Latest news with #CounterFinancingofTerrorism
Zawya
25-07-2025
- Business
- Zawya
ADGM's FSRA publishes 2024 annual report, reflecting on year of growth, innovation
ABU DHABI, 24th July 2025 (WAM) -- The Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of the capital of the UAE, has published its 2024 Annual Report, outlining the Authority's key regulatory achievements and underscoring its commitment to delivering a world-class regulatory environment for financial services. The report reflects on a year during which the FSRA advanced its objectives and regulatory priorities significantly, particularly in ensuring that its regulatory framework remained aligned to international standards and the critical area of financial crime prevention. Innovation remained a central focus in 2024, especially in the area of digital assets, where the FSRA introduced a dedicated regulatory framework for fiat-referenced tokens (FRTs), a particular category of stablecoins. The new regime sets clear standards on reserves quality, governance, and redemption rights to ensure financial stability and investor protection. By recognising FRT issuance as a regulated activity, the FSRA has reinforced ADGM's position as a leading hub for responsible financial innovation. Of particular note were proposals to enhance the regulatory framework based on increased alignment with the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision (BCBS), subsequently implemented. Alongside this, a comprehensive ADGM-wide whistleblowing framework was introduced to strengthen transparency and market integrity. In the area of financial crime, the FSRA, alongside other authorities and ministries in the UAE, was instrumental in providing technical input that helped further enhance effective AML and Counter Financing of Terrorism (CFT) controls in the country. These efforts contributed significantly towards the removal in 2024 of the UAE from the Financial Action Task Force (FATF) grey list. These key legislative and policy initiatives, amongst others, enhanced the regulatory landscape, ensuring resilience, transparency, and innovation within ADGM. Beyond this, the FSRA worked closely with domestic and international partners to shape sound regulation, promote cross-border cooperation, and support national policy objectives. The year was again one of continuing growth for financial services in ADGM as the number of financial services firms licensed by the FSRA rose by 30% to 272 from a year earlier, the largest annual increase to date. The report also highlights the FSRA's efforts to invest in talent development, including the Al Yah Programme for UAE nationals, which continues to combine technical training, soft skills development, and mentorship. Looking forward, the FSRA remains focused on enabling sustainable financial growth, technological agility, and robust market confidence through innovation, collaboration and principled regulation. Emmanuel Givanakis, CEO of the FSRA of ADGM, said, 'As we reflect on the key achievements of 2024, it is clear that the FSRA has made significant strides in enhancing the environment for financial services to thrive in ADGM. This is driven by our commitment to innovation and progressive regulation, whilst maintaining market integrity and investor protection. From streamlining our supervisory focus to continuing to enhance our regulatory framework, including for digital assets and sustainable finance, we have continued to build a trusted, risk-proportionate, and forward-looking regulatory environment. Looking ahead, we remain focused on deepening collaboration with stakeholders to ensure Abu Dhabi, and the UAE more widely, continues to thrive as a leading global financial hub.'
Al Etihad
24-07-2025
- Business
- Al Etihad
ADGM's FSRA publishes 2024 annual report, reflecting on year of growth, innovation
24 July 2025 19:55 ABU DHABI (WAM)The Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of the capital of the UAE, has published its 2024 Annual Report, outlining the Authority's key regulatory achievements and underscoring its commitment to delivering a world-class regulatory environment for financial report reflects on a year during which the FSRA advanced its objectives and regulatory priorities significantly, particularly in ensuring that its regulatory framework remained aligned to international standards and the critical area of financial crime remained a central focus in 2024, especially in the area of digital assets, where the FSRA introduced a dedicated regulatory framework for fiat-referenced tokens (FRTs), a particular category of new regime sets clear standards on reserves quality, governance, and redemption rights to ensure financial stability and investor protection. By recognising FRT issuance as a regulated activity, the FSRA has reinforced ADGM's position as a leading hub for responsible financial particular note were proposals to enhance the regulatory framework based on increased alignment with the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision (BCBS), subsequently this, a comprehensive ADGM-wide whistleblowing framework was introduced to strengthen transparency and market the area of financial crime, the FSRA, alongside other authorities and ministries in the UAE, was instrumental in providing technical input that helped further enhance effective AML and Counter Financing of Terrorism (CFT) controls in the country. These efforts contributed significantly towards the removal in 2024 of the UAE from the Financial Action Task Force (FATF) grey key legislative and policy initiatives, amongst others, enhanced the regulatory landscape, ensuring resilience, transparency, and innovation within ADGM. Beyond this, the FSRA worked closely with domestic and international partners to shape sound regulation, promote cross-border cooperation, and support national policy year was again one of continuing growth for financial services in ADGM as the number of financial services firms licensed by the FSRA rose by 30% to 272 from a year earlier, the largest annual increase to report also highlights the FSRA's efforts to invest in talent development, including the Al Yah Programme for UAE nationals, which continues to combine technical training, soft skills development, and forward, the FSRA remains focused on enabling sustainable financial growth, technological agility, and robust market confidence through innovation, collaboration and principled regulation. Emmanuel Givanakis, CEO of the FSRA of ADGM, said, 'As we reflect on the key achievements of 2024, it is clear that the FSRA has made significant strides in enhancing the environment for financial services to thrive in ADGM. This is driven by our commitment to innovation and progressive regulation, whilst maintaining market integrity and investor protection. From streamlining our supervisory focus to continuing to enhance our regulatory framework, including for digital assets and sustainable finance, we have continued to build a trusted, risk-proportionate, and forward-looking regulatory environment. Looking ahead, we remain focused on deepening collaboration with stakeholders to ensure Abu Dhabi, and the UAE more widely, continues to thrive as a leading global financial hub.'
