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#
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Violation
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Legal Ref., Cabinet Resolution No. (58) of 2020
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Administrative Penalties
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First Time
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Second Time
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Third Time
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1
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The legal person fails to create Register of Beneficial Owner and maintain its data.
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Article (8)
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Written Warning
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AED 50,000 and warning to the legal person to rectify its situation (create Register of Beneficial Owner and maintain its data) within Thirty (30) Days as of the violation issue.
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AED 100,000 and suspension of the trade license of the legal person for at least Twelve (12) Months.
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2
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The legal person fails to include the data mentioned in Clause (2) of Article (8) of the mentioned Cabinet Resolution No. (58) of 2020 concerning the Regulation of Beneficial Owner Procedures
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Article (8)
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Written Warning
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AED 20,000 and warning to the legal person to rectify its situation within Fifteen (15) Days as of the violation issue.
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AED 40,000 and suspension of the trade license of the legal person for at least Six (6) Months.
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3
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The legal person fails to maintain adequate, accurate, specific and updated data of Beneficial Owner or fails to correctly record the beneficial ownership.
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Article (6) and Article (7)
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Written Warning
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AED 10,000 and warning to the legal person to rectify its situation within Fifteen (15) Days as of the violation issue.
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AED 20,000 and suspension of the trade license of the legal person for at least One (1) Month
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4
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The legal person fails to provide the Registrar with the data referred to in Article (10) of the mentioned Cabinet Resolution No. (58) of 2020 regarding the details of the director or nominal board member.
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Article (9)
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Written Warning
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AED 20,000 and warning to the legal person to rectify its situation within Fifteen (15) Days as of the violation issue
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AED 40,000 and restriction of the powers of the board members or directors, who are proved liable for the violation.
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5
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The legal person fails to create the Register of Partners or Shareholders.
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Article (10)
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–
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AED 50,000 and warning to the legal person to rectify its situation within Sixty (60) Days as of the violation issue.
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AED 100,000 and suspension of the trade license of the legal person for at least Twelve (12) Months.
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6
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The legal person fails to maintain the information of all partners or shareholders in the Register of Partners or Shareholders.
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Article (10)
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Written Warning
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AED 30,000 and warning to the legal person to rectify its situation within Fifteen (15) Days as of the violation issue.
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AED 60,000 and suspension of the trade license of the legal person for at least Six (6) Months.
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7
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The legal person fails to provide the Registrar with the information of beneficial owner and the Register of Partners or Shareholders and maintain such registers from damage, loss or destruction
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Article (11.1)
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Written Warning
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AED 15,000 and warning to the legal person to rectify its situation within Fifteen (15) Days as of the violation issue
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AED 30,000 and suspension of the trade license of the legal person for Three (3) months.
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8
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The legal person fails to provide any additional information required by the Registrar
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Article (11.2)
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Written Warning
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AED 5,000 and warning to the legal person to rectify its situation within Fifteen (15) Days as of the violation issue.
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AED 10,000 and suspension of the trade license of the legal person for at least One (1) Month
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9
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The legal person fails to to provide the Registrar with the name of a natural person residing in the UAE and authorized to disclose to the Registrar all data and information required by the mentioned Federal Decree-Law or Executive Regulations thereof.
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Article (11.4)
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Written Warning
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AED 1,000 and warning to the legal person to rectify its situation within Fifteen (15) Days as of the violation issue.
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AED 2,000 and suspension of the trade license of the legal person for at least One (1) Month
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10
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The legal person to issue
shareholder’s share guarantees.
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Article (11.5)
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Written Warning
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AED 5,000
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AED 10,000
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11
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Failure of the legal person, on the issuance of shares or stocks in the name of persons or board members, to disclose to the Registrar the information in respect of such shares or stocks and the identity of such persons or board members within Fifteen (15) Days as of such issuance.
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Article (11.6)
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Written Warning
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AED 5,000 and warning to the legal person to rectify its situation within Fifteen (15) Days as of the violation issue.
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AED 10,000 and restriction of the powers of the board members, directors or owners, who are proved liable for the violation.
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12
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The legal person fails to hand over to the liquidator the Register of Beneficial Owner and Register of Partners or Shareholders within Thirty (30) Days as of appointing the said liquidator
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Article (11.7)
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Written Warning
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AED 5,000 and warning to the legal person to rectify its situation within Fifteen (15) Days as of the violation issue.
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AED 10,000 and suspension of the trade license of the legal person for at least One (1) Month.
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13
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Failure of the legal person or the liquidator to maintain the records and all information referred to herein for at least Five (5) Years as of the date of dissolution, liquidation or de-registration.
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Article (11.8)
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Written Warning
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AED 20,000
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AED 40,000
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