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Dubai Registers First Specialist Compliance Firm

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

11 August 2006


CCL Compliance Consultants (CCL) has become the first specialist compliance firm authorised to operate from the Dubai International Financial Centre (DIFC).

CCL will focus on supporting firms applying for authorised status with the Dubai Financial Services Authority (DFSA) and help regionally-based firms operate in a market with world standard laws and regulations.

Ralph Lindeyer, Chairman, CCL, says the requirements set by the DFSA, a signatory to the International Organisation of Securities Commissions, are complex and demanding. Many firms need independent expert advice in order to meet the continuing high standards demanded by the regulator.

“As the first professional compliance firm to be established in the UK market, CCL brings unparalleled experience in this specialist field together with an intimate understanding of the requirements for operating in a world class regulatory environment. The DFSA has created a legal framework on par with the UK Financial Services Authority, in which we are expertly positioned to advise our banking, fund management and insurance clients," he stated.

"In addition, firms regulated by the DFSA are the subject of rigorous on-going supervision. CCL is ideally placed to help firms meet these demands," he added.

Established in 1988, CCL services on a current basis some 300 regulated firms and has obtained authorisation for more than 400 firms in the UK. CCL provides professional practitioner advice to a wide range of financial services clients, advising on authorisation and general compliance to anti-money laundering and risk management.

The DIFC, established by the Government of Dubai in September 2004, now boasts 55 authorised firms, including Citigroup, Credit Suisse, Deutsche Bank, HSBC, Morgan Stanley and Merrill Lynch. This number is expected to rise to 75 by the end of 2006.

Assem O. Kabesh, Chief Business Development Officer and Board Member at the DIFC, said the growing number of authorised firms at the centre will ensure ongoing demand for specialist compliance support.

“Newly established firms at the DIFC often need to outsource their compliance requirements or engage additional support depending on deal flow. CCL has recognised this need and will add real value to member firms through its wealth of professional experience," he said.


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