GCC businesses increase focus on combating financial crime

In today’s digital age, financial crime, as it grows in scope and complexity, harms business and hinders economic progress. In the Middle East, the fight against financial crime and money laundering has taken on a new urgency.

GCC governments have been tackling financial crime with a wide range of measures, including investments in AML regulatory frameworks, and policies that align with Financial Action Task Force (FATF) guidance on the enforcement of AML and Counter-Terrorist Financing standards. The UAE ad KSA have even joined forces on the issue by agreeing to closely cooperate and communicate, and share technical expertise and intelligence.

In line with the GCC Governments’ efforts, corporate actors have also joined the fray — seeking expertise in AML and Know Your Customer (KYC) solutions that can quickly, accurately, and securely verify customer identities, while monitoring for potential high-risk clients. Clover Brokers, a fully independent brokerage house specialising in the insurance coverage portion of risk management with operations across the Middle East, is among them.

Ahmed Jamal, the Head of Shufti Pro for the Middle East and North Africa, believes the services can play a crucial role in the further development of the region’s economies. Jamal explained: “Money laundering and illicit finances operate on an international scale. If the Middle East is to cement its position among the world’s great financial centres, it’s vital that the tools we use to tackle financial crime are up to the task. Shufti Pro brings international excellence but is tailored to the unique requirements of the region. It supports all languages in the MENA region and can support the digital authentication of the region’s identity cards, passports, driving licences, and other forms of ID. The service has specifically been developed to support digital signing processes in the Middle East that comply with strict laws for customer onboarding.”