Delivering Clarity

We are excited to share that Diligencia’s ClientConnect, our seamless API for accessing Diligencia’s proprietary database, now offers expanded compliance screening data on organisations and individuals in the MEA region.

With this enhancement, both API and subscriber clients can now retrieve information on sanctions, adverse media and politically exposed persons (PEPs).

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We are delighted to announce that Diligencia has earned ISO 27001 certification, underscoring our commitment to rigorous information security standards. This achievement follows a comprehensive audit of our security practices and demonstrates our dedication to protecting sensitive data with integrity and transparency.

As our CEO Nouri Bakkali shared, “ISO 27001 isn’t just a standard; it’s a promise to our clients that we prioritise their security as much as they do.”

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🌍 FATF update: MEA jurisdictions under increased monitoring 🌍

The Financial Action Task Force (FATF) has added several Middle East and African (MEA) countries to its increased monitoring list (as of October 25, 2024). This includes nations like Algeria, Nigeria, South Africa and Lebanon, which have committed to strengthening their anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks.

What this means:
These jurisdictions are actively collaborating with FATF, making high-level commitments to enhance regulatory oversight, improve financial resilience, and tighten cross-border information-sharing to combat financial crime.

As a regional expert, Diligencia supports clients navigating these evolving regulatory landscapes in the MEA region. Learn more

Enhancing Transparency and Security in Saudi Real Estate

Saudi Arabia’s land registry system, supported by REGA and RER, is instrumental in creating a secure, transparent property market. The digital transformation led by these bodies reflects the country’s commitment to facilitating real estate investments, simplifying property transactions, and ultimately helping drive economic growth as part of Vision 2030.

REGA and RER together create a comprehensive framework that not only organises property records but also encourages confidence in Saudi Arabia’s real estate sector. With further advancements expected, these regulatory bodies are helping build a resilient, investor-friendly property market.

Corporate Law Update: Saudi Arabia - New Commercial Register and Trade Names Laws

In a move aligned with Vision 2030, Saudi Arabia has introduced new Commercial Register and Trade Names Laws, marking a pivotal shift towards a more streamlined, investor-friendly business environment. Approved on 17 September 2024 and effective 180 days after publication, these laws aim to simplify operations, enhance transparency, and attract both local and international stakeholders.

Key changes include:
> Single national registration
> Annual confirmation
> Flexible naming options
> Trade name transfer and protection integrity.

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Diligencia’s Jonathan Siklos shares valuable insights on Kuwait’s progress in financial integrity from the recent Mutual Evaluation Report by the Financial Action Task Force (FATF).

This comprehensive evaluation showcases Kuwait’s progress in boosting financial integrity through regulatory improvements, increased transparency, and stronger partnerships with independent compliance providers.

Highlights include:
🔹 Enhanced regulatory framework for tackling financial crimes
🔹 Focus on establishing and verifying ultimate beneficial ownership (UBO)
🔹 Strategic collaborations with independent third-party providers

While strides have been made, the FATF also outlined key areas for growth, including enforcement and awareness of UBO responsibilities. Read blog

Should a UAE freezone entity automatically be rated higher risk than an onshore LLC entity? Difficult when UAE freezones come in all shapes and sizes, but compliance professionals ultimately need to make a call and then be consistent in their approach to risk-based due diligence. Complexity can be the enemy of the good.

Diligencia’s UAE regional director, Jonathan Siklos, examines this and other factors involved in risk-based due diligence.

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