Unlike many jurisdictions, the financial free zones of the Abu Dhabi Global Market (“ADGM”) and the Dubai International Financial Centre (“DIFC”) allow firms to employ an outsourced individual as a Compliance Officer (“CO”)/Money Laundering Reporting Officer (“MLRO”).
For many firms this is a cost-effective proposition compared to hiring an internal resource but is not always the best option for some firms.
There is no “one-size-fits-all” solution when it comes to compliance arrangements a firm should adopt. However, by considering the pros and cons, you should be able to identify what is right for your business.
To help senior management with the process of identifying the right option for your Firm, we have summarised the key areas for you to consider. Download our comparison to help you decide - is it full compliance outsourcing, an in-house Compliance Officer or the middle-ground - a support contract?