Compliance Archives

November 14, 2021

by re think 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 […]

August 25, 2021

by re think in Compliance, Industry News

Compliance Alert: DNFBPs must comply: AML Administrative penalties issued by MoE

Enforcement Action by MoE The Ministry of Economy (MoE) of UAE has stepped up its enforcement actions by imposing fines of Dh50,000 each on 20% of a total of 15,000 establishments operating and deemed non-compliant Designated Non-Financial Business and Professions (DNFBPs) firms. On Tuesday 17th August 2021, news hit the stands, as MoE declared that […]

August 17, 2021

by re think in Compliance, Industry News

Compliance Alert: Is Compliance Outsourcing Right for your Firm?

By considering the pros and cons, you should be able to identify what is right for your business. Unlike many jurisdictions, the financial free zones of the Abu Dhabi Global Market (“ADGM”) and the Dubai International Financial Centre (“DIFC”) allow firms to employ an outsourced individual as a Compliance Officer (“CO”)/Money Laundering Reporting Officer (“MLRO”). For many […]

June 13, 2021

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 […]

June 10, 2021

by re think in Compliance, Industry News

Compliance Alert: DNFPB issued with Fines, prepare yourself for Compliance Audits

The violations included failure to adopt necessary measures and procedures to determine crime risks in the respective field of work. The Ministry of Economy (MoE) is conducting an extensive inspection campaign targeting establishments belonging to the Designated Non-Financial Businesses and Professions (DNFBPs) sector to ensure their compliance with the regulations approved for countering money laundering […]

May 25, 2021

by re think in Compliance

Compliance Alert: Does FATCA & CRS Regulations really apply to non-regulated entities? Yes, it does, find out how!!!

Who are classified as Non-regulated Entities and how are they impacted? A Non-regulated Entity is any Reporting Financial Institution (“RFI”) that does not otherwise report (including nil reports/returns) to the Central Bank of the UAE, the Securities and Commodities Authority, Abu Dhabi Global Market (“ADGM”) or Dubai International Financial Centre (“DIFC”) for FATCA or CRS […]

March 24, 2021

by re think in Compliance

Compliance Alert: The UAE’s New Onshore Trust Law

The Ministry of Finance in the UAE has recently issued Decree-Law No (19) of 2020 regarding Trusts (Trust Law). According to Younis Haji Al Khoori, Undersecretary of the UAE’s Ministry of Finance, “the Trust Law was issued to create legal tools to enable companies or people owning capital and financial rights to hand over their […]

March 23, 2021

by re think in Compliance

Compliance Alert: DMCC and SCA signed an MoU for Crypto Assets Businesses

The Dubai Multi Commodities Centre (DMCC) has signed a Memorandum of Understanding with the Securities & Commodities Authority (SCA) to establish a regulatory framework to offer, issue, list and trade crypto assets in DMCC. As part of the agreement, crypto-assets businesses will have access to: bespoke licenses offered by the DMCC Crypto Centre exceptional customer […]

March 8, 2021

by re think in Compliance

Compliance Alert: UAE Ministry of Economy Circular on goAML registration

COUNTDOWN HAS STARTED 3 WEEKS TO 31ST MARCK DEADLINE !! ATTENTION: DNFBP’s ! You MUST register on the goAML systems no later than 31st March 2021. Registration on the goAML system is mandatory to file Suspicious Transactions Report. Failure to register on the goAML systems is failure to put procedures in place for the reporting […]

February 15, 2021

by re think in Compliance

Compliance Alert: 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 […]

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Compliance

Compliance Alert: DFSA unveils regulatory framework for investment tokens

Compliance Alert: DNFBPs must comply: AML Administrative penalties issued by MoE

Compliance Alert: Is Compliance Outsourcing Right for your Firm?

FATCA/CRS Compliance Alert: ADGM FILING DEADLINES CLARIFIED

Compliance Alert: DNFPB issued with Fines, prepare yourself for Compliance Audits

Compliance Alert: Does FATCA & CRS Regulations really apply to non-regulated entities? Yes, it does, find out how!!!

Compliance Alert: The UAE’s New Onshore Trust Law

Compliance Alert: DMCC and SCA signed an MoU for Crypto Assets Businesses

Compliance Alert: UAE Ministry of Economy Circular on goAML registration

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

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