re think, Author at Rethink

February 15, 2021

by re think in Compliance

Corporate Service Providers & Law Firms: Adapt or Perish (and be fined)

Did you know that Corporate Service Providers and Law Firms are at the highest level of risk of having their business shut down on account of non-compliance with the UAE AML Law[1]? The Background Following the Financial Action Task Force’s (FATF) Mutual Evaluation Report on the UAE in 2020, we pointed[2] out that drastic changes […]

February 11, 2021

by re think in Compliance

Real Estate Brokers: Adapt or Perish (and be fined)

A couple of weeks ago, we pointed[1] the flaws in the operating structures of Real Estate brokers and how, through a couple of simple steps, operating infrastructures could be improved and significant long-lasting value created. Some have opted – voluntarily – to take action and are on their ways to reap the benefit of their […]

February 10, 2021

by re think in Compliance

DNFPBS UNDER HIGHEST LEVEL OF SCRUTINY EVER FOR NON-COMPLIANCE WITH ANTI-MONEY LAUNDERING LAW

What happened? The Ministry of Economy has launched an awareness and monitoring campaign to encourage the Designated Non-Financial Businesses and Professions (DNFBPs)[1] established in the UAE to take certain actions to ensure compliance with the UAE AML Law[2]. The grace period for compliance to these measures has been extended till March 31, 2021. DNFBPs that […]

February 4, 2021

by re think in Compliance

AML Compliance Alert for UAE Firms – 11 banks fined for AML deficiencies

Warning from CBUAE The Central Bank of UAE (CBUAE) has put all banks on notice that non-compliance in future will result in further administrative and/or financial sanctions! CBUAE imposes Financial sanctions On 24th January 2021, CBUAE imposed financial sanctions on 11 banks for non-compliance with UAE AML Regulations.[1] This comes only a few months after […]

December 10, 2020

by re think in Compliance

CONSULTATION PAPER ON THE REGULATION OF RETAIL OVER THE COUNTER LEVERAGED PRODUCTS

Introduction On 16th November 2020, the Dubai Financial Services Authority (DFSA), the Financial Services Regulator in Dubai International Financial Centre (DIFC), issued a Consultation Paper on the regulation of retail over the counter (OTC) leveraged products. The Paper proposes to provide an increased level of protection to retail clients who trade in highly leveraged OTC […]

November 24, 2020

by re think in Compliance

Fintech Agreement between Abu Dhabi Global Market and Israel

On 18th November 2020, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM) announced that it had signed a FinTech co-operation agreement with the Israeli Securities Authority (ISA). This comes three months after the United Arab Emirates and Israel signed a peace agreement, known as the Abraham Accord. ADGM FinTech Announcement What […]

November 18, 2020

by re think in Compliance

Applications for DFSA’s Innovation Testing Licence 2021 Winter Cohort now open!!!

The Dubai Financial Services Authority (DFSA) is now accepting applications from local and international firms wishing to enroll on the Innovation Testing Licence (ITL) Winter Cohort Programme 2021. Applicants are invited to begin the first stage of the process by completing an online ITL cohort application[1] by 30th November 2020. What is the ITL? The […]

November 18, 2020

by re think in Compliance

DIFC eases regulatory framework for Venture Capital set-ups

Introduction The Dubai Financial Services Authority (“DFSA”), the financial services regulator in the Dubai International Finance Centre (“DIFC”), recently amended its regulations introducing certain regulatory relaxations to existing and proposed venture capital set-ups in the DIFC. The amended regulations are covered under various DFSA Rulebooks including General, Prudential Rules, Collective Investment Rules, Glossary and Fee […]

October 28, 2020

by re think in Compliance

THE NEW PROPOSED COMPANY SERVICE PROVIDERS NETWORK REGIME IN ADGM

On 27th October 2020, the Registration Authority (RA), the body responsible for the registration, incorporation and licensing of legal entities in the Abu Dhabi Global Market (ADGM), issued a Consultation Paper on the proposed Company Service Providers (CSP) Network. The Paper proposes to introduce a framework for the regulation of CSPs in ADGM. The regulations […]

October 27, 2020

by re think in Compliance

200 UAE law firms suspended by Ministry of Justice over AML breaches – How to avoid being the next!

The Ministry of Justice [MoJ] – the designated Authority for licensing/supervising lawyers throughout the UAE, incl. the mainland, financial and commercial-free zones[1] – has recently announced that 200 UAE law firms had their licenses suspended for a minimum duration of one month for failing to comply with the UAE’s anti-money laundering (AML) Law[2] and procedures.[3] […]

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All posts by: re think

Corporate Service Providers & Law Firms: Adapt or Perish (and be fined)

Real Estate Brokers: Adapt or Perish (and be fined)

DNFPBS UNDER HIGHEST LEVEL OF SCRUTINY EVER FOR NON-COMPLIANCE WITH ANTI-MONEY LAUNDERING LAW

AML Compliance Alert for UAE Firms – 11 banks fined for AML deficiencies

CONSULTATION PAPER ON THE REGULATION OF RETAIL OVER THE COUNTER LEVERAGED PRODUCTS

Fintech Agreement between Abu Dhabi Global Market and Israel

Applications for DFSA’s Innovation Testing Licence 2021 Winter Cohort now open!!!

DIFC eases regulatory framework for Venture Capital set-ups

THE NEW PROPOSED COMPANY SERVICE PROVIDERS NETWORK REGIME IN ADGM

200 UAE law firms suspended by Ministry of Justice over AML breaches – How to avoid being the next!

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