As per research, 47% of businesses in the middle east reported customer fraud in the past two years. Apart from increasing fraud, high verification costs, lack of uniformity in KYC/AML laws in the region, and technically evolving financial crime in digital payments are major concerns of corporates. Regulatory authorities are introducing significant advancements in customer due diligence and AML/CFT laws to improve the global financial collaborations of their financial institutions.
This report will provide detailed insight into the laws, regulatory authorities, latest FATF analysis of GCC countries, common KYC/AML compliance practices and challenges that businesses are facing in Saudi Arabia, the United Arab Emirates, Qatar, Oman, Bahrain, and Kuwait. This Gulf is going through a regulatory shift and the businesses are ready to adopt the new normal in payments and customer verification.
All the member countries in the Gulf Cooperation Region acknowledge FATF regulations when drafting their AML/KYC laws and Saudi Arabia became the first full member of FATF in June 2019. Saudi Arabia, Kuwait, and Bahrain are among the world’s top 10 business climate improvers. The authorities and businesses are equally inclined to improve the KYC and AML landscape of the region which promises growth and stability of the financial and corporate of the region. Download the report for more details.
