Financial institutions in the Middle East are increasingly on the regulatory radar, despite making clear efforts to implement checks and technology in the pursuit of compliance.
We examine the 7 key challenges facing financial institutions in the Middle East:
- A negative perception of compliance in the region;
- Growing influence and scrutiny by FATF;
- Rising size and number of fines;
- The troubling trend of de-risking;
- Customer Due Diligence challenges;
- Regional regulatory concerns; and
- The disruption of FinTech and RegTech firms.