Title: CMA Circular No. (12) of 2025 Regarding the Supervisory Guidance on Beneficial Ownership

"Circular to All Licensed Persons"
Chairman of the Board of Directors
Greetings,

Within the scope of enhancing the efforts of anti-money laundering and combating financing of terrorism, and the requirements of recognizing the beneficial owner in accordance with Recommendation 24 and Recommendation 25 of the Financial Action Task Force (FATF), and the requirements of preventing the misuse of legal persons and legal arrangements to conceal the ownership and control rights, kindly find attached the Supervisory Guidance on Beneficial Ownership.

The guidance are directed to all units subject to the supervision and control of the Capital Markets Authority (CMA), and are intended to serve as reference for determining the real beneficial owner of a legal person or legal arrangement. You are required to incorporate the contents of these guidelines into your procedures and steps, and ensure that your concerned persons are fully aware of its requirements in order to achieve its objective.

It should be noted that compliance with this guidance will be monitored by the CMA during its inspection activities. Such inspection will assess the extent of your full adherence to the requirements aimed at identifying the real beneficial owner.

Furthermore, it is worth noting that non-compliance with the aforementioned will subject you to the measures and procedures stipulated in Article (15) of Law No. 106 of 2013 Regarding Anti-Money Laundering and Combating the Financing of Terrorism, without prejudice to criminal penalties stipulated in the mentioned Law.

Emad Ahmed Tifouni
Issued on: 08/05/2025.

Copy of the Official Document

الدليل الإرشادي لمفهوم المستفيد الفعلي - النسخة العربية

Supervisory Guidance on Beneficial Ownership