Iraq Business
24-06-2025
- Business
- Iraq Business
Qi and K2 Integrity to Elevate Iraq's Financial Standards
By John Lee. Qi (International Smart Card), Iraq's largest electronic payment platform, has announced that it has entered into a landmark partnership with K2 Integrity (K2i), a US-based global financial integrity and compliance advisory firm. The multi-year collaboration aims to align Iraq's financial infrastructure with international standards in anti-money laundering (AML) and countering the financing of terrorism (CFT). The partnership spans operations in the UAE, Jordan, and Iraq. A major compliance back office will be established in Jordan, fully integrated into Qi's ecosystem, while the UAE office will serve as an innovation hub. ISC Chairman Bahaa Abdul Hadi described the initiative as part of a broader national mission: "This is not just about one business group. This is about Iraq and its economic future ... we are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity." The partnership spans a 36-month roadmap split into three phases, where K2 Integrity will perform the following strategic tasks. Evaluate and transform Qi's current financial crime compliance (FCC) framework. Train Qi's personnel across all levels-from frontline staff to executive leadership. Take operational responsibility for implementing globally benchmarked compliance practices. Transition the program into a sustainable, best-in-class model eventually managed by Qi. According to a press release, this initiative marks a pivotal milestone in Iraq's compliance evolution, strengthening national capabilities and building a foundation for secure, scalable financial growth; it positions Iraq to regain credibility with international partners, attract investment, and enable more secure, scalable cross-border transactions, particularly vital for trade, remittances, and financial inclusion. (Source: Qi) Tags: anti money laundering (AML), cg, compliance, Counter Financing of Terrorism (CFT), electronic payments, featured, financial inclusion, financial integrity, fintech, International Smart Card (ISC), Iraq, Jordan, K2i, Qi, Qi card, United Arab Emirates (UAE), United States
Iraq Business
30-01-2025
- Business
- Iraq Business
Iraqi Bank Training on Cross-Border Payments, Financial Integrity
By John Lee. The Washington DC-based Institute for Financial Integrity (IFI) has announced the launch of the Financial Integrity and Cross-Border Payments Training Program for the National Bank of Iraq (NBI), developed in partnership with the Central Bank of Iraq (CBI) and K2 Integrity. According to a press release from IFI, this groundbreaking initiative aims to enhance the integrity of the Iraqi financial system by ensuring cross-border payments originating from Iraq adhere to legal requirements, regulatory expectations, and global standards. Designed for National Bank of Iraq employees, the training program is designed to: Create a community of financial integrity experts at NBI to enhance the CBI's efforts in effectively addressing significant illicit finance threats to both the Iraqi and global financial systems. Facilitate and demonstrate effective implementation of global Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) standards in line with Financial Action Task Force (FATF) recommendations and guidance. recommendations and guidance. Promote a culture of financial crime compliance and risk management throughout NBI. Ayman Omran Abu Dhaim, CEO at National Bank of Iraq, remarked: "Ensuring the integrity of financial transactions is crucial for fostering trust and stability in both domestic and international markets. This comprehensive training program will ensure that NBI is a leader in promoting a culture of compliance and protecting the Iraqi and global financial system from abuse by illicit actors. The blended training program will be delivered both live as well as online through IFI's DOLFIN® platform. Key program features include: In-depth, live training sessions led by experts from IFI and K2 Integrity eLearning library featuring videos of experts covering core topics Practical case studies focusing on real-world challenges and solutions Resources and tools to support ongoing compliance efforts Grant Kreft, Chief Executive Officer at Institute for Financial Integrity, said: "At IFI we're proud to deliver this important training to the National Bank of Iraq... This program represents a significant step towards enhancing the regulatory framework surrounding cross-border payments in Iraq, ultimately benefiting the broader international financial community." (Source: IFI) Tags: anti money laundering (AML), Central Bank of Iraq (CBI), cg, Counter Financing of Terrorism (CFT), DJ, featured, Financial Action Task Force (FATF), Institute for Financial Integrity (IFI), K2i, National Bank of Iraq, National Bank of Iraq (NBIRQ), United States
