Latest news with #AML
Yahoo
6 hours ago
- Business
- Yahoo
LegalBison Establishes Southeast Asia Presence with New Malaysian Office
New Kuala Lumpur office strengthens LegalBison's regional reach and enhances regulatory support across Asia. Kuala Lumpur, Malaysia--(Newsfile Corp. - June 20, 2025) - LegalBison, a global regulatory advisory firm specializing in the FinTech and crypto sectors, has officially opened its new office in Kuala Lumpur, marking the company's first physical expansion into Asia and reinforcing its long-term growth strategy in emerging financial markets. LegalBison To view an enhanced version of this graphic, please visit: This milestone follows the success of LegalBison's European headquarters in Tallinn, Estonia, and represents a strategic effort to better serve clients throughout Southeast Asia-including Malaysia, Singapore, Indonesia, Thailand, and beyond. "Availability for international clients has always been one of LegalBison's key strengths," said Sabir Alijev, Chief Product Officer at LegalBison. "With our new presence in Malaysia, we now have a bird's-eye view of the local regulatory landscape and are ready to deliver timely, regionally tailored solutions." Kuala Lumpur was selected for its robust regulatory institutions, economic stability, and position as a rising hub for digital finance in Asia. Establishing operations in Malaysia allows LegalBison to deepen relationships with local partners and clients while offering more agile support in licensing, AML/KYC compliance, cross-border banking, and corporate structuring. LegalBison's move reflects the growing demand for localized compliance expertise in Asia's fast-evolving financial landscape. The Malaysian team will collaborate closely with LegalBison's Estonia office to provide seamless advisory services across time zones, ensuring clients benefit from both global perspective and local insight. By anchoring its Asia-Pacific strategy in Kuala Lumpur, LegalBison positions itself as a trusted partner to startups, growth-stage firms, and enterprises navigating complex cross-border regulatory environments. LegalBison is now actively onboarding clients across Southeast Asia and is open to strategic partnerships throughout the region and globally. For media inquiries or more information, please visit or contact pr@ About LegalBison Founded in 2020, LegalBison is a regulatory and legal advisory firm headquartered in Tallinn, Estonia. The firm supports companies in the FinTech, crypto, and high-compliance sectors with services including licensing, compliance, banking solutions, and international corporate structuring. LegalBison provides tailored, cross-border support to help businesses navigate complex regulatory environments worldwide. Media Contact LegalBison PR Teampr@ 20 4577 To view the source version of this press release, please visit
Khaleej Times
10 hours ago
- Business
- Khaleej Times
Fintech major Qi andUS-based K2 Integrity join forces to align Iraq's financial sector with global standards
In a strategic move to strengthen financial compliance standards across its operations, Qi, also known as International Smart Card, has signed a landmark partnership with K2 Integrity, a global compliance and financial crime advisory firm. Qi-K2 scope of work will be split into Qi UAE, Qi Jordan and Qi Iraq. K2 Integrity will build a large operations and compliance back office in Jordan for Qi and will integrate this office into Qi's compliance ecosystem. K2 Integrity will further use Qi's UAE back office as an innovation incubator and sandbox for new Qi products and services. This long-term collaboration marks a new milestone for upgrading not only Qi's internal controls but also developing a model for strengthening the integrity for the entire Iraqi financial system. The agreement comes at a time when the Iraqi economy has started rebuilding post war and the country has increased its multilateral integration with the international financial institutions, central banks, governments and foreign investors. The concerns over outdated compliance and transparency have challenged the country's reputation. At this point, Qi has taken decisive action and partnered with a pioneer and powerhouse of the modern global AML/CFT compliance and standards conglomerate. The Qi and K2 Integrity duo is set to shift this narrative and build a model of excellence for compliance in Iraq. 'This is not just about one business group,' said Bahaa Abdul Hadi, chairman of International Smart Card (ISC), which owns and operates the Qi Card platform. 'This is about Iraq and its economic future. We believe in leading by example as we did in the past. We are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity.' 