration for illicit activities such as money laundering and terrorist financing.

The DIFC operates under its own regulatory framework to address the unique financial risks it poses, distinct from the rest of the UAE. The Dubai Financial Services Authority (DFSA) is tasked with overseeing anti-money laundering (AML) efforts and combating financial crimes within the special economic zone. Consequently, financial entities operating in Dubai must remain vigilant against AML and counter-terrorist financing (CFT) threats while adhering to DFSA regulations.

Finfair steps in as a trusted partner, offering a comprehensive suite of AML and CFT compliance services tailored to the specific needs of businesses in the UAE. Our multidisciplinary team of experts brings a wealth of industry experience and knowledge to every engagement, delivering exceptional value to our clients. From AML professionals and compliance experts to technology enthusiasts and data scientists, our team is dedicated to providing top-tier AML consulting services, ensuring a seamless compliance journey for our clients.

Our AML Services Include:

1. Documentation of AML/CFT Policies
2. AML Training
3. Annual AML/CFT Risk Assessment Report
4. In-house AML Compliance Department Setup
5. AML Software Selection
6. AML/CFT Health Check
7. Business Risk Assessment
8. Regulatory Reporting
9. Managed KYC and Customer Due Diligence Services

At Finfair, we are committed to facilitating our clients' AML compliance journey, allowing them to focus on expanding their business opportunities with confidence and integrity.

5. Compliance Officer Outsourcing:
In the ever-evolving landscape of business, outsourcing non-core functions has emerged as a significant trend over the past decade. The primary drivers behind this trend are cost reduction and access to specialized expertise.

Why Finfair for Compliance Outsourcing:

Finfair offers a solution to this trend by providing dedicated consultants with relevant skills and experience to serve as competent and effective Compliance Officers for your organization. We ensure that the consultant assigned to your firm aligns perfectly with your business needs, whether requiring industryspecific expertise or expertise in a particular compliance discipline

Our key features:

1. Cost Efficiency and Expertise Access: Outsourcing allows companies to focus on their core business activities while leveraging the expertise of external specialists. At Finfair, we recognize the importance of these motivations and offer tailored solutions to meet your compliance needs.

2. Competent Compliance Officer Consultants: Finfair provides highly skilled and experienced consultants who serve as competent and effective Compliance Officers for your firm. We ensure that the consultant assigned to your firm possesses the relevant skills and expertise tailored to your specific requirements, whether it be industry background or compliance discipline.

3. Continuous Training and Industry Insight: Our consultants undergo regular training to stay abreast of the latest developments and industry best practices in compliance. This ensures that they have the most up-to-date knowledge and insights, which they can seamlessly integrate into your firm's operations.

4. Partnering with Finfair: By partnering with Finfair, you gain access to a dedicated team of compliance professionals who are committed to delivering excellence in compliance services. Our tailored approach, coupled with continuous training and industry insights, ensures that your firm remains compliant and competitive in today's dynamic business environment.

Efficient Compliance Solutions for Seamless Operations

Rely on our seasoned team of UAE compliance advisors to deliver effective solutions for managing regulatory risk across diverse areas, including:

1. Assurance Reviews: Conducting thorough reviews of your compliance arrangements, encompassing policies, procedures, resourcing, and reporting to ensure robust compliance structures.

2. Compliance Remediation: Providing resources and expertise for remediation work, safeguarding your organization from enforcement actions and reputational damage.

3. Data Protection: Assessing and enhancing your data protection framework in response to the growing emphasis on data security, ensuring compliance with evolving regulations.

4. Data Protection: Assessing and enhancing your data protection framework in response to the growing emphasis on data security, ensuring compliance with evolving regulations.

5. Financial Crime Prevention: Assisting in effectively managing the risks associated with financial crime, aligning with stringent UAE regulatory requirements.

6. Corporate Governance: Offering tailored and practical corporate governance solutions, leveraging our team's comprehensive expertise to enhance governance structures.

7. Risk Management: Identifying, managing, and mitigating business risks through our expert guidance, ensuring your organization operates with resilience in a dynamic environment.

8. Prudential Rules and Regulatory Reporting: Assisting with the preparation and submission of various reports and returns required by UAE regulators, navigating the evolving landscape of prudential rules and regulatory obligations.

Finfair's compliance advisory services are designed to provide strategic insights, practical solutions, and tailored support, enabling your organization to navigate the complexities of regulatory compliance effectively.