Dubai PR Network, Online Press Release from Dubai and Middle East
Government Sector(Government, Legal & Humanity)
Filter PR by
Refinitiv Releases Findings of MENA Financial Crime Survey for 2020
  •  New regional emerging trends in data management, UBO, and digital ID adoption
  •  Pakistan, Saudi Arabia, United Arab Emirates, and Lebanon stand out for their strong focus on compliance activities in 2019
Dubai, United Arab Emirates, April 21, 2020:    Refinitiv today released the sixth edition of the Middle East and North Africa (MENA) Financial Crime Survey for 2020 featuring new regional compliance trends investment in data, adoption of Ultimate Beneficial Ownership (UBO), and deployment of digital ID programs.
According to the findings this year, more than 60 percent of respondents recognise building data management and analytical capabilities as a priority, 53 percent indicate that local corporations have adopted UBO, and 29 percent confirm the presence of a digital ID program. In respect to sanctions programs and investment in compliance, 64 percent confirm they have a sanctions program in place, while 57 percent expect a substantial increase in compliance investment by regional countries. 
Overall, 83 percent of organizations from across the region plan to dedicate more resources to compliance over the next two years. This year, Pakistan, Saudi Arabia, the United Arab Emirates, and Lebanon stand out for their strong focus on compliance activities and significant investment. Other countries that are making noticeable progress are Egypt, Algeria, Bahrain, Jordan and Qatar.  
“Last year, the region witnessed a strong drive towards diversification, economic reforms, and an accelerated regulatory change. The private sector and financial institutions have been diligently aligning their governance, risk and compliance strategies with international best practice. That said, the report this year cites new and exciting trends that are promising for regulated organizations especially in terms of technology innovation, data management and due diligence awareness,” said Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv. 
“We believe this innovation is of critical benefit for MENA organizations as they manage all forms of digital risks during this challenging time following the COVID-19 outbreak. Now is the right time for MENA companies to deploy sound compliance programs, enhance efficiency, and ensure accuracy of customer due diligence. As internet usage surges, we are seeing all forms of crime impacting digital businesses. These compliance risks are not particular to financial institutions only, but are also affecting businesses that have a digital presence across industries such as health care, supply chain, retail, services, among others,” he noted.
The survey confirms that MENA start-ups are leading on deployment of effective data strategies, while larger organizations are realizing the value of their data and using data systems to scale their compliance programs. MENA compliance officers are realizing that high quality data is the foundation of a successful compliance program. The survey also indicates that data management is a challenge especially in relation to onboarding and monitoring. According to 24 percent of respondents, effective data management will be their biggest challenge over the next two years.
MENA’s AML-obliged entities are widening their understanding of the UBOs linked to their close business relationships. Responses show that technology and internal processes are priority areas for investment to meet compliance objectives especially in terms of adopting an efficient UBO practice. 
According to the findings, about 25 percent of respondents cited KYC (Know Your Customer) as their primary challenge. The findings also confirm how identification has seen steady growth in the risk and compliance function over the years across MENA markets. Although the region has seen substantial investment in technology solutions, many organizations are still struggling with the management and screening of customer data.  

Posted by : Dubai PR Network Editorial Team
Viewed 3483 times
PR Category : Government, Legal & Humanity
Posted on : Tuesday, April 21, 2020  3:06:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Dubai Police and the Community Development Authority reach 5...
Next Story : SCCI Opens Registration for Free for Sharjah Excellence Awar...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Make Up for Ever Introduce Two New High Performance Products Within the Aqua Resist Range [8212-Views]
Eid Gift Ideas by The Body Shop UAE [5596-Views]
VIP Drivers Announced for the Jaguar I-pace Etrophy ‘Lockdown Showdown' in Berlin [4153-Views]
Two Emiratis claim GUINNESS WORLD RECORDS titles in July [3809-Views]
Parmigiani Fleurier to participate at first Watches & Wonders -Shanghai' [3202-Views]
The Potential of Colour as a Design Element [2968-Views]
Deema Ajlani | The Eid Edit [2329-Views]
Six of the Best Tech Gifts This Eid [2284-Views]
Save up to AED 25,000 on Pre-Owned Lexus Cars with Al-Futtaim Auto Fest [2087-Views]
PayBy Partners With Lulu to Bring Shoppers Contactless and Secure Payment Solutions [2075-Views]
Siemens Compressors Selected for Gas Reservoir Storage Project with Saudi Aramco [2050-Views]
Ooredoo Qatar and Ericsson reach new heights in 5G [2029-Views]
Safe Start-up of Unit 1 of Barakah Nuclear Energy Plant Successfully Achieved [2025-Views]
Instinctif Partners and Advert One Complete IPO Advisory Role for Amlak International [2009-Views]
Schneider Electric Shows They Are Acting to Build a Green and Inclusive Future for All Thr... [1993-Views]
NYU Abu Dhabi Astrophysicist Investigates the Possibility of Life below the Surface of Mar... [1984-Views]
Make Up for Ever Introduces for the First Time Its New Active Care-in-foundation to Revive... [1968-Views]
Eid Al Adha Gift Guide [1952-Views]
Panasonic Jaguar Racing Head to Berlin for a Lockdown Showdown [1911-Views]
Win Big at Dalma Mall with the ‘Eid Family Shopping Challenge' [1865-Views]
Here's Why A Silicone Cleansing Brush Champions Other Cleansing Tools and Techniques [1865-Views]
“New Law to Position Dubai as World's Commercial and Start-up Hub for Drone Services – FED... [1816-Views]
Lincoln Navigator Earns Top Large Premium SUV APEAL Award for Third Year in a Row [1816-Views]
Startupbootcamp Establishes Headquarters at Dubai International Financial Centre [1788-Views]
Highly Anticipated Sony Alpha 7S III Combines Supreme Imaging Performance with Classic “S”... [1775-Views]
RSS Facebook Twitter LinkedDin
Top Sections
Top Stories