The latest compliance issues in wealth management across the UK, Europe, Middle East and Africa.

Credit Suisse
Credit Suisse’s chief executive has personally travelled to Saudi Arabia to apply for a banking license.

An increasing number of western banks and fund managers are looking to expand in the kingdom since the government unveiled a plan aimed at privatising areas of the economy. According to its LinkedIn, Credit Suisse has been growing its team in Saudi Arabia and the United Arab Emirates over the past year with bankers added within wealth management and private banking.

“I have been to Riyadh, I met the head of SAMA (the Saudi Arabian Monetary Authority), I made the application myself,” said Tidjane Thiam, CEO, during the bank’s second-quarter news conference.

According to Reuters, Qatar Investment Authority owns a 4.94 per cent stake in Credit Suisse and bankers had said in the past that the Swiss bank’s close ties with Doha could pose a risk for winning more Saudi business.

The UAE, Saudi Arabia, Bahrain and Egypt imposed a boycott on Qatar in June 2017, severing diplomatic and transport ties and accusing it of supporting terrorism, which it denies.

Thiam denied facing any issues in the kingdom related to these ties.

“I can most categorically deny that there have been delays or issues in the application process,” he said. “There is no issue for Credit Suisse in Saudi Arabia.”

ADGM
Islamic services provider Al Hilal Bank signed a Memorandum of Understanding with the Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, aimed at promoting Islamic Finance in Abu Dhabi and across the UAE.

The MoU will allow Al Hilal Bank and ADGM to share and exchange knowledge, consult and collaborate on mutually beneficial initiatives to further support and expand the sector of Islamic Finance.

Through the agreement:
- Al Hilal Bank will work closely with the FSRA in the development of Islamic products.

- Al Hilal Bank will set up special purpose vehicle within the ADGM to enable the accomplishment of a number of strategic initiatives.

- Al Hilal Bank and ADGM will collaborate on the development and application of technologies specifically designed to address business challenges including mobile and e-banking, digital value-added services, blockchain, APIs, and automation.