It’s official, Q1 of 2025 has come to a close and with that norbloc finds itself graciously recognized by Chartis Research, the leading provider of research and analysis on the global market for RiskTech and FinTech, in the 2025 Financial Crime and Compliance 50 Ranking and within the Future 100 list by the Ministry Of Economy, UAE for norbloc’s impact in the region.
Take five to read our, Top 5 for 2025 Compliance Trends or listen in on demand to our joint webinar with LexisNexis Risk Solutions, ADGM and more, Digital AML Strategies in Global Financial Markets: Diving into the Middle East.
This year we’ll be seeing more of AI in compliance, eKYC and a lot of cross-border harmonization. On that note, scroll further for this quarter’s industry news worth knowing – from FATF grey list changes, to activity from the EU on the AML/CFT regime and more.
💡Industry news worth knowing
The Financial Action Task Force (FATF) held its first plenary session of the year on February 17-21 which means its time to take note of changes in risk-scoring for certain countries, in the risk-based approach and stay aware of new guidance regarding red flags and financial flows. Key developments include:
- Changes to the grey list find Laos and Nepal added to the grey list and now requiring increased monitoring, whilst the Philippines has been removed.
- Strategic initiative has been taken to revise the FATF Standards to better support financial inclusion, recognizing that around 1.4 billion people around the world still do not have a bank account. The changes to Recommendation 1 will facilitate people’s access to financial services by encouraging financial institutions to apply simplified measures where risks are lower.
- Landmark Report issued examining how financial flows and producing financial intelligence can help to detect, disrupt and investigate the alarming monetization of live streaming of child sexual abuse. The Detecting, Disrupting and Investigating Online Child Sexual Exploitation report is now available.
In the meantime, the European Banking Authority (EBA) has launched a public consultation on its technical standards that will shape the EU’s new AML/CFT regime, impacting how institutions and supervisors will comply to these regulations.
The consultation focuses on the following 4 aspects:
- AMLA’s Supervisory Scope – in deciding which institutions will be subject to the direct supervision of the AMLA, the EBA is advising that the firms’ cross-border activities are first considered, and secondly, the outcomes of the harmonized money-laundering/terrorist-financing (ML/TF) risk assessment methodology.
- Harmonized ML/TF Risk Assessment – the EBA is proposing a harmonized methodology for all national supervisors to apply when assessing an institution’s inherent risks, the quality of controls and the residual risks that remain after the controls have been applied. This approach would ensure comparable outcomes across Member States and reduce regulatory burden for cross-border institutions.
- Guidance on Data Quality – to limit the cost of compliance while ensuring effective due diligence, the EBA is proposing a framework within which institutions can choose the most appropriate approach, offering flexibility by listing the types of documents and sources of information that should be consulted.
- Consistent Enforcement – the EBA’s aim is to ensure that AML/CFT breaches are assessed in the same manner across supervisors within the EU that the enforcement action is proportionate, dissuasive and effective.
Firms wishing to respond to the Call for Advice, the deadline for registration is April 8th: Register today
📌 In case you missed it…
Chartis recognizes norbloc as winner of Data Flow Management and Market Disruptor in FCC50 2025 Ranking
Following our success in 2024, norbloc has made into the FCC50 2025, put together by Chartis Research, the leading provider of research and analysis on the global market for risk technology.
The ranking, now in its second year, reflects the growth in the market, highlighting the solution providers that are worth knowing. At norbloc, we’re leveraging innovative technologies to disrupt common compliance challenges, such as fragmented internal processes and siloed data, transforming the burden of compliance into a competitive advantage.
Etihad Credit Insurance joins the KYC Blockchain Platform
Mohammad Sulaiman, Head of Enterprise Risk at ECI, Ali Al Ali, Director IT and Innovation at ECI, H.E. Raja Al Mazrouei, CEO at ECI, Astyanax Kanakakis, Co-Founder and CEO at norbloc, and Vijayalakshmi Seshadri, Head of Implementations and MEAA at norbloc
Proud to announce that the UAE KYC Blockchain Platform is growing with the addition of Etihad Credit Insurance (ECI), the UAE Federal export credit company, marking a first for the insurance sector.
The initiative aims to improve ease of doing business, company KYC compliance, and customer data quality and enable the KYC network’s future growth by leveraging it as a reliable customer data ecosystem.
Her Excellency Raja Al Mazrouei, CEO at ECI, said:
“This step enables the ecosystem to quickly improve the verification process of consumer identities and build unified procedures by leveraging blockchain technology. At ECI, we are committed to using state-of-the-art technologies in partnership with relevant stakeholders to increase operational efficiency, optimise services and accelerate processes.”
Future 100 Recognizes norbloc’s Impact in the UAE
H.E. Alia Al Mazrouei, Minister of State for Entrepreneurship, Vijayalakshmi Seshadri, Head of Implementations & MEAA at norbloc, and H.E. Ohood bint Khalfan Al Roumi, Minister of State for Government Development and the Future
norbloc has been recognized within the prestigious Future 100 list, a joint initiative between the Ministry Of Economy, UAE and the Office of Government Development and the Future. The list highlights the companies in the region that are making a promising contribution to the UAE’s future economic sectors.
Vijayalakshmi Tenbarai Seshadri, Head of Implementations & MEAA at norbloc said:
“We are dedicated to bringing value to our customers and continue to dynamically steer the way for platforms handling regulatory data in the region. To be recognized by the Ministry of economy within the Future 100 companies propelling the UAE forward is a true testament to our efforts. We truly appreciate this recognition and are energized to keep driving innovation in the UAE.”
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