At Cynopsis Solutions, we strive to keep you informed about the latest developments that can impact your compliance processes. This month, we bring you insights from Dubai Unlocked - the latest major investigation by the Organized Crime and Corruption Reporting Project (OCCRP).
What Is Dubai Unlocked?
Dubai Unlocked is an international investigation that reveals the significant presence of Politically Exposed Persons (PEPs), sanctioned individuals, and wanted criminals and how they acquired real estate in Dubai. This project, made possible through verified leaked property records from 2020 to 2022, is the first of its kind to analyse ownership in Dubai on a global scale.
This investigation involves collaboration from more than 70 media outlets, including reputable organisations such as Al Jazeera, Forbes, and Le Monde, utilises verified data from multiple leaks, including records from the Dubai Land Department.
Through meticulous verification processes, expert analyses, transparency, and adherence to ethical journalism standards, insights into real estate acquisitions by these individuals have been unveiled.
You might remember Su Jianfeng, one of the money launderers arrested in the $3b Money Laundering Scandal in Singapore last year. He, alongside 5 others who are either named in connection with the case or wanted by Chinese police, also invested heavily in Dubai property.
Dubai has for years been identified as a major destination for laundering illicit cash, especially through its real estate market. Experts have highlighted several factors that made it attractive to politically exposed kleptocratic leaders and wanted criminals, particularly easy evasion of law enforcement or sanctions.
How Will This Affect You?
Associating with such individuals can expose your business or organisation to significant risks, not limited to:
Fines and Regulatory Penalties
Irreparable Reputational Damage
Disruption of Business/Organisation Operations
The consequences mentioned above are not mutually exclusive, and the severity of the penalties depends on the extent of the compliance breaches. Therefore, it is crucial to have a robust compliance framework and ongoing due diligence processes in place.
How Can Cynopsis Help You?
Rest assured as Artemis, our advanced risk management and client lifecycle solution, has you covered. Powered by our AI-driven risk assessment methodology, Artemis complies with strict FATF requirements, ensuring a thorough evaluation and screening process for both Corporates and Individuals. To uphold our commitment to regulatory compliance and due diligence, Cynopsis has integrated the complete list of individuals identified in Dubai Unlocked into ArtemiScan as of 24 May 2024.
*Applicable to Artemis 2.0 and 3.0 users.
ArtemiScan
ArtemisScan encompasses a diverse array of unique Sanction, Terrorist, and Alert Lists, extending its screening coverage to the list of personnel covered in the Dubai Unlocked project. ArtemiScan is also refreshed regularly, allowing for automated Ongoing Due Diligence screening checks for our customers whenever there is an update to the lists under coverage.
Some of ArtemiScan coverage extends to:
Financial and Investment Alerts
Sanctions and Terrorism-Related
Terrorism and Unlawful Activities
Enforcement and Wanted Persons
Disqualification and Restriction Orders
Regulatory and Enforcement News
Country-Specific Lists
Stay Ahead Of The Curve
In light of these findings, we encourage you to leverage the full capabilities of Artemis to compliment your compliance processes. With Artemis, you can stay ahead of the curve as we bring you ahead of your customer due diligence process.
If you are still considering, now is the perfect time to experience how Artemis can help your organisation achieve better regulatory outcomes. If you’re already using our solutions, make sure to explore all features and stay updated with the latest enhancements and updates. Arrange a free demo with us, or contact our sales team at sales@cynopsis.co to learn more about how our solutions can be tailored to meet your specific needs.
Don't miss out on this opportunity!
Source
OCCRP - Dubai Unlocked: How Dirty Money Finds a Home in Dubai Real Estate.
The Business Times: Data Leak Reveals Links Between Money Laundering Accused Su Jianfeng and Sale of Dubai Properties.
About Cynopsis Solutions  Â
Cynopsis Solutions helps companies digitize and automate AML/KYC compliance processes. Our focus is on know-your-customer, anti-money laundering, and counter-terrorism financing. Cynopsis Solutions’ accolades include MAS FinTech Awards, RegTech100, and Financial Times Top 50 High Growth Companies in APAC. Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations and applicable in more than 180 jurisdictions. We've helped firms across various industries, not limited to Banking and Financial Services, FinTech, Blockchain companies and Designated Non-Financial Businesses and Professionals.