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According to a report published by data bridge market research, Middle East, as well as what is to come this year, in the Middle East's global anti-money laundering Platform. This has been facilitated by technological advancements in AML software, as well as the region's increased demand for automation.
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Financial Crime Market Outlook & Middel East
We are delving into Africa and the Middle East, as well as what is to come this year, in the Middle East's global anti-money laundering Platform. According to a report published by Data Bridge Market Research, the Middle East and Africa anti-money laundering market is expected to grow at a CAGR of 13.5 percent from 2021 to 2028. Technological developments in AML software, as well as the growing need for automation in the region, have aided this. Introduction
According to reports, the Financial Action Task Force (FATF) is considering putting the UAE on its 'grey list.' The UAE Central Bank was fined for failing to comply with AML standards at the start of the year, thus being added to the 'grey list' might put the region under even more financial pressure from Saudi Arabia, on top of the rivalry it currently confronts in terms of oil. FATF’s Watchlist
This was particularly prevalent in South Africa as poverty and social inequality rose, sending crime rates returning to pre-pandemic elevated levels. Likewise, financial crimes like bribery, and corruption, also increased during this time. Impact of COVID Businesses are having to focus more on their AML efforts to adopt a proactive approach and increase their resources, especially with the rise in people working from home. The global pandemic had a significant impact on the financial crime in Africa exacerbating corruption concerns.
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