About the client
The client, a UAE-based government entity, oversees and regulates multiple industries, including finance and real estate. Their mandate includes enforcing AML, ESR, UBO, and HR regulations for businesses within their jurisdiction.
Problem statement/business context
The client grappled with resource limitations, adapting to evolving regulations, and inefficient compliance processes. Data accuracy concerns and enforcement delays compounded the challenges, highlighting the need for a more streamlined and efficient approach to regulatory oversight.
Solution
The solution included outsourcing AML, ESR, UBO, and HR compliance, enabling the establishment of a robust AML program, compliance with ESR, including substance testing, and the implementation of a UBO identification system for enhanced transparency in reporting ultimate beneficial owners.
Features
Offered highly customized AML, ESR, UBO, and HR compliance services precisely tailored to the client's unique needs, industry requirements, and regulatory nuances, optimizing accuracy and efficiency.
Timeline if any
Engagement initiated in January 2022, ongoing partnership.
Key geographies delivered
Primarily within the UAE
Outcome/benefits
