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June 13, 2022
by 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 […]

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April 11, 2022
by 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 […]

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April 11, 2022
by 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 […]

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April 5, 2022
by 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 […]

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March 23, 2022
by 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 […]

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March 10, 2022
by 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 […]

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January 31, 2022
by 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. […]

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November 14, 2021
by in Compliance, Industry News

Compliance Alert: DFSA unveils regulatory framework for investment tokens

Creating an ecosystem for innovative firms to thrive in the UAE is a key priority, the regulator says The Dubai Financial Services Authority, the regulator of the emirate’s financial centre, the Dubai International Financial Centre, unveiled its regulatory framework overseeing digital assets. The framework reflects the proposed regulations outlined in its consultation paper issued earlier […]

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