Government authorities at international and national levels have increased the pressure on the fight against money laundering and terrorism financing. Identification and verification of the beneficial ownership of corporate third parties (customers, suppliers, agents, consultants, etc.) are now an essential component of the Know Your Customer (KYC) onboarding and remediation processes.
Cedar Rose will host a special webinar on Tuesday 14 December at 13:00 GST highlighting the latest requirements for Anti-Money Laundering (AML) and Ultimate Beneficiary Owners (UBO) in the UAE and GCC region.
The webinar will be moderated by Antoun Massaad, the Co-Founder and CEO of Cedar Rose, and will include leading speakers representing the UAE Ministry of Economy (MoE), KPMG Lower Gulf, Careem and JETEX.
Antoun, said, “The UAE has been a pioneer in ensuring companies stay compliant to AML and UBO regulations. The UAE Ministry of Economy and the Central Bank of the UAE have authorised licensing authorities across the country to begin implementing administrative penalties and fines against any companies that fail to submit UBO information. There is now an increased pressure on the financial industry and other key sectors of the economy to adhere to these new regulations with regards to AML and UBO.”
Elaborating on the significance of the topic, Antoun added, “While these obligations have been widely acknowledged for regulated industries such as banks, insurances and other financial industry companies, other organizations are today directly affected by these disclosure requirements and the trend will only continue to grow in the future across sectors and industries worldwide. Therefore, it is essential to make companies, operating in diverse sectors, aware about how they can ensure adherence to regulatory obligations, make informed decisions, prevent their business from being used to launder the proceeds of financial crime, stay compliant and avoid fines.”
Registration for the webinar is free of cost and anyone who attends the webinar will receive three complimentary CR Comply checks for their company. CR Comply is an automated all-in-one compliance screening tool to assess third-party risk levels and accelerate the customer on-boarding process. CR Comply helps uncover sanctioned entities, PEPs (Politically Exposed Persons) and adverse media on companies and people.
Webinar Topic: Anti-Money Laundering (AML) and Ultimate Beneficiary Owners (UBO) Compliance requirements in the UAE & GCC region.
Date & Time: TUESDAY, DECEMBER 14, 2021 at 13:00 GST
