Penalties and fines of up to 100,000 dirhams (AED100,000 – US$27,223) are in the offing for UAE-based companies that fail to comply with reporting beneficial ownership information under new regulations that take effect on 1 July. The UAE has already… Read More ›
The UAE has launched a blockchain-based trade finance platform aimed at curbing double-financing and misinvoicing. UAE Trade Direct then intends turning to other key areas of trade finance, such as digitalising bills of lading and e-invoices and, in time, expects… Read More ›
Nigerian NGO Human and Environmental Development Agenda (HEDA) has published a three part report on policies, laws and practices in the UK and the UAE as well as domestically in relation to the roles of financial and non-financial institutions in… Read More ›
Gold hub UAE is to restrict the movement of precious metals and stones and tighten suspicious banking reports in measures aimed at stemming criminal financial activities according to the recently established Executive Office to Combat Money Laundering and Terrorist Financing…. Read More ›
Free-trade zones (FTZs) can be attractive to criminal groups as well as legitimate businesses according to a paper published by the Royal United Services Institute’s (RUSI’s) Centre for Financial Crime and Security Studies. The paper identifies factors that render FTZs… Read More ›
Failure to adhere to anti-money laundering (AML) protocols was the most common banking violation that led to substantial fines being imposed on financial institutions last year according to data in Finbold’s Bank Fines Report 2020. The data shows that fines… Read More ›
Eleven banks operating in the UAE have been fined a total of 45.8 million UAE dirham (AED 45.8 million – US$12.5 million) for violations of anti-money laundering and counter financing of terrorism (AML/CFT) regulations by the Central Bank of the… Read More ›
The UAE has introduced new rules for corporate entities incorporated in the mainland and in the non-financial free zones to keep registers of their real beneficial owners and shareholders. Companies subject to the new rules must file beneficial ownership information… Read More ›