'This partnership illustrates Qi's proactive stance in positioning the company's and Iraq's electronic payment infrastructure at the forefront of global compliance standards,' said Bahaa. The partnership spans a 36-month roadmap split into three phases, where K2 Integrity will perform the following strategic tasks: Evaluate and transform Qi's current financial crime compliance (FCC) framework. Train Qi's personnel across all levels - from frontline staff to executive leadership. Take operational responsibility for implementing globally benchmarked compliance practices. Transition the program into a sustainable, best-in-class model eventually managed by Qi. What distinguishes this initiative is its national impact. Qi is Iraq's largest electronic payment platform, serving millions of customers and integrating with the central government, major banks, and global payment networks. The compliance infrastructure built with K2 Integrity for Qi will ripple across the country's financial ecosystem, influencing how banks, the fintech sector, and regulators approach risk, governance, and trust. The New York-based K2 Integrity brings decades of experience advising the US government, international institutions, and Fortune 500 banks. Its team includes former senior US Treasury officials who helped craft counter-illicit finance strategies and global standards. K2 Integrity's entry in Iraq signals confidence in Iraq's financial reform trajectory. 'Qi is setting the tone for a new era in Iraq,' said Chip Poncy, global head of Financial Integrity at K2 Integrity. 'By committing to global standards and transparency, Qi is building not just resilience, but regional leadership in financial compliance.' This initiative will position Iraq to regain credibility with international partners, attract investment, and enable more secure, scalable cross-border transactions, particularly vital for trade, remittances, and financial inclusion.
Zawya
15 hours ago
- Business
- Zawya
OpEd: AML delisting by EU is expected to accelerate real estate investment in UAE
On June 10, 2025, the European Commission officially removed the United Arab Emirates from its list of high-risk third countries for money laundering and terrorism financing. Known widely as the 'AML blacklist,' this designation had long cast a shadow over cross-border transactions and capital flow - particularly affecting sectors like real estate that rely heavily on international investor confidence. The decision follows the UAE's earlier delisting from the Financial Action Task Force (FATF) grey list in February 2024. That the EU took more than a year to align with FATF raises questions about the consistency and intent behind such classifications. But for the UAE, and especially its real estate sector, this long-overdue course correction marks a significant milestone - one that promises to unlock capital, restore trust, and accelerate global investor engagement. Unlocking investor momentum Real estate markets operate on momentum - and that momentum is powered by trust. Being labeled high-risk, even temporarily, creates friction in financial operations, adds layers of compliance costs, and pushes institutional investors to the sidelines. With this decision, the gates to European capital are opening wider. The removal of the UAE from the EU blacklist means European financial institutions, investment funds, and family offices will face fewer compliance barriers when transacting with UAE-based developers or acquiring property in the country. This paves the way for more efficient deal-making, enhanced mortgage access, and faster fund flows - particularly in luxury real estate, branded residences, and commercial investment assets. For real estate, compliance equals confidence. And with this delisting, we're about to see a wave of European capital flow into UAE's most dynamic developments. Dubai and Abu Dhabi - already enjoying record-breaking performance over the past two years - are set to benefit most. But this reputational boost will also ripple into emerging markets like Ras Al Khaimah and Sharjah, where high-end developments and hospitality-led real estate are gaining traction. From bureaucracy to opportunity For developers, the impact is multifaceted. Beyond foreign direct investment, this opens the door to new forms of funding - from structured finance and development equity to real estate investment trusts (REITs) targeting Gulf assets. UAE developers can now explore joint ventures, pre-sales, and cross-border launches in the EU with fewer legal roadblocks. At the buyer level, the shift is equally significant. European HNWIs and second-home buyers will find it easier to transfer funds, secure local financing, and complete real estate transactions without triggering additional scrutiny or delays. This underscores a deeper point: regulatory labels often lag behind market realities. The UAE's reforms — from strengthening AML/CFT enforcement and beneficial ownership regulations to implementing real-time financial monitoring — were implemented swiftly and decisively. It is this proactive governance that global investors have been rewarding, long before the EU formally acknowledged it. The EU