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.
In the first of our two-part The Middle East in Focus series, 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.