Changing Compliance Landscape for the MENA Region
1 year ago by Jack Evangelides

Changing Compliance Landscape for the MENA Region

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It is no surprise that the regions around the world are changing in line with a new realm of compliance and transparency. Now it is the Middle East and North Africa`s (MENA) turn. An increase in the number of regulations portrays an attempt to provide more transparency and accountability to financial institutions. As a result, there are more exorbitant compliance budgets, more fines and more detailed scrutiny. It`s evident that in the last ten years fines for anti-money laundering and sanctions-related violations have drastically increased. So what now? A Changing Landscape The Middle East and North Africa has shown significant advancements in the development of compliance programmes and regulations. Some examples of these are Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) solutions. Due to the historical nature of the region, the global reputation of the MENA region had always been controversial. Additionally, even with this new compliance culture, with mass investment to adhere to regulations, the global reputation still remains less than ideal. Therefore, the regions financial institutions have been working harder to repel this notorious perception. By complying with the highest level of standards in addition to other global/local regulatory requirements the landscape has adapted and overcome some of the setbacks of the pre-emptive label that MENA has been branded with. Part of MENA`s efforts to portray a healthy business environment is investing in the correct technology that will display the countries and their operations as risk-free or low risk. Furthermore, it is necessary to understand that the majority of fines levied against financial institutions by the Dubai Financial Services Authority (DFSA) were down to system failures and not actual money laundering offences. Therefore, this indicates a need for technological enhancements for the system operations. To initiate proactive and progressive business, 63% of financial institutions in the region pledged their commitments to make more technological investments over the next two years. It is evident that the region is committed to compliance and has shown positive measures to adhere to the regulations. These ever-changing and progressive stances taken by the MENA region portray a positive outlook into the future. Check, Verify and Comply – With Cedar Rose No matter which region you are conducting business in, it is of the utmost importance to appropriately conduct research on companies and individuals to prevent having any connections with criminal organisations or activities. We therefore offer an array of different reports, checks and procedures to help prevent you from trading with unsavoury entities. From Global Compliance Database Checks to Person`s Identity Verification Reports we have the means, experience and professionalism to make sure you avoid doing risky business. Our research is conducted thoroughly and our prestige is superseded by the fact that we have been in operation in the MENA region for over 21 years. Here`s what one of our clients had to say about us:
"Since beginning to use Cedar Rose, our company has gained invaluable insight into corporate structures in jurisdictions that were previously closed to our researchers. Cedar Rose`s data access and credit reports are of superior quality and their breadth remains unparalleled, particularly in their ability to build credit profiles in the Middle East and North Africa region. They also offer excellent customer service in assisting their clientele, and have developed a superior user interface, ensuring a seamless experience for their customers. We have been exceptionally satisfied with Cedar Rose`s services and would be pleased to expand our partnership and database usage." – C4ADS
If you want to know more about changing AML and KYC compliance, head on over to our in-depth article here.
Written By Jack Evangelides Sourced Image: Pixabay
*** The sole purpose of the article above is to generate public discussion, it has no intention to constitute legal advice. ***