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The Impact of AML Regulations on Dubai's Financial Services Industry

Understanding the Impact of AML Regulations in Dubai on the Financial Services Industry 

Governance, Risk, & Compliance / By

Dubai has solidly established itself as a financial hub for quite a number of years now and in its evolving financial landscape, ensuring transparency, security, and integrity within the financial services industry has been of paramount importance. The significance of robust Anti-Money Laundering (AML) regulations to safeguard Dubai’s financial sector are absolute. In this blog post, we will explore how AML regulations in Dubai are reshaping the financial services industry, highlighting key requirements for banks and financial institutions, and discussing the potential impacts on the industry as a whole.

Understanding the Impact of AML Regulations in Dubai on the Financial Services Industry  Read More »

Technology in Responsible Supply Chain Management

The Transformative Role of Technology in Responsible Supply Chain Management

Responsible Business Sourcing / By

Over the past few decades, the context in which businesses operate have changed drastically. Technology has transformed the way the world behaves; data assimilation presents a picture where every business is laid bare. As businesses have benefited from economic growth and globalization, technology’s contribution to critical sustainability topics like climate change, biodiversity, access to medicine, wages, children and women’s rights, and labor rights has grown. The rise of technology has ensured that Stakeholders are now able to challenge businesses on how they behave. Compliance is not a means for fixing blame, but an opportunity to mitigate risks.

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A Strong Antivirus Software Isn’t Enough Anymore

A Strong Antivirus Software Isn’t Enough Anymore – How Cyber Security Needs Have Changed for Businesses

Cyber Security & IT Solutions / By

In today’s digital landscape, the cost of cyber security breaches to businesses is staggering. By 2021, the global cost of cybercrime was expected to top $6 trillion, and what’s more alarming is that around 43% of these attacks are directed at smaller businesses. As businesses continue to rely heavily on technology, it’s crucial to understand that a robust antivirus software is no longer sufficient to safeguard your organisation’s digital assets and reputation.

A Strong Antivirus Software Isn’t Enough Anymore – How Cyber Security Needs Have Changed for Businesses Read More »

RCM on Electronic Devices - AKW Consultants

Cabinet Decision No 91 of 2023- RCM on Electronic Devices

Tax, Accounting & Auditing / By

Cabinet Decision No. 91 of 2023, which was officially announced in Gazette Issue No. 758 dated August 30, 2023, has introduced a specialized reverse charge mechanism for local electronic device transactions. This newly enacted decision outlines the specific criteria and prerequisites necessary for applying Value Added Tax (VAT) through this reverse charge method. This measure will come into effect 60 days after its publication in the official gazette – effective on October 29, 2023, in this case.

Cabinet Decision No 91 of 2023- RCM on Electronic Devices Read More »

OECD Pillar Two - AKW Consultants

Understanding OECD Pillar Two Tax Advisory Services and Why AKW Consultants Should be your First Call

Tax, Accounting & Auditing / By

As globalization intensifies, so does the complexity of international taxation rules. The Organization for Economic Co-operation and Development (OECD) is at the forefront of addressing these complexities, especially with the implementation of the two-pillar approach. In this article, we will delve deeply into the OECD’s Pillar Two framework and demonstrate why AKW Consultants is best suited to help businesses navigate this complex landscape.

Understanding OECD Pillar Two Tax Advisory Services and Why AKW Consultants Should be your First Call Read More »

Tax Planning for Companies - AKW Consultants

Navigating Corporate Tax Planning in the UAE: Strategies for 2023

Tax, Accounting & Auditing / By

The United Arab Emirates is renowned for its favorable tax environment, and in 2023, corporations operating within its borders have an array of opportunities for efficient corporate tax planning. To embark on this journey, it is essential to comprehend the intricacies of the UAE’s tax structure and the dynamic landscape it presents. In this blog entry, we will delve into the foundations of UAE tax structure and explore various considerations for crafting effective corporate tax management strategies.

Navigating Corporate Tax Planning in the UAE: Strategies for 2023 Read More »

AML Compliance Challenges for Small Businesses in Dubai Solutions for Success

AML Compliance Challenges for Small Businesses in Dubai: Solutions for Success

Governance, Risk, & Compliance / By

Anti-Money Laundering (AML) regulations are an integral part of the global financial landscape, designed to combat financial crimes. In Dubai, as in many other places, these regulations are enforced rigorously, and non-compliance can lead to hefty fines and damage to a business’s reputation. For small businesses in Dubai, AML compliance can pose unique challenges due to limited resources and expertise. In this blog post, we will explore these challenges and provide practical advice on how small businesses can overcome them.

AML Compliance Challenges for Small Businesses in Dubai: Solutions for Success Read More »

The role of KYC in UAE's AML-CFT Landscape

Upholding Financial Integrity: Unveiling the Role of KYC in UAE’s AML-CFT Landscape

Governance, Risk, & Compliance / By

In today’s fast-paced financial domain, combatting illicit activities and fortifying defense against financial crimes have become indispensable. At the heart of these efforts lies the KYC (Know Your Customer/Client) process, a cornerstone in the fight against money laundering, terrorist financing, and other unlawful activities. KYC is a pivotal component of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) policies, holding the key to safeguarding the integrity of financial systems. This article delves into the significance of KYC within the United Arab Emirates (UAE), where both Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) are mandated to adhere to stringent AML-CFT laws.

Upholding Financial Integrity: Unveiling the Role of KYC in UAE’s AML-CFT Landscape Read More »

Promoting Transparency and Mitigating AML Risks

Promoting Transparency and Mitigating AML Risks

Governance, Risk, & Compliance / By

In the current interconnected global financial environment, the concern of money laundering has emerged as a matter of utmost importance. This unlawful activity empowers criminals to conceal the illicit sources of their funds, thereby posing a substantial threat to the integrity and security of financial systems worldwide. To effectively address this threat, the verification of both the origin of funds (SOF) and the origin of wealth (SOW) has developed into a crucial responsibility for Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs). 

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