Abu Dhabi: Authority for Managing Endowment and Funds of Minors Established

Albayan, 27 May 2023: The Ruler of Abu Dhabi has enacted legislation to establish the Authority for Managing Endowment and Funds of Minors in Abu Dhabi.

The Ruler of Abu Dhabi has enacted legislation to establish the Authority for Managing Endowment and Funds of Minors in Abu Dhabi. The Crown Prince of Abu Dhabi has issued a decree appointing Abdulhamid Mohamed Said as the chairman of this authority.

In collaboration with the General Authority for Islamic Affairs and Endowments, as well as relevant agencies, the newly formed authority will undertake the required measures to assume responsibility for managing endowment affairs. This includes tasks such as counting, overseeing, organising, and regulating endowments, as well as issuing necessary permits for endowment institutions within the Emirate.

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Abu Dhabi: Global Market Launches Public Consultation on Use of eKYC

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has launched a public consultation on amendments to its regulatory framework to help facilitate the use of non-face-to-face digital verification of identity in the Global Market and mitigate any associated risks.

The proposed amendments will affect all entities required to undertake customer due diligence in the Global Market, including financial services firms authorised and regulated by the Financial Services Regulatory Authority, Designated Non-Financial Businesses and Professions and Non-Profit Organisations.

All entities carrying out customer due diligence will be urged to consider the matters raised in the consultation. The proposed amendments will also effect on-boarding customers with more than one nationality.

The proposed amendments are a response to the increase in the adoption of eKYC to on-board customers in the Global Market.

They are in line with a general trend towards digitalisation of the customer experience across a range of sectors, which has only been accelerated by the global pandemic.

They build on the Joint Guidance on the treatment of financial crime risks and obligations in the UAE in the context of the Covid-19 crisis which was published together with other regulators last year.

The proposed amendments build and elaborate on the principles contained in the Joint Guidance, as well as those in related guidance published by the Financial Action Task Force.

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Abu Dhabi: Small Claims Court to be Established

Al Bayan, 20 June 2021: A new Small Claims Court is going to be established in the Emirate.

It is aimed at enabling relevant disputes to be settled quicker.

It is also aimed at protecting the rights of all parties to a dispute.

The court will be able to settle civil, commercial and labour disputes and claims for less than 500,000 AED.

Its final decision will be issued in one session.

Cases will be heard within 15 days of being registered.

For full story see https://www.albayan.ae/uae/news/2021-06-20-1.4190592.

Also reported in Gulf News (United Arab Emirates) on 20 June 2021.

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