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Financial Crime in the Middle East and North Africa 2018

In collaboration with Thomson Reuters, we are pleased to announce the release of our fourth annual report in our series of surveys on the subject of financial crime in the Middle East and North Africa

This survey, run in the fourth quarter of every year, allows us to track changing norms, standards and attitudes around compliance and the management of financial crime, thus allowing compliance practitioners and senior executives the ability to benchmark their services.

As with previous years, the report builds on annual surveys of similar respondents and, where relevant, highlights year-on-year trends and developments.

Our typical respondent is a senior manager in the governance, risk and compliance function, employed in a financial institution with over 1000 employees, with a presence in no more than five countries. Similarly to last year, they are most concerned about money laundering, with a sharp focus on knowing their customer.

In last year’s report we said that 2017 would be a year of heightened turmoil due to political uncertainty and exposure to innovative technology, and this has certainly been true. This turmoil, we believe, may have contributed towards a level of indecision amongst compliance and senior executives, and we see this reflected in a number of responses.

We identified five specific themes to examine in more detail:

  • Regulatory fatigue
  • Transformation of the compliance function
  • Skills and leadership
  • Regulators and the technology revolution
  • Emerging regulatory threats 
Financial Crime in the Middle East and North Africa 2018
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