The Impact of Global Regulation on UAE Financial Services

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With an increasingly globalised workforce, the talent pool for the UAE’s Financial Services sector is bigger than ever. But with the shadow of the 2008 financial crisis still hanging overhead, the increased level of choice comes with the need for even greater candidate scrutiny.

Internationally regulators are raising the bar when it comes to accountability in the sector. The UK is a prime example, with the recent introduction of the Senior Managers Regime, Certification Regime and Conduct Rules, which provides stricter screening procedures for senior management and staff in risk taking roles. With such a shift in regulation, there is likely to be a knock on affect in other regions, including the UAE.

“Any changes implemented in the UK will affect us in the Middle East”

Despite the UAE having its own rules and regulations to adhere to, panellists felt multinational firms with regional offices in the Middle East would feel pressure due to the changes in regulation elsewhere, which would then impact on the procedure of local institutions.

Despite many firms adhering to what they believe to be best practice in the Middle East, the policies being implemented are not part of an industry wide framework. Despite some desire to see such a framework, panellists were dubious as to how consensus would be reached.

Many believed that mandatory checks would be introduced in the Financial Services sector to come in line with other international centres, and to further protect itself from undesirable individuals.

Read more about the panellists’ views on Financial Services screening in the Middle East in our whitepaper, The Big Screen. Download your copy today.

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The HireRight Blog is provided for informational purposes only and should not be construed as legal advice. Any statutes or laws cited in this article should be read in their entirety. If you or your customers have questions concerning compliance and obligations under United States or International laws or regulations, we suggest that you address these directly with your legal department or outside counsel.

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