08/11/2023
UAE slaps $1.3mln fine on exchange house for violating compliance laws
The unnamed company was found to have weak compliance framework to prevent money laundering
Legal, Tax, Regulation & Compliance
08/10/2023
CBUAE revokes licence of money exchange firm
The administrative sanctions are the result of findings which revealed serious regulatory misconduct
08/09/2023
UAE: DFSA, Financial Intelligence Unit join hands against financial crime
The agreement aims to enhance co-operation, co-ordination and information sharing between the DFSA and FIU to fulfill their respective obligations related to AML/CFT compliance
08/09/2023
Oman Development Bank approves development loans worth RO 14 million
The bank’s board of directors lauded the significant role of the private sector in stimulating economic movement by adopting projects with high added value to the national economy.
08/07/2023
Regulator issues new banking licenses
With the license it secured from the BDDK and an initial capital of 2 billion Turkish Liras, Colendi will operate as a digital deposit bank.
08/07/2023
UAE: Ministry of Finance announces strategic plan for 2023-2026
The plan will develop financial policies to promote economic growth, create a competitive business environment and strengthen international economic relations
08/04/2023
Central Bank of Egypt to decide EGP rate Thursday amid expectations of ‘no change’ for third consecutive time
The Monetary Policy Committee (MPC) of the Central Bank of Egypt will hold its fifth periodic meeting in the current year on Thursday to decide the basic interest rates
08/04/2023
Saudi's SAMA awarded ISO Certificate for quality management system in legal services
SAMA strives to promote adherence to laws and regulations, which helps it achieve its objectives and execute its mandate as stipulated in its law
08/03/2023
Signing of a Memorandum of Understanding with Abu Dhabi Exports Office
SMBC has been a leading provider of corporate finance, project finance, financial advisory and trade finance for the government and state-owned companies in UAE
08/02/2023
Dubai: Bank fined Dh11.1 million for inadequate anti-money laundering systems
DFSA said these weaknesses also meant that the bank failed to identify and report suspicious transactions
08/02/2023
UAE Corporation Tax: A round up of relief measures for SMEs
There have been 24 pieces of legislation released since the announcement of Corporation tax in the UAE
08/01/2023
Saudi Central Bank approves insurance rules for fintech sector
The insurtech rules aim to regulate the underlying business and its operations, assure client protection, and promote fair competition in solution provision and services to support sector stability and growth.
08/01/2023
DFSA fines bank Mirabaud $3m for anti-money laundering controls failings
The penalty includes disgorgement of $975,000, reflecting the economic benefit Mirabaud gained from its violations in the form of fees and commissions
07/31/2023
Qatar sees 5% increase in interest rates since January 2022
The QCB lending rate has cumulatively increased by 3.75% or 375 bps from the beginning of 2022.
07/31/2023
UAE Corporate Tax: Businesses have 9-month window to get filings right and stay clear of penalties
UAE Ministry of Finance sets out administrative penalties for violations on CT returns
07/27/2023
Saudi EXIM Bank, Japan’s Mizuho Bank sign MoU
Agreement aims to promote cooperation to boost trade opportunities and job prospects
07/27/2023
Turkey’s New Central Bank Governor to Confront Misgivings in Public Debut
We expect inflation to reach 55% by December and see risks tilted to the upside.
07/25/2023
UAE-based Sanctuary launches personalised corporate tax advisory service to companies
The firm said through their tailored solutions, they aim to transform the way clients navigate the intricate landscape of corporate taxation
07/24/2023
DIFC Courts reports Dhs15bn in claims value in H1 2023
There was an increase in the total number of cases across all divisions, with 455 cases filed
07/21/2023
The Central Bank of the UAE and Dubai Police sign MoU to enhance cooperation mechanisms for information exchange on financial crimes
The MoU includes enhancing cooperation and coordination in various areas