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Navigating ADGM Category 4 Licensing Written by: Hind Ayoubi - CSP Associate #ADGM #AbuDhabiGlobalMarket #Licensing #Requirements #Compliance #Regulatory #MENA #UAE #AbuDhabi #ASSISSLTD #CSP #ObeidMedawarLawFirm

Real Estate Investment Trusts in Abu Dhabi Global Market: An In-Depth Look Written by: Fouad Obeid - Senior CSP Associate #REIT #RealEstate #Investment #Property #funds #Structure #Incorporation #Distribution #Policy #Borrowings #Caution #MENA #UAE #AbuDhabi #ADGM #ASSISSLTD #CSP #ObeidMedawarLawFirm

We are delighted to announce that our firm has made a significant contribution to the Chambers and Partners: Insurance Litigation 2024 Global Practice Guide, specifically in the section related to Lebanon Law and Practice. This comprehensive guide was prepared by our managing partner, Mr. Amer Obeid, with significant support from Ms. Mayssa Abboud, senior associate at our firm. We are proud to share our insights and expertise in this vital legal field.

Visit our booths #41 and #52 at the ADGM Virtual Career Fair 2024 on Thursday, October 10, 2024.

Special Purpose Vehicles (SPVs) in ADGM: A Comprehensive Guide Written by: Marlene Tayah - CSP Associate #SPV #SpecialPurposeVehicles #ADGM #AbuDhabiGlobalMarket #UAE #GCC #MENA #CSP #ASSISSLTD

Did you know? 𝗔𝗠𝗟 𝗡𝗲𝘄𝘀: 𝗔𝗠𝗟 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗳𝗼𝗿 𝗔𝗜𝗔 𝗚𝗿𝗼𝘂𝗽 𝗟𝘁𝗱 (𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴) Recently, AIA Group Ltd. (the “Company”), an insurance company, was fined HK$23 million (approximately $3 million) by the Hong Kong Insurance Authority (IA) due to significant lapses in its anti-money laundering (AML) practices. 𝗪𝗵𝘆? According to the inspection, the Company had the following failures: 1. 𝗣𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲𝘀 𝘁𝗼 𝗶𝗱𝗲𝗻𝘁𝗶𝗳𝘆 𝗣𝗼𝗹𝗶𝘁𝗶𝗰𝗮𝗹𝗹𝘆 𝗘𝘅𝗽𝗼𝘀𝗲𝗱 𝗣𝗲𝗿𝘀𝗼𝗻𝘀 (𝗣𝗘𝗣𝘀) - The Company's AML system failed to effectively screen and identify PEPs, leading to certain PEPs not being recognised. - The company manually screened group life business, failing to identify some PEPs. - The company did not conduct required enhanced due diligence measures or obtain senior management approvals for certain high-risk customers, including those identified as PEPs. 2. 𝗙𝗮𝗶𝗹𝘂𝗿𝗲𝘀 𝗶𝗻 𝗥𝗶𝘀𝗸 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 𝗣𝗿𝗼𝗰𝗲𝘀𝘀 - The risk scores for customers in the AML System were generally not available until after the customers had been onboarded and a business relationship established. - The Company failed to apply enhanced due diligence for customers initially assessed as low-risk but subsequently flagged as high-risk by the AML system. These customers were allowed to continue their business relationships with the Company. 3. 𝗙𝗮𝗶𝗹𝘂𝗿𝗲𝘀 𝗶𝗻 𝗦𝘂𝘀𝗽𝗶𝗰𝗶𝗼𝘂𝘀 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗠𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴: - The company's AML system had filtering issues that led to some suspicious transaction alerts being automatically cleared without adequate rationale or documentation. - The process for monitoring complex or unusual transactions was not sufficiently robust, falling short of legal requirements. 4. 𝗔𝗻𝗻𝘂𝗮𝗹 𝗥𝗲𝘃𝗶𝗲𝘄𝘀 𝗼𝗳 𝗛𝗶𝗴𝗵-𝗥𝗶𝘀𝗸 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀: - The company failed to conduct annual reviews for several customers classified as high risk for money laundering or terrorist financing, leading to non-compliance with ongoing monitoring requirements. 5. 𝗜𝗻𝗮𝗱𝗲𝗾𝘂𝗮𝘁𝗲 𝗖𝗼𝗻𝘁𝗿𝗼𝗹𝘀 𝗼𝗻 𝗧𝗵𝗶𝗿𝗱-𝗣𝗮𝗿𝘁𝘆 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀: - The company accepted bank drafts (a cash equivalent) as premium payments without sufficient verification of the purchaser’s identity, allowing for potential anonymity in transactions. - For bank drafts below specific thresholds, the Company accepted self-declaration form from the policy holder declaring that he or she had purchased the bank draft. 6. 𝗪𝗲𝗮𝗸 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗚𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲 𝗢𝘃𝗲𝗿𝘀𝗶𝗴𝗵𝘁: - The compliance function did not effectively implement or monitor the company's AML/CFT controls. - There were significant gaps in governance, including failures in escalating issues to senior management, resulting in inadequate oversight and management of AML/CFT risks. #AML #AMLPenalty #AntiMoneyLaundering #Hongkong #HK #𝗔𝗜𝗔𝗚𝗿𝗼𝘂𝗽𝗟𝘁𝗱 #AIA #IA #CSP #ASSISSLtd #MENA #UAE #ADGM

ADGM Foundations: Core Insights, Regulations, and Compliance Written by: Riwa Madi - CSP Associate #ADGM #AbuDhabiGlobalMarket #ADGMFoundations #Core #Regulations #Compliance #GCC #MENA #UAE #CSP #ASSISSLtd #ObeidMedawarlawFirm

Exemptions from Mandatory Appointment of a Company Service Provider (CSP). Written by: Yasmina Al-Amm - CSP Associate #ADGM #AbuDhabiGlobalMarket #TheRegistrationAuthority #Freezone #InternationalFinancialCentre #CSP #SPV #exemptions #worldbank #centralbank #MENA #GCC #UAE #AbuDhabi #ASSISSLtd

Insights into Lebanon’s New Competition Law of 2022 Written by: Mayssa Abboud - Associate #Competitionlaw #competition #law #lebanse #lebanon #contracts #criminalcode #NCA #anticompetitive #agreement #consumerprotection #mergercontrol #GAC #IDAL #lawfirm #mena #gcc #uae #omlf #ObeidMedawarLawFirm #ObeidMedawarLawFirmLLP