Accountant found guilty of embezzlement has sentence cut from five years to one
financial crime
automation
Financial crimes remain a threat in the Middle East, study finds
A majority of organisations in the UAE and Saudi Arabia report difficulties harnessing technological advancements
Anti-money laundering laws
Standard Chartered reaches $1.1bn settlement on Iran sanctions
The penalties also cover some $600m in US transactions from 2008 to 2014 that originated at Standard Chartered’s London and Dubai offices and went through its US branch
banking fraud
Bank manager sentenced to five years in jail in fraud case
A sales woman drawn into the plot was sentenced to six months in prison
banking fraud
UAE Central Bank warns of WhatsApp scams
The warning comes just days after the Dubai Financial Services Authority (DFSA) alerted the public about e-mails from fraudsters
anti-corruption law
UAE strengthens anti-corruption laws
The revised penal code also applies outside the UAE’s borders
Anti-money laundering laws
DIFC amends anti-money laundering law in bid to fight financial crime
The new rules will strengthen provisions on DIFC’s non-financial businesses to strike them off the register in the event of non-compliance
financial crime
Gulf banking transparency on the rise – study
New look at non-credit risk factors shows that GCC banks are outperforming their peers in many parts of the Africa, Latin America and Europe