Mohamad Shbaro

The UAE Financial Intelligence Unit plays a vital role in developing sophisticated analyses concerning financial crime patterns and schemes through its typology reports and identified risk indicators. The UAEFIU updated its report on trade-based money laundering (TBML) underlying associated risk indicators to enable strategic partners, including reporting entities, supervisors, and law enforcement, to combat TBML effectively based on a risk-based approach. Following the UAEFIU summit on TBML conducted earlier this month, the UAEFIU has held another outreach session to discuss the strategic analysis findings with over 800 participants from reporting entities. The UAEFIU is dedicated to continuously promoting the integrity of our national financial system and ensuring economic security and stability for our society and the global community. #TradeBasedMoneyLaundering #FinancialIntegrity #GlobalSecurity #UAEFinance #tradefinance #AML #CFT #UAEFIU

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Here is an interesting read on Horizontal Review of Gatekeepers’ Technical Complaince Related to Corruption. Association of Certified Financial Crime Specialists - ACFCS ACFCS MENA Chapter #compliance #governance #technical #fraud #corruption

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In 2023, the United Arab Emirates (UAE) updated its regulations on Ultimate Beneficial Ownership (UBO) as part of its ongoing efforts to strengthen anti-money laundering and counter-terrorism financing measures. These changes introduced a risk-based approach to identifying UBOs in complex ownership structures and continue to impose strict compliance requirements on companies. Non-compliance with the new regulations can result in fines ranging from AED 15,000 to 100,000 and a potential suspension of the business license. For a detailed overview of these important regulatory changes, read the full briefing by Dr. Constantin Frank-Fahle, Marcel Trost and Adina Sevelius in the following link: https://lnkd.in/dwmszF78 emltc #UAE #UBO #AML #CTF

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𝐀𝐌𝐋 𝐃𝐮𝐞 𝐃𝐚𝐭𝐞 𝐀𝐥𝐞𝐫𝐭: 𝐌𝐢𝐧𝐢𝐬𝐭𝐫𝐲 𝐨𝐟 𝐄𝐜𝐨𝐧𝐨𝐦𝐲 𝐃𝐚𝐭𝐚 𝐂𝐨𝐥𝐥𝐞𝐜𝐭𝐢𝐨𝐧 𝐏𝐫𝐨𝐜𝐞𝐬𝐬 2023 The Ministry of Economy - Anti-Money Laundering (AML) Department has invited DNFBP (Designated Non-Financial Businesses and Professions) sectors in the UAE to participate in the ML/TF risk assessment data collection process.  𝐊𝐞𝐲 𝐏𝐨𝐢𝐧𝐭𝐬 𝐭𝐨 𝐍𝐨𝐭𝐞   1. The authority has shared the invitation via email. If you have not received the invitation, you can contact authority via [email protected].    2. Submission of the required data is 𝐦𝐚𝐧𝐝𝐚𝐭𝐨𝐫𝐲. 3. The risk assessment data collection period is from 1st January 2023 to 31st December 2023. The authority will issue notifications for the 2024 process soon.   4. The due date for submission is 16 𝐃𝐞𝐜𝐞𝐦𝐛𝐞𝐫 2024.   5. Non-participation or incorrect submission may result in penalties  Ensure compliance by submitting accurate data before the deadline to avoid penalties. CA Jaikumar Tejwani Karan Mutneja Pooja Mutneja CA Vaishnavi Raghuwanshi CA VENNA LEELA NAGA BHARGAV #aml #compliance #duedate #datacollection #moe #updates

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The report highlights the UAE's progress in combating money laundering and the financing of terrorism. It outlines roles of national entities, including the Higher Committee Overseeing National Strategy on Anti-Money Laundering and Countering Financing of Terrorism, and the EO AML/CTF as the national coordinator, alongside various entities, committees and working groups from supervisory authorities and law enforcement agencies that contribute and enhance the effectiveness and sustainability of the national AML/CFT framework. https://wam.ae/a/b3m1ew9

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The UAE AML/CFT Partnership Forum's Digital Work Group has released a white paper on technologies used in combating financial crime. ABU DHABI, 3rd April, 2024 (WAM) -- Hamid AlZaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF), received the first copy of the white paper titled "Current Views on Technologies in Anti-Financial Crime" during the EO AML/CTF Ramadan event. This white paper was published by the UAE AML/CFT Partnership Forum's Digital Working Group. Upon receiving the paper, AlZaabi remarked, "Public-private sector partnership is a top strategic priority for the UAE. The EO AML/CTF places significant emphasis on the AML/CFT Partnership Forum (ACPF) projects due to their crucial role in fostering dialogue with the private sector. The publication of this paper exemplifies the productive outcomes of the collaboration between the public and private sectors and the exchange of expertise to better identify and combat threats of money laundering and terrorism financing. Click the link below for further details https://lnkd.in/ghQh42mk

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#QCP, a global institutional digital assets company, today announced that they have received In-Principle Approval (#IPA) from the Financial Services Regulatory Authority (#FSRA) of Abu Dhabi Global Market (#ADGM) to conduct regulated activities. The decision to make a move into this strategic #market for the company’s footprint was in anticipation that the #MiddleEast is going to become a dominant global hub for capital flowing into traditional and digital assets. #TheFinancial #UAE #AbuDhabi

