Established in 2004, the Dubai International Financial Centre (DIFC) has become a leading financial hub for the Middle East, Africa, and South Asia (MEASA) region. It has also become one of the world’s most advanced financial centres, with a population of 3 billion people and a GDP of $8 trillion. Moreover, it houses more than […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
Etiam magna arcu, ullamcorper ut pulvinar et, ornare sit amet ligula. Aliquam vitae bibendum lorem. Cras id dui lectus. Pellentesque nec felis tristique urna lacinia sollicitudin ac ac ex. Maecenas mattis faucibus condimentum. Curabitur imperdiet felis at est posuere bibendum. Sed quis nulla tellus.
63739 street lorem ipsum City, Country
+12 (0) 345 678 9
info@company.com