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The United Arab Emirates is rapidly transforming into a global digital powerhouse. With ambitious goals to boost its digital economy’s contribution to GDP and a recent removal from the FATF grey list, the country is poised for significant growth. However, this rapid expansion brings new challenges, particularly in the realm of anti-money laundering (AML) and counter-terrorism financing (CFT) compliance.
NapierAI, a provider of intelligent compliance solutions, recently explored the potential benefits of a regulatory sandbox for the UAE’s burgeoning digital economy.
A regulatory sandbox emerges as a critical tool to address these challenges. This controlled environment allows financial institutions to test and refine AML rules using real-world data, enhancing their ability to detect and prevent financial crimes.
As the UAE continues to build its digital economy, a regulatory sandbox becomes an indispensable asset. It empowers financial institutions to stay ahead of evolving threats, meet regulatory expectations, and drive innovation while safeguarding the country’s financial system.
Source: https://www.napier.ai/post/uae-sandbox-digital-economy
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