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Money laundering and terrorism financing have serious implications for economies and societies worldwide, leading countries to implement stringent anti-money laundering (AML) regulations. The UAE, being a prominent international financial hub, has established robust AML and Counter-Terrorism Financing (CFT) regulations to protect its financial system. The UAE’s AML regulations are enforced by various supervisory authorities, such as the Central Bank of the UAE (CBUAE), Dubai Financial Services Authority (DFSA), and Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA). This article explores the AML framework in the UAE, key requirements, and consequences for non-compliance with AML regulations.  https://lnkd.in/dKmhnY9S #ATBLegalInsolvency #LegalConsulting #MiddleEastRegulatoryUpdates

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The UAE's new Anti-Money Laundering strategy bolsters financial sector integrity by streamlining Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance, centralizing oversight, and aligning with global standards, further enhancing its attractiveness for international investment. In The Media Line article, Lily Eid, Money Laundering Reporting Officer underscores the role of these reforms in strengthening compliance, increasing transparency, and mitigating financial crime risks to boost investor confidence. To read the full article, please follow the link: https://lnkd.in/df6aRhWN #AML #CFT #FinancialCrimePrevention #UAE #GlobalStandards

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Digital Asset Regulation 2024 Weekend Read! Association of Certified Financial Crime Specialists - ACFCS ACFCS MENA Chapter #digitalasset #regulations

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The UAE has launched its 2024-27 National Strategy for Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Proliferation Financing (CPF). Developed with insights from the latest National Risk Assessment and World Bank Group's methodology, this strategy aims to strengthen financial integrity and resilience. Key updates include: 🔹 Enhanced coordination among authorities 🔹 Improved private sector regulation 🔹 Focus on virtual assets and cybercrime This reflects the UAE’s commitment to maintaining top international standards for a transparent and secure financial system. Reach us at: 📞056 684 1803 🌐https://rtaccountant.com 📧[email protected] #UAEAML #CFTStrategy #ProliferationFinancing #FinancialIntegrity #CybercrimePrevention #VirtualAssets #GlobalStandards #UAEFinancialSecurity #AntiMoneyLaundering #TransparentFinance

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Enhanced Due Diligence (EDD) helps understand and mitigate risks associated with high-risk customers. DNFBPs and VASPs must carry out EDD for high-risk customers as per the UAE AML regulations. Here is the article describing step-by-step procedures for performing effective Enhanced Due Diligence. Read the blog article now to understand how to undertake an effective EDD process. Article Link: https://lnkd.in/dtHsYRST #AML #AMLCFT #AMLCompliance #AntiMoneyLaundering #DNFBPs #Compliance #Risk #AMLSoftware #ScreeningSoftware #KYCSoftware #HighRisk #EDD #DueDiligence #EnhancedDueDiligence

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Yes, the plot deepens! The U.S Treasury, in collaboration with international partners which includes the UAE Government , the UK's National Crime Agency, and FinCEN, has imposed sanctions on a money laundering network of companies, its partners and employees who uses digital assets to facilitate significant sanctions circumvention on behalf of Russian elites. This network provides a range of services to obfuscate illicit financial activities, including laundering funds associated with sanctioned entities, exchanging cash and cryptocurrency, and also helps high netwoth Russian individuals to purchase property in the UK by obfuscating the source of funds. #OFACSanctions #VirtualAssets #SanctionsEvasion

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The UAE Financial Intelligence Unit has recently released a comprehensive report addressing the evolving issue of Trade-Based Money Laundering (TBML). This report outlines the current trends, patterns, and strategic insights aimed at combating this sophisticated form of financial crime. TBML involves the exploitation of international trade systems to disguise the origins of illegally obtained funds, and it remains a significant challenge for financial regulators and law enforcement agencies globally. Document Courtesy : UAE Financial Intelligence Unit #TBML #AntiMoneyLaundering #FinancialCrime #TradeFinance #DNFBP #Compliance #UAEFIU #TradeBasedMoneyLaundering #FinancialIntegrity #AML #RegulatoryCompliance #FightFinancialCrime #IllicitFinance #GlobalTradeSecurity #FinancialRegulation #MoneyLaunderingPrevention

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The DFSA is launching two thematic reviews for 2024 to enhance regulatory oversight and support sustainable growth in the DIFC. 𝟭. 𝗛𝗶𝗴𝗵 𝗚𝗿𝗼𝘄𝘁𝗵 𝗙𝗶𝗿𝗺𝘀 𝗥𝗲𝘃𝗶𝗲𝘄: Focused on firms experiencing rapid expansion (2021-2024), this review will assess risks, impacts on financial and operational systems, and future growth plans. Key findings will guide firms toward controlled growth. 𝟮. 𝗦𝗲𝗹𝗳-𝗖𝘂𝘀𝘁𝗼𝗱𝘆 𝗥𝗲𝘃𝗶𝗲𝘄: Targeting fund managers using self-custody arrangements, this review will evaluate regulatory compliance, governance frameworks, and risk management practices. Both reviews will be primarily desk-based, with selective onsite visits. Findings and good practices will be shared with the industry to foster excellence and innovation. Know more on our recent post ↓

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AML Business Risk Assessment Methodology We take into consideration the UAE National Risk Assessment (NRA) issued by the National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC), findings of FATF, MENAFAFTF, other FSRBs, the input of the AML Compliance Officer, and the nature and size of business to carry out the Business Risk Assessment. We then go on to identify the risk factors and their likelihood and impact to choose areas to prioritize in terms of AML/CFT and the policies, controls, and procedures to apply to keep those risks in check. https://lnkd.in/dfTZ_UqE #AMLUAE #RegTech  #AMLCompliance  #screening  #sanctions  #sanctionsscreening  #antimoneylaundering  #amlcft  #afc  #ewra  #amltraining

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