Navigating Financial Compliance in United Arab Emirates: Unveiling True Costs
In the UAE, financial crime compliance faces unprecedented challenges due to geopolitical shifts and regulatory changes. Our infographic titled "The Total Cost of Financial Crime Compliance in UAE" highlights soaring compliance costs and new risks amid digital transformation.
Key Points:
- Compliance Costs: 98% of institutions report increased compliance expenses due to evolving regulations, necessitating continual adaptation and investment.
- Digital Transformation: While enabling growth, digitalization exposes institutions to new risks as criminal groups exploit digital services.
- Labor Costs: Skilled professionals navigating complex compliance requirements contribute significantly to compliance costs.
- International Trade Concerns: Trade-based money laundering and supply chain disruptions are rising, underscoring the need for vigilance in cross-border transactions.
Challenges Identified:
- Regulatory Reporting
- Customer Risk Profiling
- Processing Non-Latin Scripts
- Detection of Sanctioned Entities or PEPs
