Financial Crime World

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Financial Crime Investigation Techniques in the United Arab Emirates: A Critical Necessity for Financial Institutions

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As global financial systems become increasingly interconnected, it has become essential for financial institutions to build robust preparedness programs and leverage full-scale compliance technology to guard against and investigate financial crimes. The United Arab Emirates (UAE), which has rapidly progressed to become a financial nerve-centre and a hub for global investors, is at the forefront of efforts to prevent, prosecute, and investigate financial crime.

Proactive Approach to Combating Financial Crime

The UAE’s proactive approach to combating financial crime has been recognized by major international agencies such as the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF). In line with this national agenda, it is crucial for financial institutions in the UAE to harness efficient financial crime compliance and investigations preparedness.

Five Key Parameters for Effective Investigations

Achieving the gold standard of rigour and sophistication in tackling financial crime requires a structured, well-informed, and data-driven approach guided by five parameters:

  • Data Awareness: Organizations must maintain a high level of data quality across all sources, including data mapping and containing data volumes through defensible retention and disposal programmers.
  • Response Planning: Financial institutions must have repeatable investigative tools, providers, and processes in place to respond quickly and effectively to potential financial crimes.
  • Data Quality Control: Defensibility is a significant step that can spell the difference between success and failure for financial institutions. This requires having strong data practices in place.
  • Defensibility: Financial institutions must be ready to initiate and swiftly follow defensible forensic procedures.
  • Enabling Time Efficiencies: Financial crime investigations are high-pressure, time-sensitive matters, requiring evidence to be produced to courts in a matter of days or weeks.

Conclusion

Harnessing the fundamentals of effective investigations has become a critical necessity for UAE financial institutions as the nation continues to grow in geopolitical stature and matures into a sought-after investment destination. As the data landscape grows increasingly complex, the way forward is to improve organisational scrutiny and update investigatory processes to promote transparency, accountability, and trust in the financial sector.

Expert Insights

Nick Athanasi, Head of Technology EMEIA at FTI Consulting, David Beck, Managing Director at FTI Consulting, Technology, and Abi-Gail Marshman, Senior Managing Director & Head of Financial Crime Consulting – Middle East & North Africa at FTI Consulting, share their expertise on the importance of data-driven approach in financial crime investigations.