Are you complaint with RERA Reporting requirements?
Real Estate Activity Reporting — A Key AML Obligation
The Ministry of Economy (MoE) has issued Circular No. 05/2022, mandating the submission of a Real Estate Activity Report (REAR) for freehold real estate transactions involving physical cash payments of AED 55,000 or more.
What does this mean for you?
If you’re facilitating purchase or sale transactions involving freehold properties, you are required to:
- Collect client identification and transaction details
- Report the transaction through the goAML portal
- Non-compliance can lead to significant regulatory penalties and reputational risks.
Need help in understanding your obligations or navigating the reporting process, our team is here to provide support and help ensure compliance with UAE AML regulations.
Contact Young Global at [email protected] or call 055 689 0505 — our experts are here to guide you through every step of compliance.
