The Banking Executive Magazine - February 2023 Issue

GCC Businesses GCC Businesses INCREASE FOCUS ON COMBATING FINAN- CIAL CRIME In today’s digital age, financial crime, as it grows in scope and complexity, harms business and hinders eco- nomic progress. In the Middle East, the fight against financial crime and money laundering has taken on a new urgency. GCC governments have been tack- ling financial crime with a wide range of measures, including invest- ments in AML regulatory frame- works, and policies that align with Financial Action Task Force (FATF) guidance on the enforcement of AML and Counter-Terrorist Financing stan- dards. The UAE ad KSA have even joined forces on the issue by agree- ing to closely cooperate and commu- nicate, and share technical expertise and intelligence. In line with the GCC Governments’ efforts, corporate actors have also joined the fray — seeking expertise in AML and Know Your Customer (KYC) solutions that can quickly, ac- curately, and securely verify cus- tomer identities, while monitoring for potential high-risk clients. Clover Brokers, a fully independent broker- age house specialising in the insur- ance coverage portion of risk management with operations across the Middle East, is among them. Clover Brokers recently deployed technology from Shufti Pro, a global provider of identity verification serv- ices, to handle KYC and AML screen- ing for its clients in the UAE. The company is currently using core Shufti Pro service components to support customer onboarding and ongoing monitoring and intends to integrate the capabilities into internal systems via the API at a later stage. Maria Egorova, Clover Brokers’ Re- gional Senior Compliance Officer, said: “Shufti Pro provides various AML/KYC solutions at very attractive prices, and there are several useful features we plan to implement at a later stage. The user experience and accuracy have been a big improve- ment on the solution we were using previously, and I’ve been impressed with the speed and quality of cus- tomer support.” Ahmed Jamal, the Head of Shufti Pro for the Middle East and North Africa, believes the services can play a cru- cial role in the further development of the region’s economies. Jamal ex- plained: “Money laundering and il- licit finances operate on an international scale. If the Middle East is to cement its position among the world’s great financial centres, it’s vital that the tools we use to tackle fi- nancial crime are up to the task. Shufti Pro brings international excel- lence but is tailored to the unique re- quirements of the region. It supports all languages in the MENA region and can support the digital authenti- cation of the region’s identity cards, passports, driving licences, and other forms of ID. The service has specifi- cally been developed to support dig- ital signing processes in the Middle East that comply with strict laws for customer onboarding.” the BANKING EXECUTIVE 28 ISSUE 170 FEBRUARY 2023