Compliance

August 3, 2022

by Rethink Publications in Compliance, Tips

UAE Compliance Update: Dubai Virtual Asset Regulatory Authority Issues First VASP MVP License

We are starting to see greater precision around the regulatory process of the Dubai Virtual Asset Regulatory Authority (“VARA”) with the recent issue of its first operating license to FTX Exchange FZE (“FTX”), a subsidiary of FTX Europe. FTX is the first virtual asset service provider to receive a minimum viable product (MVP) license from VARA to […]

June 13, 2022

by re think in Compliance, Industry News

FATCA/CRS Compliance Alert: ADGM FILING DEADLINES CLARIFIED

ADGM FINANCIAL REGULATED ENTITIES – 21st JUNE ADGM NON REGULATED ENTITIES – 30th JUNE All other ADGM non-regulated entities (e.g. Foundations, SPV’s) conducting ‘Investment Activities” may fall within the scope of FATCA / CRS reporting and have until 30th June to register and file (if applicable) via the Ministry of Finance portal. Significant administrative penalties […]

April 11, 2022

by re think in Compliance, Industry News

Newsflash — Dubai issues New Law (No.9 of 2022) to regulate the provision of digital services

The new law mandates government entities, judicial authorities and non-government entities in Dubai to provide digital services in Arabic, English and other languages to their customers within the next year. The technical requirements of the new law will be published on the Digital Dubai Authority’s website. Subject to the approval of the relevant authorities and […]

April 11, 2022

by re think in Compliance, Industry News

UAE’s Regulatory Ecosystem for Crypto Assets

Serious innovators, fintech enthusiasts, digital services operators, investors, businesses and entrepreneurs in search of the right digital marketplace can look to the UAE for a favourable to organise and carry out their affairs. With a framework of laws, policies and secure state-of-the-art infrastructure for digital services, complemented by pervasive smart government programmes, the UAE’s regulatory […]

April 5, 2022

by re think in Compliance, Industry News

Newsflash – ADGM FSRA consults on proposals for revising fees for late submission of regulatory returns

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has published a consultation paper to seek views on revising fees for the late submission of regulatory returns. This Consultation Paper should be of particular interest to all entities that are required to submit regulatory returns to the FSRA, whether they are authorised […]

March 23, 2022

by re think in Compliance, Industry News

Compliance Alert: Shining a light: What is the Self-Certification Form (SCF) about?

What is the FATCA/CRS self-certification all about? There are two scenarios in which FATCA/CRS self-certification are required in UAE. The first is where the Regulator initiates the request in order to determine which legal entities should be filing annual reports with the Ministry of Finance. The second is where the financial institution, which has an obligation […]

March 10, 2022

by Rethink Publications in Compliance, Industry News

Newsflash: First-of-its-kind law to regulate virtual assets in Dubai

The announcement that the Emirate of Dubai has chosen to “boldly go where no government has gone before” and create regulatory certainty that accounts for the meeting of the physical and virtual dimensions is most welcomed! The regulatory regime will seek to: Establish a competent authority aka Dubai Virtual Asset Regulatory Authority (“VARA”); Regulate, supervise and […]

February 23, 2022

by re think in Compliance, Industry News

Newsflash — Why Outsourcing works

The global market in financial services outsourcing is estimated to be USD130Bn with an expected annual increase of 7.5%. Earlier research also suggests that companies which opt for a single vendor to outsource multiple functions have realised savings of up to 32%. Just before the turn of the century, a new phenomenon was gripping the […]

January 31, 2022

by re think in Compliance, Industry News

Newsflash: AML defense network is only as strong as its weakest link – geographical risks

How strong is the global AML defense network? The global AML watchdog, FATF, has assessed 120 countries so far on the effectiveness of their national AML/CFT frameworks. Effectiveness is assessed on eleven criteria called immediate outcomes (IOs). These IOs broadly address the national AML/CFT risk framework, supervision of FIs and DNFBPs, transparency, enforcement and international cooperation. […]

January 24, 2022

by Rethink Publications in Compliance, Industry News

Newsflash: NFTs and Money Laundering

In the world of financial crimes, there is an ever-present feeling that the more things appear to change, the more they somehow stay the same. The more the outward manifestations of money laundering change, the more the underlying fundamentals stubbornly stay the same. Such is the case of Non-Fungible Tokens’ (“NFTs”) vulnerability to money laundering […]

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Compliance

UAE Compliance Update: Dubai Virtual Asset Regulatory Authority Issues First VASP MVP License

FATCA/CRS Compliance Alert: ADGM FILING DEADLINES CLARIFIED

Newsflash — Dubai issues New Law (No.9 of 2022) to regulate the provision of digital services

UAE’s Regulatory Ecosystem for Crypto Assets

Newsflash – ADGM FSRA consults on proposals for revising fees for late submission of regulatory returns

Compliance Alert: Shining a light: What is the Self-Certification Form (SCF) about?

Newsflash: First-of-its-kind law to regulate virtual assets in Dubai

Newsflash — Why Outsourcing works

Newsflash: AML defense network is only as strong as its weakest link – geographical risks

Newsflash: NFTs and Money Laundering

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