Azerbaijan – Know Your Customer (KYC) Rules

  Throughout the past decade, Azerbaijan has undergone rapid economic development and implemented notable economic reforms. While Azerbaijan is focused on the need for economic diversification, the energy sector generated almost half of Azerbaijan‘s gross domestic product in 2011. All other sectors lag energy in growth and sophistication, including the […] Continue Reading »

Armenia – Know Your Customer (KYC) Rules

  Armenia is not a regional financial center and is not believed to be at major risk for money laundering and terrorist financing. However, governmental corruption, an organized crime presence and a large shadow economy make the country vulnerable. The major sources of laundered proceeds stem from theft, tax evasion […] Continue Reading »

Georgia – Know Your Customer (KYC) Rules

  Illegal income in Georgia derives from tax evasion, falsification of documents, embezzlement, misappropriation of funds, corruption, illegal entrepreneurship, intellectual property rights violations, customs fraud, environmental crimes, and theft. According to the Georgian Ministry of Justice, the bulk of criminal proceeds laundered in Georgia are derived from domestic criminal activity […] Continue Reading »

Kuwait – Know Your Customer (KYC) Rules

  Financial crimes, such as money laundering and terrorist financing, remain concerns in Kuwait primarily due to lack of adequate legislation. As of December 2010, the Central Bank of Kuwait reported total banking sector assets of $142 billion. Currently 21 banks operate in Kuwait: five commercial banks, five Islamic banks, ten […] Continue Reading »

Bahrain – Know Your Customer (KYC) Rules

  Bahrain is a leading financial center in the Gulf region. In contrast with its Gulf Cooperation Council (GCC) neighbors, Bahrain has a primarily service-based economy, with the financial sector providing more than 20% of GDP. It hosts a diverse group of financial institutions, including 152 banks, 38 money changers […] Continue Reading »

Qatar – Know Your Customer (KYC) Rules

  Qatar has become an increasingly important Gulf banking and financial services center. Despite the growth of the banking sector and increasing options for financial services, Qatar still has a largely cash economy. Qatar has had low rates of crime, although crime rates have increased in recent years. There are […] Continue Reading »

United Arab Emirates – Know Your Customer (KYC) Rules

  The United Arab Emirates (UAE) is the primary transportation and trading hub for the Persian Gulf States, East Africa, and South Asia. Its robust economic development, political stability, and liberal business environment have attracted a massive influx of people, goods, and capital which may leave the country vulnerable to […] Continue Reading »

Saudi Arabia – Know Your Customer (KYC) Rules

  The Kingdom of Saudi Arabia (KSA) is a growing financial center in the Gulf Region. Money laundering and terrorist financing are known to originate from Saudi criminal enterprises, private individuals, and Saudi-based charities. Based on media reports and discussions with Saudi officials, there is no indication of significant narcotics-related money […] Continue Reading »

Yemen – Know Your Customer (KYC) Rules

  The financial system in Yemen is not well developed and the extent of money laundering is not known. Yemen is not considered a regional financial center. However, government corruption, substantial politicization of government institutions, a largely cash based economy, and lax government enforcement of existing laws and regulations render […] Continue Reading »

Oman – Know Your Customer (KYC) Rules

  Oman is not a regional or offshore financial center and does not have significant money laundering or terrorist financing concerns. Due to its location on the tip of the Strait of Hormuz, Oman is home to a small number of smugglers operating between Musandam, the northern-most exclave of Oman, and […] Continue Reading »