Kuala Lumpur, Malaysia (PressExposure) May 17, 2008 -- Bryan Styrewalt of the DFSC explained the regulatory regime in Dubai and how the DFSC inter-relates to UAE law and Dubai law and regulation, coupled with how the DFSC addresses risk in relation to approvals and monitoring regulated businesses.
Tom Everett-Heath, MD of Kroll Dubai, addressed the topics of going deeper into the background of clients and counterparties, and in operating in jurisdictions where there are limited details available in the public domain.
Andrew Robbens of Schroders detailed the due diligence issues arising from selling financial products through distributors and intermediaries.
Hossam El-Rahman of Samba Financial Group examined the area of due diligence in professional firms drawing out issues relating to working through multiple levels of ownership.
Nigel Morris-Cotterill, Head, The Anti Money Laundering Network examined the extent of international sanctions, looking at how sanctions imposed by a range of countries and bodies have been applied around the world and how, in particular, Dubai businesses have been penalised under sanctions that have no direct application to them.
The Forum's highly interactive discussion sessions covered matters such as how businesses are exposed to the risk of punishment under foreign laws, how the regulatory systems work down through ownership changes of financial institutions and the uncertainty of compliance with various laws which conflict.
Delegates universally praised the Financial Crime Forum Dubai May 2008 as it closed.
To book future Financial Crime Forum events in Dubai and elsewhere, visit http://www.financialcrimeforum.com