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All posts by: re think

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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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