Assurance

Compliance with economic substance regulations is mandatory for certain businesses in the UAE. In other words, companies in the UAE need to demonstrate that they have adequate presence and operations in the country and that their profits are aligned with their economic activities.

At Atmar, we offer comprehensive economic substance reporting services to help you meet regulatory requirements effectively. Our experts assess your business activities, prepare detailed economic substance reports, and ensure timely submission to relevant authorities. We provide guidance on implementing necessary changes to align with economic substance regulations and maintain good standing with regulatory authorities.

• We will provide our services in accordance with the UAE issued Economic Substance Regulations were made by Cabinet of Ministers Resolution No. (57) of 2020 on 10 August 2020, and updated Guidance was issued on 19 August 2020 (Ministerial Decision No. (100) of 2020
• Our services will include Assistance in filing of ES Notification, Assistance in complying with the provisions of ES Test, Assistance in filing of ES Return and continuous support keeping the group updated with any changes that are made in the laws and regulations for ESR.
• The responsibility for the provision of all the necessary data and information is that of the management. Management will depute a dedicated resource to furnish all related documents, information, and reports to assist in ESR compliance. Drafts at each phase of the assignment will be reviewed by the management and give us a go ahead for final submission to the Regulatory Authorities.

We provide guidance on implementing necessary changes to align with economic substance regulations and maintain good standing with regulatory authorities.

We allow you to focus on your business objectives and goals, while we countercheck your compliance needs. Our internal audits play a critical role in assessing internal controls and identifying operational risks of your business.

At Atmar, our internal audit services are designed to help you enhance governance, risk management, and internal control frameworks. Our certified internal auditors conduct risk-based audits, identify process improvements, and provide actionable recommendations to strengthen your organization's risk management practices.

Effective risk management is essential for safeguarding your business against potential threats. At Atmar, we offer tailored risk management services designed to assess, mitigate, and monitor risks across your organization.

Our risk management experts collaborate with you to develop robust risk management strategies and controls that align with your business objectives. From risk identification to implementation of preventive measures, we empower you to proactively manage risks and enhance business resilience.

We carry out specialized accounting and investigative services and provide expert witness reports and opinion for legal cases involving DIFC, Dubai Courts and arbitration centers. Areas of our expertise include litigation involving construction and other service contracts, hospitality and real estate disputes, legal matters involving retail lawsuits, valuation differences and calculation of loss of profits either due to business disruption or breach of contract.

Detecting and preventing fraud is paramount for maintaining organizational integrity. At Atmar, our forensics and fraud investigation services are designed to identify and mitigate fraud risks effectively.

Our experienced investigators conduct thorough examinations, analyze financial data, and gather evidence to uncover fraudulent activities. We also provide Anti-Money Laundering (AML) compliance services to help you mitigate risks associated with money laundering and terrorist financing.

An effective AML framework is a testament to your organization’s position against crime. Our staff holds country specific certifications to direct your business for sustainability while complying with the applicable legal framework.

We understand the importance of maintaining a strong stance against money laundering. Our dedicated team of experts is well-versed in the evolving AML regulations and can assist you in implementing robust internal controls to detect and prevent money laundering activities. We conduct thorough risk assessments, provide staff training, and help develop AML policies and procedures tailored to your specific business needs. Our firm’s AML assessment approach.

Risk based approach

Ongoing monitoring of customers

Sanction / Blacklist

Individuals or entities, both natural and legal, who have been subjected to sanctions or blacklisted by international regulators and competent authorities, primarily due to their engagement in fraudulent activities, unlawful behavior, criminal acts such as organized crime, financial crimes, war-related activities, involvement in terrorism, money laundering offenses, narcotics-related crimes, and similar misconduct.

Establishing a business relationship with any individual or entity subject to sanctions is not allowed. If a sanctioned individual or entity is identified, it must be promptly reported to the MLRO (Money Laundering Reporting Officer) without informing the customer.

Transaction Monitoring

It is imperative for ATMAR’s staff to maintain constant vigilance and monitor customer transactions based on the parameters provided below:

• Customer deposits cash in exchange for a premium amount.
• Premium overpayment and subsequent refund requested by the customer.
• Premium payment made through a method different from the one declared during customer onboarding.
• Premium payment conducted via shell banks.
• Premium payment processed through offshore banks.
• Early cancellation of an insurance policy.
• Premium payment made by a third party other than the insured.

Any inconsistencies identified should raise suspicion and be promptly escalated to the Compliance Officer as an Internal Suspicious Transaction Report (iSTR). The Compliance Officer will investigate the case in collaboration with a representative from the relevant department.

Prohibited Business Activities

Suspicious Transactions Reporting

All employees and officers bear the responsibility of promptly notifying the Compliance Officer about any transactions that appear suspicious or unusual, ensuring internal reporting of Suspicious Transaction Reports (STR).

• In the event that a transaction raises suspicion of being linked to terrorism or a terrorist organization, it must be immediately frozen, and a report must be submitted to the FIU (Financial Intelligence Unit) within the CBUAE (Central Bank of UAE).
• If an employee suspects a transaction to be suspicious, they should report their concerns to the Compliance Officer. The Compliance Officer will initiate an investigation, and if deemed suspicious, the case will be reported to the Central Bank of UAE via STR - GoAML.
• It is mandatory for the Company to maintain records related to Suspicious Transaction Reports submitted by or to the Compliance Officer, including records of assessments conducted and any subsequent actions taken. These records must be retained for a period of five years.
• Failure of staff to intentionally report suspicious and unusual transactions to the Compliance Officer will result in facing legal and disciplinary consequences.
• The Compliance Officer holds the responsibility of investigating and forwarding the "STR or SAR" (Suspicious Transaction Report) to the appropriate authorities for further action.