The city is drawing business events from around the world, supporting economic growth and enhancing Dubai’s status as a knowledge hub
business5 days ago
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.
Clover Brokers recently deployed technology from Shufti Pro, a global provider of identity verification services, to handle KYC and AML screening for its clients in the UAE. The company is currently using core Shufti Pro service components to support customer onboarding and ongoing monitoring and intends to integrate the capabilities into internal systems via the API at a later stage.
Maria Egorova, Clover Brokers’ Regional Senior Compliance Officer, said: “Shufti Pro provides various AML/KYC solutions at very attractive prices, and there are several useful features we plan to implement at a later stage. The user experience and accuracy have been a big improvement on the solution we were using previously, and I’ve been impressed with the speed and quality of customer support.”
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.”
The city is drawing business events from around the world, supporting economic growth and enhancing Dubai’s status as a knowledge hub
business5 days ago
More than 45 leading jewellery brands and 100 outlets will take part in the massive discount campaign
business5 days ago
Fajar Realty wins best real estate agency & agent in Dubai
business5 days ago
Nippon Steel said to offer a 10-year guarantee that it would not cut production capacity
business5 days ago
In some cases certifications missed glaring problems, review shows
business5 days ago
In October 2024, Abu Dhabi was dubbed the 'capital of capital' as it overtook Oslo to become the richest city globally
business5 days ago
In the first half of 2024, UAE foreign trade reached a historic milestone, surpassing Dh1.395 trillion
business6 days ago
Transaction converts Manrre REIT into a Shariah-compliant investment vehicle
business6 days ago