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UAE's Robust Measures: Seizing $354 Million in the Fight Against Money Laundering and Terrorist Financing

In an unyielding pursuit of safeguarding its financial landscape, the UAE has embarked on a remarkable journey to combat money laundering and terrorism financing. Between March and July 2023, the UAE took decisive action, seizing assets amounting to a staggering USD $354m and imposing unprecedented fines totaling AED 199 million (approx. USD $54m) in the year’s first half. This marked a significant departure from previous years, with fines surpassing the cumulative penalties of 2022 (AED 76.2 million – approx. USD $20m), 2020 (AED 8.4 million – approx. USD $2.2), and 2019 (AED 800,000 – approx. USD $218 thousand) combined. These statistics underscore the UAE’s unwavering commitment to ensuring the integrity of its financial system.

At the forefront of this battle is Cyprus based eBOS Technologies Ltd, a leader in cutting-edge solutions for Anti-Money Laundering / Countering the Financing of Terrorism (AML / CFT) compliance. The UAE’s focus on AML / CFT progress has led to the launch of 183 new money laundering cases during this period, clearly indicating the commitment to dismantling large-scale financial crimes. 

Confiscating illicit proceeds is not just a goal; it’s a high priority for UAE authorities. Preventing criminal funds from re-entering the financial system is paramount, serving as a deterrent against further unlawful activities.

eBOS offers the WiseBOS RiSC solution (Risk, Intelligence, Scoring & Compliance) – a sophisticated, next-generation tool that empowers both financial and non-financial institutions, to calculate and manage Risk. WiseBOS RiSC provides an efficient and effective risk-based compliance capability, which is essential for today’s regulatory landscape. It plays a pivotal role in minimising exposure to financial fraud and terrorism financial activities, all while ensuring stringent compliance with regulatory requirements. This solution has become the preferred choice for companies across various sectors, including audit, fiduciary, legal, investment, EMIs, banks, and insurance firms.

Join us at GITEX GLOBAL, the world’s largest Tech & Startup Show at the Dubai World Trade Centre this October from the 16th – 20th. Visit us at Hall 8 – Booth C20 to explore how eBOS can fortify your financial security and compliance excellence.

Email us now at info@ebos.ae to book an initial complimentary consultation with Senior Members of our team, to match your impending business needs with our state-of-the-art modules.

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