Financial Services Compliance and Regulation

Middle East Financial Services Compliance and Regulation Solutions

Kroll’s Financial Services Compliance and Regulation experts help clients build, manage and protect their businesses both in the United Arab Emirates and more broadly in the Middle East.

We achieve this by developing, implementing and managing their compliance and regulatory programs. Our teams have a strong track record of assisting firms with licencing projects in the Dubai International Finance Centre (DIFC) with the Dubai Financial Services Authority (DFSA), as well as in the Abu Dhabi Global Market (ADGM) with the Financial Services Regulatory Authority (FSRA) in the UAE. The team has also worked on applications and projects with the Central Bank of UAE, Securities and Commodities Authority (SCA) and Virtual Assets Regulatory Authority (VARA).

We provide solutions that help firms meet their day-to-day compliance needs and deal with growing challenges:

 

Authorization

  • Advice on regulatory licensing requirements
  • Assistance on understanding authorization and licensing requirements
  • Support with drafting applications and on submission
  • Active management of application process
  • Assistance with communication to the regulator
  • Drafting anti-money laundering (AML), compliance, risk and governance policies
  • Developing business plans for financial firms

Structuring the Compliance Framework

  • Conduct a tailored compliance risk assessment to allow effective allocation of compliance resources
  • Design a workable compliance monitoring framework, taking into account supervisory priorities
  • Design policies and procedures to best fit the business
  • Develop compliance testing templates bespoke to the firm’s investment services

Ad Hoc Advice and Support

Advice on specific regulatory issues and help in communication with the regulator, provided by senior consultants

  • Assistance with remediation of recommendations
  • Independent review of reporting and communications to the regulator
  • Independent compliance health assessment
  • Operational Readiness Assessment
  • Thematic assistance (ESG, AML, etc.)

Secondments and Extra Resources

  • Act as outsourced regulatory compliance function
  • Act as outsourced internal audit function
  • Conduct control plan

Internal Audit Service

  • Co-Source and Outsource
  • External Quality Assessment (EQA) and Advisory

Online/Face–to–Face Training

  • Develop training materials and deliver face-to-face training from a senior consultant on key topics such as AML, governance, risk and market conduct
  • Customized workshops or training for specific populations of staff within the firm (fund managers, marketing teams, etc. to meet all training needs)

Regulatory Monitoring

  • Client alerts and reminders on regulatory deadlines
  • Raise awareness on current and future regulatory changes specific to the firm and provide advice on actions needed

DFSA – Fit and Proper Requirements

The Dubai Financial Services Authority (DFSA) has issued Consultation Paper No. 165, proposing a significant shift in its approach to certain Licensed Functions. Under the proposed changes, roles such as Compliance Officer, Finance Officer, and Senior Manager would be reclassified as Designated Functions, transferring the responsibility for assessing fitness and propriety from the DFSA to the firms themselves. This move aims to enhance firm-level accountability and better align with global regulatory standards.

Kroll is well-positioned to support firms in navigating these changes. With deep expertise in financial regulation, compliance and risk management, and a strong global track record, Kroll offers tailored support in the following areas:

  • Fit and Proper Assessments
  • Regulatory Attestation Strategy
  • Training and Culture Development
  • Governance Frameworks
  • Operational Readiness

Operational Resilience

Regulatory authorities worldwide are increasing their focus on operational resilience due to the growing interdependency and complexity of financial systems as well as the rising frequency of disruptions. In the UAE, this has become a regulatory priority, with frameworks emerging to ensure financial institutions can maintain critical services during crises.

Kroll brings deep expertise in helping firms meet these evolving expectations. Drawing on insights from thousands of incident response cases annually, we deliver tailored support across cybersecurity, compliance and risk management to help organizations build and strengthen their Operational Resilience. 

Our services include:

  • Current State Assessment
  • Policies and Procedures Review
  • Control Framework Evaluation
  • Identification of Critical Business Services
  • Mapping of Critical Business Services
  • Cybersecurity Program, BCP Support and Review
  • Scenario Testing and Simulation
  • Third-Party Risk Assessment and Control Framework Review
  • Program Assurance
  • Internal Audit Reviews

Market Conduct Risk

Conduct risk refers to how effectively a financial institution ensures fair outcomes for consumers, upholds market integrity and builds public trust. The Central Bank of the UAE (CBUAE), through its Consumer Protection Regulation (CPR) and Consumer Protection Standards (CPS), defines conduct risk based on fairness, integrity and transparency principles that Licensed Financial Institutions (LFIs) must uphold through a consumer-centric conduct risk framework.

While LFIs have made significant efforts to comply with CPR and CPS, challenges persist due to a shifting regulatory landscape, rapid technological advancements and rising consumer expectations, all of which impact compliance and trust.

How Kroll Supports LFIs:

  • Market Conduct Risk Maturity Assessment
  • Market Conduct Risk Control Design and Operating Effectiveness Assessment
  • Remediation Support and Issue Validation
  • Training and Internal Audit Support

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Financial Services Compliance and Regulation

In the ever-evolving financial services landscape, Kroll's award-winning team offers comprehensive regulatory and compliance services, guiding clients through registration, licensing, and compliance support to minimize risks and enhance efficiency globally.

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U.S. Solutions

Navigate the ever-changing U.S. financial regulatory environment with confidence. Kroll provides unparalleled expertise in SEC, FINRA, NFA and CFTC regulations, helping clients mitigate risks, maintain current compliance programs and confidently overcome regulatory challenges.

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UK Solutions

The UK regulatory landscape is constantly evolving, with new Financial Conduct Authority (FCA) initiatives introduced and working practices regularly updated at a European level.

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