In the UAE, businesses generally follow the International Financial Reporting Standards (IFRS). Additionally, they must comply with relevant UAE federal laws and regulations related to financial record-keeping and reporting.

Yes, certain types of companies in the UAE are required to have their financial statements audited by a licensed auditor. The specific requirements depend on the company’s legal structure, size, and activities.

Failure to maintain accurate financial records can lead to penalties, legal issues, and difficulties in obtaining financing or licenses in the UAE.

Accurate financial statements are crucial for several reasons:

• Meeting legal and regulatory obligations in the UAE.

• Obtaining financing from banks and investors.

• Making informed business decisions.

• Monitoring your business performance.

• Attracting potential partners or buyers.

Every period we deliver:

1. Balance Sheet (Statement of Financial Position)

2. Income Statement (Profit & Loss)

3. Cash Flow Statement

4. Statement of Changes in Equity
   Plus, management reports and custom dashboards as needed.

Yes, it is mandatory for relevant employees to undergo AML training to ensure they understand the regulations, can identify suspicious activities, and know the procedures for reporting them. Regular training helps maintain compliance and reduces the risk of violations.

The Compliance Officer or MLRO is responsible for overseeing the AML compliance program within the organization. Their duties include ensuring proper implementation of AML policies, conducting risk assessments, monitoring transactions, and reporting suspicious activities to the FIU.