12/28/2021
New amendments on cheque provisions in UAE to take effect from January 2
The clarification issued by the CBUAE aims to raise awareness on decriminalisation of bounced cheques and penalties
Legal, Tax, Regulation & Compliance
12/27/2021
Compliance deadline set for cyber security regulations in Bahrain
Businesses offering financial services have until March next year to fully comply with new Central Bank of Bahrain (CBB) regulations
12/27/2021
Dubai Courts begin decriminalising bounced cheque cases
Criminalisation is limited to cheques issued in bad faith
12/27/2021
UAE Central Bank fines an exchange house for compliance failure
The banking regulator imposed a total penalty of $95,847 against the business
12/24/2021
Appeal dismissed in landmark multi-billion dollar fraud trial
The original judgment with its “over-compartmentalised approach” had, for instance, not considered Al Sanea’s “proven dishonesty” and rejected compelling arguments in favour of Al Sanea’s use of forgery.
12/23/2021
AMF releases booklet on using AI in the banking services
In addition technology aids lower operational cost and help in detecting and preventing fraudulent financial activities.
12/22/2021
Saudi Arabia forms independent body to probe financial crimes
Saudi Arabia is taking several measures to ensure the protection of consumers and businesses within the Kingdom and from criminals operating outside
12/22/2021
Etisalat’s blockchain arm crosses Dhs10bn
Launched commercially in April 2021, the platform was co-created by Etisalat Digital along with seven UAE banks
12/22/2021
Gulf states must revive plans for a common currency
That earlier efforts to create a unified currency should not be allowed to get in the way
12/21/2021
KPMG Records Strong Growth in FY21 in the Middle East & South Asia Region
The aggregate revenue of KPMG member firms in the Middle East & South Asia region grew by 7.8% in US dollar terms for FY21
12/21/2021
UAE central bank increases oversight of banks’ real estate exposures
The CBUAE unveiled today an enhanced framework to better monitor and supervise banks’ exposures to the real estate sector
12/20/2021
Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto
The Dubai World Trade Centre will be designing a comprehensive ecosystem for this progressive sector within Dubai.
12/20/2021
ADGM's enhanced framework governing auditors comes into effect
The framework is administered by administered by the ADGM Registration Authority
12/20/2021
UAE central bank to increase oversight of banks' real estate exposure
The regulator will give banks one year to enhance their practices to meet the new requirements, starting from Dec. 30.
12/20/2021
A year the tide turned in the fight for tax justice
Our analysis of the G7 global tax deal was widely covered in media and press.
12/17/2021
Qatar introduced further changes in UBO legislation
In relation to the obligation to prepare and keep the internal UBO register, it is still applicable for all entities, including exempted ones.
12/17/2021
Cayman Grand Court opens the floodgates to derivative claims by limited partners
The Court has set a low bar for limited partners wishing to commence derivative claims on behalf of an ELP, whether against the ELP’s general partner or third parties.
12/17/2021
Banks in UAE need to ensure full compliance with consumer protection rules: UAE Central Bank
Banks expected to ‘contribute significantly’ to UAE agenda, says Governor
12/16/2021
Qatar Central Bank to start gradual reduction of pandemic stimulus
Qatari authorities made available a support package of 75 billion riyals ($20.60 billion), or about 14% of gross domestic product, in response to the downturn last year, of which 50 billion riyals was central bank liquidity support.
12/16/2021
Ex-CEO of Swiss bank Falcon acquitted in money laundering trial
But it found that the bank had breached compliance regulations and did not have sufficient internal guidelines in place to prevent money laundering.