may have delayed its recognition, but the market never did. Investors have long seen the UAE as a transparent, high-yield haven - this move simply catches up with that reality. Newly blacklisted countries such as Kenya, Nepal, and Lebanon now face the same scrutiny the UAE has just shed. The UAE's trajectory offers them a roadmap — but it also illustrates how long and unnecessarily burdensome the climb can be, even after reforms are enacted. The EU's decision is more than a bureaucratic update - it is a strategic unlock for the UAE's economy. For real estate developers, it means wider access to capital, more global partnerships, and a restored sense of credibility in the international market. The message to investors is clear: the UAE is not only compliant - it's compelling. (The author is Founder of UAE-based Patheon Development. Any opinions expressed in this article are the author's own) Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Time Business News
a day ago
- Business
- Time Business News
Exonerated but Still Wanted: Red Notices That Outlive Legal Cases
VANCOUVER – You win your case. The charges are dropped. A judge clears your name. But months—or even years—later, you find yourself arrested at a border, denied a visa, or blocked by a bank. Why? Because a Red Notice issued by INTERPOL continues to circulate globally, even after the legal grounds for it no longer exist. In a justice system increasingly dependent on digital alerts and automated databases, exoneration doesn't always mean freedom. Amicus International Consulting investigates how outdated or unresolved INTERPOL Red Notices continue to punish the legally innocent, raising urgent questions about due process, data synchronization, and international cooperation. When Innocence Isn't Enough A Red Notice, once issued, can outlive the legal case it was based on. Although it is meant to be temporary—pending extradition or resolution—INTERPOL notices are often not automatically removed even when: Charges are dropped A court rules in favour of the accused A statute of limitations expires A conviction is overturned on appeal This creates a legal phantom: a person who is no longer wanted by law, but still flagged globally as a fugitive. Case Study 1: British Banker Cleared, But Detained in Dubai In 2022, a British national previously accused of fraud in Southeast Asia was acquitted after evidence emerged that a business rival had fabricated the case. Despite the dismissal, he was arrested at Dubai International Airport during a layover, due to a Red Notice that had never been withdrawn. Although the arresting country had no jurisdiction and the extradition request was void, he was held for four days, missed a major business summit, and suffered reputational damage when local media reported on the story. His legal team, working with Amicus, later succeeded in having the Red Notice deleted by the Commission for the Control of INTERPOL Files (CCF). Still, the incident cost him professional contracts and exposed systemic failures in Red Notice management. Why Red Notices Outlast Legal Proceedings There are several reasons why Red Notices persist even after exoneration: Member States Must Notify INTERPOL INTERPOL does not actively monitor ongoing court cases. It relies on the issuing country to voluntarily request removal. Some countries delay or intentionally fail to update INTERPOL on dropped charges. INTERPOL's Bureaucratic Lag Even when removal is requested, data purging can take months . . The General Secretariat in Lyon handles the process and requires a formal internal review. Data Duplication in Third-Party Systems Many private firms (banks, airlines, visa services) mirror INTERPOL databases . . These may not update in real time—or at all—even when a Red Notice is deleted. Legal Limbo: The Digital Consequences Even after being cleared in court, an individual listed in INTERPOL's system may: Be detained at international borders Lose banking relationships due to KYC/AML compliance Have visa applications rejected or delayed Be barred from working in regulated industries Suffer reputational loss, especially if their Red Notice was publicly visible The human and economic cost of this 'residual criminality' can be devastating. Case Study 2: Journalist Exonerated, Still Flagged in Europe In 2021, a Middle Eastern journalist exiled in Europe won asylum and later had criminal defamation charges against her dismissed by the Supreme Court of her home country. Yet a Red Notice remained active, and she was detained during travel to Switzerland for a media conference. Authorities initially resisted her release, citing INTERPOL's alert. Only after Amicus submitted a dossier with court records and asylum documentation was she allowed to continue her journey. It took another seven months for the CCF to delete the outdated notice. Who Is Responsible for Removal? The responsibility to remove a Red Notice lies with: The Issuing Country : They must notify INTERPOL of legal developments. : They must notify INTERPOL of legal developments. The INTERPOL General Secretariat : Must process removals efficiently. : Must process removals efficiently. The CCF May act independently if a formal complaint is filed. May act independently if a formal complaint is filed. The Subject or their legal team must often initiate contact to push for deletion. This fragmented process creates a bottleneck, especially when legal representation is absent or under-resourced. The CCF: The Last Hope for the Wrongfully Listed The Commission for the Control of INTERPOL's Files (CCF) is the only body authorized to review and delete Red Notices. Its process is confidential, written, and can take 6–12 months. Grounds for deletion include: Case dismissal or acquittal Violation of due process in the origin country Political or discriminatory motive Expiry of the statute of limitations Contradiction with asylum or refugee status While the CCF plays a vital role, its slow pace and limited enforcement power often mean that individuals remain trapped in legal uncertainty. Case Study 3: Businesswoman Exonerated in U.S., Flagged Abroad A dual citizen of the U.S. and West Africa was exonerated in a high-profile corporate embezzlement case in 2020. A federal court found the charges unfounded and politically retaliatory. However, INTERPOL had already issued a Red Notice. Although the U.S. courts cleared her, she was denied entry to Canada, where the Red Notice still appeared in immigration systems. It took Amicus and a Canadian legal team three months to coordinate with authorities and have her travel clearance reinstated. The Red Notice was eventually deleted, but her ability to operate in global finance remained impaired. Amicus Intervention: Legal Strategy Against Old Alerts Amicus International Consulting works with clients whose legal cases are resolved but whose Red Notices remain active. Our services include: Petitioning the CCF for deletion Requesting post-resolution updates from issuing countries Coordinating with immigration and banking compliance units Advising on travel and visa risks during review periods Reputation and media management for high-profile individuals 'Red Notices don't die just because the case does,' said a legal advisor at Amicus. 'You need to bury them legally—or they'll bury your freedom.' Private Sector Fallout: When Banks, Airlines, and Visa Services Don't Get the Memo Even after a Red Notice is deleted, the ripple effects continue: Banks may keep compliance flags for years , fearing future liability. , fearing future liability. Airlines may block bookings from blocked names via API-PNR systems. from blocked names via API-PNR systems. Visa systems, such as ESTA, ETIAS, and eTA, may automatically reject applicants with past INTERPOL flags. may automatically reject applicants with past INTERPOL flags. Background check companies may cite old or archived Red Notices. Amicus offers digital hygiene audits and private-sector erasure campaigns to mitigate ongoing risk. Case Study 4: Interpol Notice Deleted, But Identity Still Tainted In 2023, Amicus represented a Balkan IT executive who had a Red Notice removed after being cleared of charges in Croatia. Yet, his LinkedIn, banking apps, and even air ticketing profiles continued to reject verification due to cached data from third-party vendors. A year-long campaign of legal requests and GDPR filings finally removed the last traces of the outdated notice, but not before he lost clients and had to close his consultancy firm. Policy Recommendations: Preventing Post-Exoneration Injustice To prevent future harm, Amicus and human rights partners advocate for: Automatic removal protocols triggered by issuing countries upon exoneration triggered by issuing countries upon exoneration Real-time data syncing between INTERPOL and third-party users between INTERPOL and third-party users Mandatory Red Notice expiration after legal closure, unless extended by judicial order Red Notice review board with faster appeal windows for cleared individuals Global standard for data privacy and reputation restoration Until then, legal vigilance remains the only defence against a system that exceeds its mandate. Case Study 5: Politician Cleared, Still Blocked from Travel A former Central Asian diplomat, acquitted of corruption charges by an international court in 2021, continued to face travel restrictions in the EU and Asia-Pacific because his Red Notice had not been removed. Despite repeated requests, the issuing country refused to notify INTERPOL. Amicus filed an independent appeal with the CCF, resulting in the deletion nearly a year later. The gap between legal reality and INTERPOL's records had cost him three years of international engagement and stalled the humanitarian work he led. 📞 Contact Information Phone: +1 (604) 200-5402 Email: info@ Website: Follow Us: 🔗 LinkedIn 🔗 Twitter/X 🔗 Facebook 🔗 Instagram TIME BUSINESS NEWS
