What customer due diligence must UAE real estate brokers perform?
UAE real estate brokers must apply customer due diligence (CDD) before or during the establishment of a business relationship, or before carrying out a transaction for a customer with whom no relationship exists. CDD involves identifying the customer and verifying their identity using original documents or data from a reliable, independent source, such as a passport, Emirates ID or trade licence, and identifying the beneficial owner behind any corporate buyer.
Brokers must also understand the purpose and intended nature of the relationship and conduct ongoing monitoring of transactions to ensure they are consistent with what is known about the customer and their source of funds. CDD is not a one-off exercise; information must be kept current and scrutiny stepped up where risk rises.
Legal Reference (UAE):
· Cabinet Resolution No. 134/2025 (Executive Regulations), Article 6 - requires verification of the customer and beneficial owner before or during the business relationship.
· Cabinet Resolution No. 134/2025 (Executive Regulations), Articles 8 and 9 - set out ongoing monitoring and customer identification measures.
For more details, consult the full text of the Executive Regulations or seek guidance from your AML compliance officer.