The Virtual Compliance Clinic is an exciting extension of our service offering that allows us to support your business remotely on an hourly basis, providing regulatory compliance advisory services, as and when your business requires without the commitment of a full retainer contract. 

General

Step 1: Select the package of hours that you need and complete your purchase using our online payment facility. If you wish to pay by bank transfer, please contact us.

Step 2: You will be contacted within four business hours to confirm your package, or, if necessary, to request additional information from you to complete your purchase. Our business hours are Sunday-Thursday 9am-6pm.

Step 3: You will be introduced to your compliance consultant and provided with their details so that you can contact them during business hours by phone, email and / or video call.

Step 4: Your usage and the remaining balance will be recorded, documented, and reported to you on a weekly basis.

The Virtual Compliance Clinic can be used by financial services firms regulated by or seeking to be regulated by the following United Arab Emirates (“UAE”) financial services regulators:

UAE Financial Free Zones

  • The Dubai Financial Services Authority (“DFSA”) in the Dubai International Financial Centre (“DIFC”)
  • The Financial Services Regulatory Authority (“FSRA”) in the Abu Dhabi Global Market (“ADGM”)

UAE Onshore

  • The Securities and Commodities Authority (“SCA”)
  • The Central Bank of the UAE

If you are not a regulated firm or individual within a regulated firm, we still welcome your enquiries. However, unregulated entities and individuals will be subject to our standard client due diligence which is in-line with DFSA and FSRA requirements. For further details, contact us.

The Virtual Compliance Clinic is for financial services firms only and is not available to other sectors such as manufacturing, pharmaceuticals, construction, or real estate, for example.

The Virtual Compliance Clinic is not available to professional service providers or consultants operating in related sectors. Services will not be provided to anyone acting on behalf of a third party.

Your Firm can be based anywhere, but Virtual Compliance Clinic hours can only be used for advice relating to regulation by the following UAE financial services regulators:

UAE Financial Free Zones

  • The Dubai Financial Services Authority (“DFSA”) in the Dubai International Financial Centre (“DIFC”)
  • The Financial Services Regulatory Authority (“FSRA”) in the Abu Dhabi Global Market (“ADGM”)

UAE Onshore

  • The Securities and Commodities Authority (“SCA”)
  • The Central Bank of the UAE

CCL and/or its consultants are contracted as compliance officers/MLROs or are providing licensing, authorisation, corporate secretarial, or other ad hoc services to a broad range of clients. Our clients may be a competitor, client, advisor, or other service provider to you, either directly or indirectly. As such, CCL and/or one of our consultants may be conflicted in relation to you or the subject matter of your enquiry.  

CCL will not conduct any conflicts checks prior to providing services to you. However, we will inform you if we become aware of any material conflict of interest in our relationship with you or in our relationship with you and another client. Where conflicts are identified and we believe that your interests can be properly safeguarded by appropriate procedures, we will implement those safeguards. Where possible, this will be done on the basis of your informed consent. We reserve the right to act for other clients whose interests are not the same as or are adverse to yours, subject to confidentiality obligations.

Advice through the Virtual Compliance Clinic

No two businesses are the same but as a guide, here are some examples of the enquiries on which our consultants can provide advice and guidance, using hours from your Virtual Compliance Clinic package:

  • Advice on the AML requirements of UAE regulators
  • Understanding regulatory change and potential impact on your business
  • Application of the rules established by UAE regulators
  • Marketing restrictions and requirements in the UAE
  • Advice on registration of mutual funds in the UAE
  • Understanding the scope of a specific regulatory licence or category
  • Understanding which licence permissions and/or endorsements are required to progress with a proposed change to your business activities
  • Understanding prudential reporting requirements that apply to your business
  • Regulatory fees and regulatory reporting requirements and obligations
  • Client classification requirements
  • AML requirements for high-risk customers or PEPs
  • Reporting obligations for suspicious transactions and fraud
  • Guidance on cyber incident notifications
  • Requirements around record-keeping