Mid East Info
a day ago
- Business
- Mid East Info
Fintech Major Qi and U.S.-based K2 Integrity Join Forces to Align Iraq's Financial Sector with Global Standards
This partnership illustrates Qi's proactive stance in positioning the company's and Iraq's electronic payment infrastructure at the forefront of global compliance standards – Bahaa Abdul Hadi ( Dubai, United Arab Emirates ) – In a strategic move to strengthen financial compliance standards across its operations, Qi, also known as International Smart Card, has signed a landmark partnership with K2 Integrity, a global compliance and financial crime advisory firm. Qi-K2 scope of work will be split into Qi UAE, Qi Jordan and Qi Iraq. K2 Integrity will build a large operations and compliance back office in Jordan for Qi and will integrate this office into Qi's compliance ecosystem. K2 Integrity will further use Qi's UAE back office as an innovation incubator and sandbox for new Qi products and services. This long-term collaboration marks a new milestone for upgrading not only Qi's internal controls but also developing a model for strengthening the integrity for the entire Iraqi financial system. The agreement comes at a time when the Iraqi economy has started rebuilding post war and the country has increased its multilateral integration with the international financial institutions, central banks, governments and foreign investors. The concerns over outdated compliance and transparency have challenged the country's reputation. At this point, Qi has taken decisive action and partnered with a pioneer and powerhouse of the modern global AML/CFT compliance and standards conglomerate. The Qi and K2 Integrity duo is set to shift this narrative and build a model of excellence for compliance in Iraq. 'This is not just about one business group,' said Bahaa Abdul Hadi, Chairman of International Smart Card (ISC), which owns and operates the Qi Card platform. 'This is about Iraq and its economic future. We believe in leading by example as we did in the past. We are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity.' 'This partnership illustrates Qi's proactive stance in positioning the company's and Iraq's electronic payment infrastructure at the forefront of global compliance standards,' said Bahaa. Setting National Roadmap The partnership spans a 36-month roadmap split into three phases, where K2 Integrity will perform the following strategic tasks. Evaluate and transform Qi's current financial crime compliance (FCC) Train Qi's personnel across all levels—from frontline staff to executive Take operational responsibility for implementing globally benchmarked compliance Transition the program into a sustainable, best-in-class model eventually managed by What distinguishes this initiative is its national impact. Qi is Iraq's largest electronic payment platform, serving millions of customers and integrating with the central government, major banks, and global payment networks. The compliance infrastructure built with K2 Integrity for Qi will ripple across the country's financial ecosystem, influencing how banks, the fintech sector, and regulators approach risk, governance, and trust. Bringing Global Expertise to Iraq The New York-based K2 Integrity brings decades of experience advising the U.S. government, international institutions, and Fortune 500 banks. Its team includes former senior U.S. Treasury officials who helped craft counter-illicit finance strategies and global standards. K2 Integrity's entry in Iraq signals confidence in Iraq's financial reform trajectory. 'Qi is setting the tone for a new era in Iraq,' said Chip Poncy, Global Head of Financial Integrity at K2 Integrity. 'By committing to global standards and transparency, Qi is building not just resilience, but regional leadership in financial compliance.' Reclaiming Iraq's Financial Legacy This initiative marks a pivotal milestone in Iraq's compliance evolution—strengthening national capabilities and building a foundation for secure, scalable financial growth. It positions Iraq to regain credibility with international partners, attract investment, and enable more secure, scalable cross-border transactions, particularly vital for trade, remittances, and financial inclusion. About Qi: Qi, also known as the International Smart Card or Qi Card, is Iraq's leading digital payment platform, serving over 10 million customers through a unified ecosystem of cards, mobile wallets, merchant services, and government integrations. With a mission to empower the Iraqi economy through transparency, innovation, and financial inclusion, Qi continues to lead Iraq's digital transformation journey. About K2 Integrity: K2 Integrity is a global leader in risk advisory, compliance, and investigations. With a legacy of shaping financial integrity standards and advising on complex cross-border regulatory issues, K2 Integrity empowers institutions worldwide to navigate risk and drive trust.
