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Abu Dhabi has announced the issuance of Foreign Direct Investment’ FDI’ licenses with 100% Foreign Ownership

The Abu Dhabi Global Market (ADGM) has proposed introducing regulations for electronic signatures, records and contracts.

Two American law firms have started building class action law suits against HSBC and Standard Chartered following allegations the banking giants failed to crack down on money laundering.

The United Arab Emirates Central Bank said on Thursday that from Oct. 28, it will introduce new regulations on reserve requirements for deposit-taking financial institutions, according to the state news agency (WAM).

Sheikha Manal bint Mohammed bin Rashid Al Maktoum, the eldest daughter of the ruling Sheikh Mohammed bin Rashid Al Maktoum and president of the UAE Gender Balance Council, tweeted about the introduction of the law.

“For several years, the Bank has failed to implement and maintain an enterprise-wide risk management and compliance risk management program, internal controls, or a data governance program commensurate with the Bank’s size, complexity, and risk profile,” the OCC wrote in its consent order. The agency also identified a number of “unsafe and unsound” practices in those areas and concluded the bank is not adequately monitoring its compliance with federal banking regulations.

The United Arab Emirates' central bank failed to act on warnings about a local firm which was helping Iran to evade sanctions, the BBC has found.

FinCEN Warns on Ransomware Attacks, Notes Increased Targeting of Government Entities

Among those named in reports is Paul Manafort, former political strategist for Donald Trump

Those banks that are Non-FFR institutions, including private banks, non-federally insured credit unions, and certain trust companies, will need to comply with the AML program, CIP, and beneficial ownership requirements by 15 March 2021.

The UAE Central Bank on Monday said it imposed administrative sanctions on two exchange houses for violating rules pertaining to anti-money laundering and combating financing of terrorism and illegal organisations.

The regulator imposed Dh500,000 fine on one firm and Dh950,000 on another company for having weak anti-money laundering and combating financing of terrorism (AML/CFT) compliance frameworks.

UAE Central Bank is deploying smart tools to speed up anti-money laundering cases. The launch of 'Fawri Tick' expects to achieve just that.

US authorities on Thursday charged the founders of BitMEX, a major cryptocurrency exchange, with wilfully failing to prevent money laundering and operating an unregistered trading platform.

Under the new sanctions, "all property and interests in property of designated targets that are in the United States or in the possession or control of U.S. persons must be blocked and reported to" the Office of Foreign Assets Control.

Venezuela president Nicolas Maduro says the country is to start using cryptocurrency in both domestic and global trade, as part of efforts to neutralize crippling U.S. economic sanctions.

Most firms licensed to operate in the UAE will be required to generate and sustain a Register of Real Beneficial Owners and a Register of Partners (or Shareholders) by 27 October 2020.