Virtual Compliance Clinic hours cannot be used for the following:

  • Full assistance for applications for Authorisation
  • Processing variation of licence applications
  • Compliance Officer & MLRO Outsourcing
  • Drafting of compliance and associated control manuals
  • Undertaking a Compliance Monitoring Programme
  • Undertaking a Risk Mitigation Programme
  • IRAP/ICAAPs
  • Specific guidance on the completion of the prudential returns as they relate directly to your Firm rather than the category of licence that you hold
  • Formal compliance or AML training
  • Formal responses to a regulator’s questions/concerns
  • Legal advice
  • FATCA/CRS and tax advice

Should your requirement relate to any of these services, contact us for further details and to obtain a quote.

No, training / CPD is not covered under this service, although we would be happy to provide you with details of training courses that CCL and its affiliates offer.

Yes, absolutely. All firms must ensure they apply for the right licence to operate the business they are proposing.  It is key at the outset, as well as on an ongoing basis, to ensure your permissions cover the business you want to undertake with the type of clients you service.  It is also equally important to understand the limitations of any licence.

Yes.  For example, there are many reporting obligations required at a corporate level, some of which apply to regulated firms and others, to non-regulated entities.  We can assist you in understanding these obligations and complying with them including data protection. CCL is not a law firm and therefore some aspects, such as drafting or reviewing legal agreements, may be outside of our remit. We will inform you of any scope of limitations and be able to point you in the right direction of a law firm who could provide this guidance.

The Virtual Compliance Clinic is designed to support and guide compliance officers, MLROs and senior managers. Our advisory services do not constitute a formal legal opinion: while we may confirm information provided to you in writing by email, this may not be used by, provided to, or relied upon by, anyone other than you. Written advice provided via the Virtual Compliance Clinic is not and should not be considered legal or formal guidance.

Should you require a formal written report, this project can be undertaken through our conventional consultancy services. Contact us if this service is required.

CCL has a combined compliance and regulatory experience of over 200 years. We will use and exercise reasonable skill, effort, and care in providing our services based on the information you have provided to us.

When you purchase a package, you acknowledge and accept that, whilst every care will be taken in the performance of CCL’s services, CCL cannot guarantee to identify every instance of non-compliance or every compliance issue. In no circumstances shall we be held liable for failing to achieve a specific result or outcome on your behalf in respect of any matter. Further, you agree to indemnify CCL and its principals, directors and employees against any potential claims related to the advice given.

Your Virtual Compliance Clinic Hours

We are happy to continue to provide general guidance on current regulatory topics and market best practice until your package expires. We are uniquely positioned in the market to observe and advise, ensuring that you keep up to date.

Each package of hours must be fully utilised within the following timeframe:

  • Package 1 (4 Hours) – Expires 4 weeks from date of payment
  • Package 2 (10 Hours) – Expires 8 weeks from date of payment
  • Package 3 (15 Hours) – Expires 12 weeks from date of payment
Payments & Fees

Your payments can be made conveniently via our website using your credit card.

This charge will appear on your statement as ‘CCL Limited’.

If you prefer to pay by bank transfer, contact us to request an invoice.

We accept Visa and Mastercard.

Payments are made in US dollars.

Value Added Tax (VAT) was introduced in the UAE on 1 January 2018 with a rate of 5%. The rates above do not include VAT. At the time of payment, the 5% VAT will be added to your total.

If you are based outside of the UAE, there will be no VAT charged as export of services outside UAE is zero-rated as per Federal Decree Law.

Upon selecting your desired package, you will be redirected to the payment page, where the payment will have to be made in full.

If you prefer to pay by bank transfer, contact us to request an invoice.

Refunds will not be given for Virtual Compliance Clinic hours unless we are unable to accept you as a client. In this case, a full refund will be granted less any processing fees charged by the payment services provider.

We are happy to continue to provide general guidance on current regulatory topics and market best practice until your package expires.