Governance, Risk, & Compliance

Dubai’s VARA Rulebooks 2.0: What Businesses Need to Know for Dubai Crypto Compliance

Governance, Risk, & Compliance / By salman

Dubai’s VARA Rulebooks 2.0:What Businesses Need to Know for Dubai Crypto Compliance Introduction Dubai’s Virtual Assets Regulatory Authority (VARA), the world’s first dedicated regulator for digital assets, has released Rulebooks Version 2.0. This is a significant update to Dubai’s regulatory framework governing the sector. This revision introduces clearer standards, more consistent compliance obligations, and tighter […]

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AML Compliance Challenges and Mitigation for Crypto Companies in the UAE

Governance, Risk, & Compliance / By Shahrzad

Explore how crypto companies in the UAE are navigating complex AML compliance challenges with innovative strategies and the support of a forward-thinking regulatory framework. Learn how these firms are securing their operations in the rapidly evolving digital asset landscape.” for 7 seconds
Discover how UAE crypto companies are navigating multifaceted AML challenges with innovative strategies and expert insights. Our latest blog provides practical guidance for thriving in a dynamic regulatory landscape.

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The Mirror and the Glass: The Legacy and Future of the UAE’s Fight Against Money Laundering, Terror Financing and Proliferation of Weapons

Governance, Risk, & Compliance / By Morvarid

The cuckoo is a fascinating bird—not simply because Wordsworth called it the “darling of the Spring,” but for something far more intriguing and, dare I say, sinister!

The cuckoo is a brood parasite. It doesn’t build its own nest. Instead, the female cuckoo lays her egg in the nests of other birds, known as hosts, and then flies away, leaving the burden of care entirely on the foster parents. As cuckoos have evolved to mimic the appearance of the host’s eggs, the unsuspecting hosts, unable to tell the difference between their own eggs and the cuckoo’s, incubate the foreign egg alongside their own.

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The Role of Suspicious Transaction Reports (STRs) in Combatting Financial Crimes in the UAE

Governance, Risk, & Compliance / By Morvarid

Imagine a neighbourhood watch group in a bustling community that keeps an eye out for anything unusual—like a stranger sneaking into someone’s backyard or a truck unloading goods late at night without explanation. They report these oddities to the local authorities, who investigate to ensure the community stays safe. Similarly, in the financial world, Suspicious Transaction Reports (STR) act as the system’s early warning mechanism, flagging unusual financial activities to regulators and law enforcement officials.

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Importance of PEP and Adverse Media Screening in Combatting Money Laundering in 2024

Importance of Adverse Media and PEP Screening in Combatting Money Laundering in 2024

Governance, Risk, & Compliance / By Morvarid

The threat of money laundering continues to impact the global financial system, and with advanced technology and professional money launderers growing increasingly sophisticated, it’s only getting more difficult to detect and prevent these crimes. According to estimates[i] by Nasdaq Verafin in their 2024 Global Financial Crime Report, a whopping USD 3.1 trillion in illicit funds have been funnelled into the global financial system. With financial crimes on the rise, both nations and organisations have been strengthening their defences against them.

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Understanding Trade-Based Money Laundering

Governance, Risk, & Compliance / By Morvarid

International trade is the backbone of the global economy. It enables countries to overcome limitations in natural or financial resources by accessing goods they cannot produce themselves. In doing so, international trade promotes economic growth and cooperation among nations. With globalisation and the proliferation of the free market economy, international trade reached $32 trillion in 2022.

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Suspension of 32 Gold Refineries in the UAE: Important Lessons for the Dealers in Precious Metals and Stones (DPMS)

Governance, Risk, & Compliance / By Morvarid

Crimes can impact organisations in unexpected ways. For businesses that deal with precious metals, such as gold, which is extremely vulnerable to money laundering and other heinous crimes, the risks they face are even higher. What if a company purchases gold that has been traded by paying bribes to armed militias, who then use the funds to displace indigenous tribes from their habitats? Or what if a customer purchases a gold product from a retail trader using the proceeds of drug trafficking? Even if a company is completely unaware of these connections, can it truly distance itself from the responsibility of the impact of its operations?

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The Significance of Sanctions Lists for AML Compliance in the UAE

Governance, Risk, & Compliance / By Morvarid

The Cambridge Dictionary defines a sanction as “a strong action taken in order to make people obey a law or rule, or a punishment given when they do not obey.” In the context of international law, sanctions are designed to address significant threats to peace and security. According to the Association of Certified Anti-Money Laundering Specialists (ACAMS), an organisation that provides training and certification and disseminates information on the detection and prevention of money laundering, described sanctions as punitive or restrictive actions taken by individual countries, regimes and coalitions to provoke a change of behaviour or policy.

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AML Compliance in Dubai Real Estate

Governance, Risk, & Compliance / By Morvarid

The UAE is one of the wealthiest countries in the world. In terms of GDP PPP (Purchasing Power Parity) per capita, the UAE ranked 6th globally in 2022. PPP measures the relative value of currencies by comparing the cost of a fixed basket of goods and services in different countries. It, therefore, provides a consistent and accurate comparison of GDP, cost of living, and other quality-of-life measures between countries. In 2022, the UAE’s…

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What is Integration in Money Laundering?

Governance, Risk, & Compliance / By Morvarid

Money laundering is exactly what the name suggests—it is a process to make dirty money appear clean.

The story goes that in the 1920s, Al Capone, a Chicago-based gangster, used cash-intensive laundromat businesses to disguise his money generated from criminal activities. This practise allegedly gave rise to the term “money laundering.” However, an article published in Mental Floss suggests that the whole story might be a myth. It explains that in the early 1900s, a lot of cash sent to the government for destruction was simply dirty. Since cleaning the notes was substantially less expensive than printing new ones, the government used specially designed machines to wash them and send them back into circulation. Thus, money laundering was literally associated with cleaning dirty money.

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