GCC businesses increase focus on combating financial crime

In today’s digital age, financial crime, as it grows in scope and complexity, harms business and hinders economic progress. In the Middle East, the fight against financial crime and money laundering has taken on a new urgency.

GCC governments have been tackling financial crime with a wide range of measures, including investments in AML regulatory frameworks, and policies that align with Financial Action Task Force (FATF) guidance on the enforcement of AML and Counter-Terrorist Financing standards. The UAE ad KSA have even joined forces on the issue by agreeing to closely cooperate and communicate, 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, accurately, and securely verify customer identities, while monitoring for potential high-risk clients. Clover Brokers, a fully independent brokerage house specialising in the insurance 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 services, to handle KYC and AML screening 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’ Regional 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 improvement on the solution we were using previously, and I’ve been impressed with the speed and quality of customer support.”

Ahmed Jamal, the Head of Shufti Pro for the Middle East and North Africa, believes the services can play a crucial role in the further development of the region’s economies. Jamal explained: “Money laundering and illicit 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 financial crime are up to the task. Shufti Pro brings international excellence but is tailored to the unique requirements of the region. It supports all languages in the MENA region and can support the digital authentication of the region’s identity cards, passports, driving licences, and other forms of ID. The service has specifically been developed to support digital signing processes in the Middle East that comply with strict laws for customer onboarding.”

• Business