Client engagements and industry guidance initiatives instrumental in advancing regional regulator community’s development
Complinet, the leading provider of solutions that dynamically deliver relevant compliance intelligence to industry professionals, has bolstered its presence in the Middle East, connecting rules, news and analysis with its dynamic solutions to deliver compliance intelligence and solutions for the region’s regulatory community. Through client engagements, expansion of its editorial and technical offerings, and creation and delivery of guidance initiatives, Complinet’s presence has proven an invaluable resource as the region’s compliance community grows and matures.
Opened in 2005 in Dubai, Complinet – Middle East has continually strived to create a strong compliance community and to foster a spirit of co-operation and shared experiences for compliance officers across the Gulf Cooperation Council (GCC). Currently, the Gulf States that are members of the GCC include Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates (UAE).
As the region’s global financial services organisations are exposed to an unprecedented level of risk, including the abuse of the system by money launderers, terrorists and fraudsters, Complinet is providing a cost-effective, unified and reliable anti-money laundering (AML) and Know Your Customer (KYC) solution. Complinet’s Global Screening solution, an end-to-end solution that connects organisations’ due diligence, enhanced due diligence, AML and anti-fraud activities, has enabled over 70 Middle East and international companies (with regional offices) to reduce their exposure to risk. These clients have included banks, investment firms, regulatory authorities, commodities brokers, and insurance companies.
“Complinet’s Global Screening solution forms an essential part of our KYC and due diligence process, as we use this online service to check names against sanctions, enforcements and PEP databases,” said Ben Holt, Group Compliance and AML Officer for the Gulf Region, Societe Generale, Dubai. “It gives us great confidence to know that we are accessing up-to-date, trustworthy and accurate data.”
Hassan Nasser, Financial Compliance Director, Dubai Multi Commodities Centre, said, “DMCC has established and implemented a robust KYC system leveraging several modules of Global Screening. We are successfully using the Workstation functionality for batch screening, online screening for individual checking, and the Adverse Media Search for gathering information to better assess our applicants’ and members’ risk.”
In addition to providing technology solutions, Complinet has added editorial resources that offer regional compliance professionals in-depth analysis on the compliance/regulatory market as well as how regulations impact their business. The company’s expanded offerings, based on an industry-leading level of global compliance solutions experience, have, in turn, enabled the region’s compliance and regulatory community to grow and mature at an unprecedented rate.
Paul Johns, chief marketing officer for Complinet, said, “With such a heavy regional concentration of financial services and banking interests, the Middle East has become a significant market for compliance professionals. As such, Complinet is committed to offering our industry-leading solutions, such as Global Screening, and global experience to help foster a strong compliance community.”
Complinet’s efforts also include providing expert compliance-related education and guidance in the region. Most recently, Complinet, in association with the Financial Regulatory Authority (FINRA), the International Capital Market Association Centre at the University of Reading and the DIFX Academy, has developed a Compliance and Anti-Money Laundering certification program. Scheduled to launch in September, the program is designed to meticulously meet the needs of compliance and AML professionals throughout the GCC.
Additionally, Complinet has launched a series of regulation and compliance seminars designed to provide delegates, regulators, law firms, consultants and other industry professionals with a platform to discuss current trends affecting the compliance community. Beginning in Dubai, the seminars are rotating through the region’s financial centres, delivering valuable support for industry officials grappling with “troublesome” compliance and regulatory issues. With the support of the Dubai Financial Services Authority, the Central Bank of Bahrain and the Qatar Financial Centre Regulatory Authority, the seminars address issues such as: supervision, conduct of business, authorisation, enforcement, fraud and anti-money laundering, collective investment funds, regulation of Islamic finance, and market abuse.
Leas Bachatene, managing director for Complinet – Middle East, said: "One of Complinet’s primary objectives upon establishing a presence in the Middle East was to build relationships with key regulators in this increasingly influential region. Many of them recognise the importance of making their laws and rules easily accessible and available to the financial services community and public. And, through our education offerings, we are providing an opportunity for compliance executives to meet regional regulators, senior bankers and senior compliance managers to share experiences about the progress of the local financial community.”