Advisory and Transformation
Industry NewsThe report is based on data collected between 2021 and 2024 with sources including suspicious transaction reports (STRs), suspicious activity reports (SARs), international intelligence reports, cases disseminated to law enforcement and intelligence authorities, and other open sources.
Key typologies identified in the report include:
➡️ Corporate networks: The most observed pattern in TF related cases, STRs, and SARs, was the abuse of corporate structures to move and obscure funds;
➡️ Real estate: Suspicious transactions were frequently directed toward the real estate sector;
➡️ Designated parties: Many reports were submitted in relation to designated individuals, entities, or groups;
➡️ Corporate nominees: The use of nominated individuals to conceal true beneficial ownership, often by a sanctioned individual, was common in the analysed cases;
➡️ Virtual asset crowdfunding: Identified scenarios included the use of cryptocurrency when crowdfunding funds for terrorist activities; and
➡️ High-risk jurisdictions: Funds often passed through jurisdictions, or their neighbours, with deficient AML/CTF regimes or those exposed to terrorism.
✅ Firms operating in the UAE should review their TF risk assessments and ensure the latest typologies highlighted in the report are incorporated to provide an up-to-date view of the financial crime threat landscape.
💡Plenitude’s Advisory & Transformation Service conducts Business-Wide Risk Assessments (BWRAs), supporting clients to comprehensively assess their inherent and residual financial crime risks. Visit our website for more information: https://www.plenitudeconsulting.com/services/advisory-and-transformation
