Qatar introduced further changes in UBO legislation
On 6 September 2021 Qatar Financial Center amended the requirements relating to UBO declaration applicable to all entities, including branches…
Regulation, Risk & Compliance
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Cayman Grand Court opens the floodgates to derivative claims by limited partners
In Kuwait Ports Authority & Another v. Port Link GP Ltd. & Ors (FSD 236 of 2020, unreported, 25 November…
Banks in UAE need to ensure full compliance with consumer protection rules: UAE Central Bank
Banks in the UAE will need to work closely with the regulator towards “full compliance” on the Consumer Protection Regulations…
Qatar Central Bank to start gradual reduction of pandemic stimulus
The Qatar Central Bank said on Thursday it will start working on a gradual reduction of the measures introduced to…
Crypto exchange Binance hopes to have Dubai HQ
Binance, the largest cryptocurrency exchange, is set to sign an initial agreement with the Dubai government regarding crypto-related activities, Asharq…
Ex-CEO of Swiss bank Falcon acquitted in money laundering trial
A court acquitted the former chief executive of a Swiss private bank but fined the now-defunct lender 3.5 million Swiss…
UAE's economic recovery to strengthen in 2022, CBUAE says
The UAE's economic recovery is expected to strengthen further in 2022 and the country's banking system has the capacity to…
Bank of Sharjah is working on its Lebanon problem and a solution is in sight, says CEO
Lebanon’s ongoing economic crisis has been a source of concern for one particular bank in the UAE. The Bank of…
UAE Central Bank imposes penalty on bank under strict anti-money laundering rules
UAE’s Central Bank has imposed a Dh19.5 million sanction on a bank in the UAE under the country’s Anti Money…
EFG Hermes successfully closes the third issuance for Hermes securities brokerage
EFG Hermes has announced that it has successfully concluded the issuance of a senior unsecured short-term note for the Hermes…
IIFM and ISDA publish the IBOR Fallback Bilateral Amendment Agreement and IBOR Fallback Definitions Booklet
The International Islamic Financial Market and the International Swaps and Derivatives Association, Inc. have announced the publication of the ISDA/IIFM…
UAE Federal Data Protection Law 2021
The UAE has Now Enacted a New Federal Data Protection Law No. 45 of 2021 (DP Law) to Regulate the…