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February 4, 2021
by in Compliance

Compliance Alert: 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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December 10, 2020
by in Compliance

Compliance Alert: 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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November 24, 2020
by in Compliance

Compliance Alert: Fintech Agreement between Abu Dhabi Global Market and Israel

On 18th November 2020, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM) announced that it had signed a FinTech co-operation agreement with the Israeli Securities Authority (ISA). This comes three months after the United Arab Emirates and Israel signed a peace agreement, known as the Abraham Accord. ADGM FinTech Announcement What […]

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November 18, 2020
by in Compliance

Compliance Alert: 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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November 18, 2020
by in Compliance

Compliance Alert: 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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October 28, 2020
by in Compliance

Compliance Alert: THE NEW PROPOSED COMPANY SERVICE PROVIDERS NETWORK REGIME IN ADGM

On 27th October 2020, the Registration Authority (RA), the body responsible for the registration, incorporation and licensing of legal entities in the Abu Dhabi Global Market (ADGM), issued a Consultation Paper on the proposed Company Service Providers (CSP) Network. The Paper proposes to introduce a framework for the regulation of CSPs in ADGM. The regulations […]

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October 27, 2020
by in Compliance

Compliance Alert: 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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September 29, 2020
by in Compliance

A PARADIM SHIFT FOR REGULATORS – FINTECH AND TECH STARTUPS IN THE UAE & ISRAEL

In recent years, the UAE and Israel have become leading hubs for innovation and technology – both actively championing the development of financial technology (fintech) and disruptive technological innovations within each of its regions. The UAE has established itself as the largest fintech hub for start-ups in the Middle East region, which is in line […]

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September 27, 2020
by in Compliance

FATF ISSUES REPORT ON VIRTUAL ASSETS RED FLAGS INDICATORS

Key Highlights FATF report includes multiple red flags – to name just a few: use of mixers & tumblers and anonymous or private coins; cross-border transport of decentralized, hardware or paper-based wallets; users with DNS or proxies suppressing domain names; links to unregulated exchanges, darknet, stolen wallets and known criminal users; unrelated wallets controlled from […]

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September 24, 2020
by in Compliance

PROPOSED ELECTRONIC TRANSACTIONS REGULATIONS IN ADGM

INTRODUCTION In a quest to regulate electronic dealings in today’s technological environment, on 15 September 2020, the Financial Services Regulatory Authority (FSRA), the financial services regulator in Abu Dhabi Global Markets (ADGM), issued a Consultation Paper on Electronic Transactions Regulations. The Paper proposes to introduce regulations to facilitate electronic transactions, electronic records and electronic signatures. […]

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