ADGM publishes commercial law amendments to strengthen AML/CFT transparency

The ADGM Registration Authority has published amendments to its commercial legislation to further strengthen transparency, support compliance with international standards, and enhance the effectiveness of ADGM’s anti-money laundering and counter-terrorist financing framework. The amendments introduce targeted enhancements to improve the availability of beneficial ownership information, increase transparency of legal persons and legal arrangements, and strengthen regulatory oversight. Key features include: public disclosure of nominee status on the register; enhanced beneficial ownership information requirements for trusts connected to ADGM; restrictions on cash transactions by certain designated non-financial businesses and professions, such as legal, accounting, company service, and real estate businesses, which cannot accept or distribute cash payments above prescribed thresholds; and extension of beneficial ownership requirements to registered branches of foreign legal persons, which must maintain and provide information relating to their foreign parent entity. These changes are effective upon publication.