In the UAE, prosecuting authorities evaluate compliance procedures as part of their investigation into potential financial crimes or regulator breaches. Major compliance requirements have been established in the UAE for businesses to adhere to.
Non-compliance with the mandatory corporate compliance requirements can result in severe penalties, including fines, imprisonment; and loss of business licenses and permits (or deportation if ex-pats are involved in the offense). The penalties vary depending on the type of violation and the severity of the breach.
Businesses should follow these mandatory requirements to ensure a secure and safe business environment. In order to protect themselves, businesses should establish comprehensive compliance policies and procedures, conduct and keep proper record keeping, regularly monitor and audit practices, and provide employees with training and awareness programs on compliance policies and ethical standards.
