Why UAE Firms should be aware of OFAC sanctions
January 24, 2024
Recent OFAC sanctions target Russia’s International Supply Chain Recent sanctions by the US Treasury’s Office of Foreign Assets Control (OFAC) target the sources and channels that Russia relies on to support its military in its...
Dear CEO Letter To Wealth Management and Stockbroking Firms
December 18, 2023
Background The Financial Conduct Authority (FCA) have published a ‘Dear CEO’ letter in November 2023 to all Wealth Management and Stockbroking firms highlighting the potential harms that those firms could possibly inflict upon markets and...
Dear CEO Letter to Principal Trading Firms (PTFs)
November 23, 2023
The Financial Conduct Authority (FCA) has sent a general letter to all CEOs of PTFs detailing what the regulator regards as the most important risks within the firms and what it views as the drivers...
Targeted Financial Sanctions
November 7, 2023
Introduction Targeted Financial Sanctions (‘TFS’) require Designated Non-Financial Businesses or Professions (‘DNFBP’) and Financial Institutions (‘FI’) to monitor, restrict or prohibit customer interactions where the individual, entity or jurisdiction is listed by the United Nations...
Anti Money Laundering Regulations Update
October 17, 2023
Background The 2022 Money Laundering & Terrorist Financing (Amendment #2) Regulations (MLTFR) came into effect on 01/04/2023. Businesses subject to the MLTFRs are now required to perform checks of the register of overseas entities (ROE),...