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Compliance, in general, refers to the act of adhering to laws, regulations, industry standards, and ethical practices applicable to a particular business or industry. Compliance plays a crucial role in keeping businesses safe.
The aim of compliance is to ensure that an organization functions in a legal, ethical, and responsible manner. The financial services sector in the UAE is regulated by several bodies, including the Central Bank of UAE, the Securities and Commodities Authority, and the Dubai Financial Services Authority. Certain companies in the UAE are required to establish and maintain effective compliance programs that include policies and procedures, risk assessments, and employee training.
Compliance programs must be regularly reviewed and updated to ensure ongoing compliance with the changing regulatory landscape. Non-compliance with UAE financial regulations can result in significant legal and reputational risks, including fines, penalties, and loss of business.
Compliance is crucial for new businesses in the UAE
for the following reasons:
Experts behind many success stories
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