High Intensity Financial Crime Area (HIFCA) High Intensity Financial Crime Areas (HIFCA) or High Risk Money Laundering and Related Financial Crime Areas are defined in the United States as the locations that specially pose a high risk of money laundering or financial crime. As the High Intensity Financial Crime Area (HIFCA) programs aim to support [...]
The Central Bank of Bahrain (CBB) The Central Bank of Bahrain (CBB) was published by the 2006 CBB and Financial Institutions Law on September 6, 2006 and serves as a public corporate entity. The main responsibilities of the CBB are ensuring the financial and monetary stability of the Kingdom of Bahrain.The predecessor of the Central [...]
2020 AML Fines and Penalties 2020 AML fines and penalties generally includes policies, laws and regulations to prevent financial crimes. AML is a worldwide term for preventing money laundering. There are global and local regulators established in the world to prevent financial crimes, besides each country has a different 2020 AML fines and penalties. Organizations [...]
Kuwait Capital Markets Authority Kuwait Capital Markets AuthorityThe CMA Act created a new independent organization, the Kuwait Capital Markets Authority, which provides a new regulatory framework for establishing CMAs, targets, bases of objectives and bridging the legal gap.The CMA Act is considered to be the most complex legislation enacted in recent Kuwait history. The rudimentary [...]
Anti-Money Laundering (AML) Compliance FinTech and InsurTech How Fintechs do AML compliance?Just as all the financial institutions, FinTechs are entitled to comply with the AML regulations as they are faced with the financial crime risks too. Together with the improvements in the technology, the criminal activities in the financial environment started to become more digitalized [...]
Office of Foreign Assets Control (OFAC) Regulations The Office of Foreign Assets Control (OFAC) is the financial intelligence and enforcement agency of the United States Treasury Department. OFAC imposes sanctions about the matters of economy and trade by taking US foreign policy and national security goals as the reference. The sanctions are applied to those [...]
Qatar Financial Centre Regulatory Authority (QFCRA) In a recent decision made in December 2019, QFCRA strengthened audits of QFC certified companies for non-compliance with corporate governance guidelines and financial penalties for the organization's senior management and board of directors. Subsequent appeals to the QFC Regulatory Court have reduced fines for non-compliance, but QFCRA is a [...]
Anti-Money Laundering (AML) Watchlist Screening What is AML (Anti-money laundering) watchlist screening?Watchlists are databases, including checks against suspected terrorists, money launderers, fraudsters, or PEPs (Politically Exposed Persons). They are being kept internationally at governmental levels relating to the information gathered at the governmental level, law enforcement, international, and regulatory databases about prohibited individuals or corporations [...]
Sanctions Regime in UK Sanctions regime in UK is restrictive measures aimed at achieving national security or foreign policy goals. The UK implements and enforces sanctions imposed by the United Nations and under the UK's internal sanction regime. The UK has attempted to transfer the political objectives of the EU's pre-Brexit sanctions regime under the [...]
UAE Sanctions Regime in UAE The United Arab Emirates (UAE) has complex sanctions based on various sources. UAE sanctions regime in UAE is based on a variety of interests, including political, economic and national security interests. Due to the rapidly changing nature of these benefits, penalties can change continuously and significantly. UAE sanctions regime in [...]
