Managers of Wealth Middle East -Wealth, private banking and asset management news and opinion

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

Dubai Courts begin decriminalising bounced cheque cases

Criminalisation is limited to cheques issued in bad faith

UAE Central Bank fines an exchange house for compliance failure

The banking regulator imposed a total penalty of $95,847 against the business

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.

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.

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

Etisalat’s blockchain arm crosses Dhs10bn

Launched commercially in April 2021, the platform was co-created by Etisalat Digital along with seven UAE banks

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

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

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

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.

ADGM's enhanced framework governing auditors comes into effect

The framework is administered by administered by the ADGM Registration Authority

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.

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.

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.

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.

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

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.

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.

Bank of Sharjah is working on its Lebanon problem and a solution is in sight, says CEO

Lebanon exposure has been hurting Bank of Sharjah numbers in recent quarters

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