Refinitiv has announced it is partnering with Complyfin, a Management Consulting Company specialising in Compliance consulting services and solutions, to promote compliance awareness and effectiveness in the UAE.

According to the 2019 Refinitiv MENA Financial Crime report, the region is experiencing a growing interest in technology, personal liability, anti bribery and corruption regulation activity, and this is reflected in the emergence of ambitious new compliance programs driven by regional governments. New financial technology and process innovation could make the entire MENA financial framework more robust and impenetrable.

Complyfin provides compliance and risk management services, systems and solutions to a variety of industry sectors and participants, while Refinitiv’s trusted World-Check Risk Intelligence supports the Know-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures of financial institutions around the world as they seek to minimize their exposure to financial crime risks.

Sachin Rao CAMS-FCI (Sr. Associate Partner/CCO), Complyfin, said, “Our partnership with Refinitiv comes in line with our vision to offer intelligence, advanced solutions, and systems through customized AML/CFT and sanctions risk services. This partnership will strengthen our proposition and a wide range of our solutions including AML/CFT and sanctions risk assessments, auditing , reviewing and testing cyber risk, providing effective solutions as a software house and providing robust frameworks for policy manuals while providing personalized consultative coaching and training services to enable financial institutions to effectively adhere to regulatory compliance procedures and improve their overall financial crime compliance regime.

Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv, said, “Our partnership with Complyfin will benefit financial institutions in the marketplace. It is important to note that hard skills in technology are not the only requirements for a successful compliance function across these markets. Training and effective consulting services that contribute to an appropriate compliance culture will be as critical.”

“During 2019, we continued to see concerns about the volume of regulatory change, the need to focus on the implementation of new rules and the obligation for compliance functions to always do more. The adequacy and availability of MENA skilled resources continues to be an important theme and will be critical to the efficient delivery of the regulatory change programs across the region,” Mr. Najjar added.

World-Check is a risk intelligence database which helps organizations across the world meet their regulatory obligations, make informed decisions and help prevent them from inadvertently being used to launder the proceeds of financial crime or association with corrupt business practices. The database is managed by a team of over 400 highly trained analysts, speaking more than 65 languages, who monitor more than 600 sanctions, regulatory and law enforcement lists and thousands of media sources, as well as company information and regulatory filings, to ensure World-Check’s data is accurate and up-to-date.

The information in World-Check is made available on a subscription basis only to those who require it to carry out due diligence or other screening activities in accordance with their legal or regulatory obligations or risk management procedures designed to combat financial crime.


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