Middle East: AML Challenges in a Global, Evolving Regulatory Context

LexisNexis® Risk Solutions continues to bring together our financial crime compliance professionals online for a series of webinars on relevant AML regulatory and compliance related topics and the impact these are having across all organizations worldwide. The Middle East is making sound improvements aimed to strengthen their response to AML-CFT risks. The region is witnessing an evolving regulatory landscape, which as a result is posing significant AML risk challenges. This is occurring at a time of further international cooperation which requires noteworthy efforts in their risk management processes and controls. Despite all the compliance efforts and investment, there are still numerous AML challenges that Middle Eastern organizations face. With a proximity to conflict zones, absence of robust regulatory frameworks in certain jurisdictions, increased cost associated with AML and tedious due diligence processes arising from the identification, screening and monitoring of entities risks, complications may arise. This session will cover: •An overview of governance risks across the region •The Middle East’s evolving AML-CFT regulatory and compliance space •The regional’s customer identification and screening challenges •The concept of beneficial ownership and its development across the region •Data privacy and data gathering challenges •Money laundering and terrorist financing challenges related to Islamic Finance