Regulatory Compliance Services UAE
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We provide Regulatory Compliance services for Financial Institutions and firms to adhere to compliance requirements for DIFC and ADGM.
The Dubai Financial Services Authority (DFSA) is the regulator of DIFC financial service firms, and ADGM Financial Services Regulatory Authority (FSRA) is the
regulator for ADGM registered firms.
Certain key roles and functional appointments have been made mandatory for all firms in DIFC and ADGM.
The appointment of a Compliance Officer and a Money Laundering Reporting Officer (CO/MLRO) is mandatory for all financial firms operating in DIFC and ADGM. Generally,
these two functions are combined for small and medium enterprises. Hence, one individual is normally proposed for the CO/MLRO. It is an implied requirement that the
applicant must have sufficient knowledge, experience, and seniority to discharge the job responsibilities effectively. Once the license is issued, the authority
expects the Compliance Officer to be resident in the UAE.
The DFSA and ADGM allow companies to outsource compliance support services for certain core functions such as Compliance, MLRO and Finance.
We provide outsourcing of CO/MLRO and comprehensive compliance support services for both DIFC and ADGM, ranging from advisory services before establishing your company,
support services during the authorization process, assistance in the preparation of all compliance documentation, support in the compliance of data protection law,
periodic compliance health check services, regulatory governance reviews, identification of ongoing compliance needs, operational risk management assessment and
engaging of risk officers, implementation guidelines and support services for FATCA and CRS, control testing and compliance program, regulatory change management
support etc.
The compliance support services can be outsourced during the following stages.