Ensuring Compliance and Financial Integrity in Dubai’s Real Estate with Escrow Accounts
Dubai’s real estate market faced significant regulatory action when three developers were fined Dhs500,000 each for failing to comply with the necessary registration procedures for off-plan projects. These fines were imposed by the Dubai Land Department (DLD) under Law No. 8 of 2007 on Real Estate Development Escrow Accounts. This incident underscores the critical role […]
Dubai Property Shakeup: Cash Limits on the Horizon? (Case Study Included)
Dubai’s real estate market is on the cusp of a significant change with major developers considering stricter limits on cash transactions. This blog post dives into the details of this proposed regulation, its potential impact on accounting practices, and explores a revised case study that delves into an advanced financial issue related to the news. Understanding the Potential Cash […]
AML COMPLIANCE CHECKLIST FOR THE REAL ESTATE SECTOR IN THE UAE
Anti-Money Laundering (AML) compliance is essential in the real estate sector to prevent illicit financial activities. This comprehensive checklist provides a detailed overview of the key steps involved in ensuring AML compliance in the UAE’s real estate sector: Anti-Money Laundering (AML) -Real Estate Compliance Know Your Customer (KYC) Customer Identification: Collect relevant information to identify […]
UAE Real Estate Internal Audit: Challenges and Compliance
The UAE’s real estate sector is a dynamic and thriving industry, offering lucrative opportunities for investors and developers. However, this rapid growth and complexity also demand robust internal audit practices to ensure compliance with evolving regulations, safeguard assets, and optimize operational efficiency. The Significance of Internal Audit in Real Estate Internal audit plays a pivotal […]
