The Dubai Financial Services Authority (DFSA) held its Annual Supervision Outreach Session with the Compliance Officers Network Group (CONG) last week, to discuss key developments and priorities for the financial services industry in the Dubai International Financial Centre (DIFC). The annual event serves as a platform for the DFSA to engage with its regulated community and other stakeholders in respect of its key regulatory priorities such as cyber risks, fighting financial crime, and ensuring suitability of financial products and services.
 
Over the course of the event, the DFSA provided updates on its current and future policy agenda, trends in recent regulatory actions, and current risks and issues in the banking, broking, insurance and wealth management sectors. The event also enabled participants to discuss the continued opportunities presented by FinTech, InsurTech and RegTech and the various initiatives being undertaken by the DIFC and the DFSA to support the United Arab Emirate’s National Innovation Strategy launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to make the UAE a global hub for innovation.

In his opening remarks, Bryan Stirewalt, Managing Director, Supervision at the DFSA, said: “The DIFC continues to serve as the hub for financial services in the Middle East and North Africa region. It is a key part of our mandate to ensure that we are effectively engaged with our regulated population to understand evolving trends and the impact these will have on our market. This event has become a strong tradition for the DFSA as a chance to reach out to the regulated community in the DIFC.”

The event was targeted at the DFSA-regulated entities, including compliance officers and money laundering reporting officers from its Authorised Firms and Designated Non-Financial Businesses or Professions (DNFBPs). Over 300 participants attended this year’s event, representing many of the 491 Authorised Firms, 121 DNFBPs and 16 Registered Auditors now operating in the DIFC.