The Riffle Podcast

In this episode of The Riffle , we unpack the FSRA’s latest initiative to strengthen ADGM’s insurance regulatory framework and position the jurisdiction as a global reinsurance hub . We cover the key proposals from Discussion Paper No. 1 of 2025 — including the new ADGM Solvency Capital Requirement (ASCR) , internal models, three-tier own funds, innovative risk-transfer tools like synthetic sideca...

In this episode of The Riffle , we break down VARA Connect — Dubai’s new real-time, AI-powered platform giving the regulator instant oversight of virtual asset activity. We cover its intelligent risk detection, direct API integration with VASPs, and how continuous monitoring will raise compliance expectations while strengthening trust in Dubai’s virtual asset ecosystem. 🎙 Presented by 10 Leaves

In this episode of The Riffle , we break down the ADGM FSRA’s Guidance & Policy Manual — the core framework governing how firms are authorised, supervised, and disciplined in ADGM. We cover the “fit and proper” authorisation standard, the FSRA’s risk-based supervision model, and the manual’s structured approach to investigations, enforcement, and penalties. We also highlight the Part 21 proces...

In this episode of The Riffle , we break down the ADGM Administrative Regulations 2025 — a sweeping reform of the Registration Authority’s enforcement, investigation, and supervisory powers. We cover the new two-tier contravention system, expanded investigative authorities, and the RA’s strengthened ability to compel information, appoint investigators and skilled persons, obtain court-ordered warr...

In this episode of The Riffle , we break down the DFSA’s Thematic Review on Continuing Professional Development for MLROs — a deep look into how well firms and financial crime specialists in the DIFC are meeting their regulatory learning obligations. We cover the review’s key findings, including overall CPD compliance levels, the gaps in hybrid MLRO roles, the widespread reliance on basic or low-v...

In this episode of The Riffle , we break down the ADGM Code of Market Conduct — the framework that defines, clarifies, and enforces the market abuse regime under the Financial Services and Markets Regulations. We cover the CMC’s interpretation of key offences, including market manipulation, insider dealing, improper disclosure of Inside Information, dissemination of false or misleading statements,...

In this episode of The Riffle , we unpack ADGM’s Consultation Paper No. 12 of 2025—its proposed enhancements to the funds framework. We cover the new STFM and IFM regimes, the formalisation of Employee Investment Vehicles, and the strengthened rules for Foreign Fund Managers. We also touch on the FSRA’s review of Private Credit Funds, Green & Climate Transition Funds, and private REITs, and wh...

In this episode of The Riffle , we break down Federal Decree-Law No. (10) of 2025 , the UAE’s strengthened framework for combating money laundering, terrorism financing , and proliferation financing . We cover the law’s upgraded governance structure , expanded definitions (including virtual assets and encryption), stronger investigative powers , and strict obligations for financial institutions, D...

In this episode of The Riffle , we unpack ADGM’s Consultation Paper No. 13 of 2025 , a comprehensive proposal reshaping the regulatory landscape for insurance and climate-related risks in the ADGM. We break down the FSRA’s key reforms — from aligning with global IAIS Insurance Core Principles , strengthening reinsurance and market conduct standards, and mandating IFRS 17 , to introducing a cross-s...

In this episode of The Riffle , we break down ADGM’s Restricted Securities Regime — a cornerstone framework designed to support fair price discovery and investor protection for issuers listed under the Assets Eligibility Test . We explore: 🔹 Why ADGM applies transfer restrictions to founders, insiders, and early investors 🔹 The 11 categories of Restricted Securities and their one- or two-year lo...

In this episode of The Riffle , we explore the DIFC Authority’s latest consultation on proposed amendments to the Real Property Law (RPL) — designed to enhance clarity, fairness, and flexibility within the Centre’s property framework. Key highlights include: ✅ Introduction of a ten-year decennial liability for contractors on construction defects ✅ Extended lease registration period — from 30 to...

The FSRA has issued its latest Supplementary Guidance on Digital Investment Management — setting out a comprehensive framework for algorithm-based investment services in ADGM. In this episode of The Riffle , we highlight: ✅ What qualifies as Digital Investment Management — including AI-driven tools and limited human interaction ✅ Required Financial Services Permissions (FSPs) and capital expecta...

The FATF has released its latest grey list update — with Burkina Faso, Mozambique, Nigeria, and South Africa officially removed after completing their action plans. In this episode of The Riffle , we highlight: ✅ The 20 jurisdictions still under monitoring ✅ Key focus areas: beneficial ownership, risk-based supervision, and financial intelligence ✅ FATF’s call for a balanced, risk-based approac...

In this episode of The Riffle , we break down ADGM’s newly enhanced regulatory framework , effective October 16, 2025 , which redefines how legal, tax, and company service providers operate within the financial centre. We cover: ✔️ Regulation of tax advisory as a controlled activity ✔️ New qualification and governance standards for legal and tax firms ✔️ Updated capital, insurance, and reporting r...

In this episode of The Riffle , we break down ADGM’s Consultation Paper No. 11 of 2025 , which introduces a new framework for Temporary Business Permits . We unpack how these proposed rules aim to simplify short-term business activities — from pop-ups and events to marketing promotions — while ensuring clarity, compliance, and consumer protection within ADGM. 🎧 Presented by 10 Leaves

In this episode of The Riffle , we unpack the ADGM FSRA’s Thematic Review on Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), and Targeted Financial Sanctions (TFS) frameworks for Virtual Asset Service Providers (VASPs) . The review reveals a clear message — awareness alone isn’t enough. Firms must turn written policies into measurable, consistent action. Tune in as we break down...

In this episode of The Riffle , we explore the newly introduced DIFC Data Protection Regulation 10 , a landmark framework designed to bring responsibility, transparency, and trust into the use of Artificial Intelligence systems that process personal data. We break down: 🔹 The principles of “privacy by design and default” built into the regulation 🔹 Key requirements for AI systems, including clea...

In this episode of The Riffle , we dive into the latest ADGM Notice FSRA/FCCP/128/2025 on malware threats and cybercrime prevention. Issued by the Financial & Cyber Crime Prevention (FCCP) department of the FSRA, the notice highlights the serious risks posed by malware , from operational disruption and data theft to reputational and financial damage. We break down: 🔹 The nature and impact of...

In this episode of The Riffle , we unpack ADGM’s newly enacted Substantial Public Interest Rules under the Data Protection Regulations 2021, effective September 9, 2025 . These amendments provide much-needed clarity on processing Special Categories of Personal Data under defined public interest grounds — with a strong emphasis on protecting vulnerable individuals , such as children and adults at r...

In this episode of The Riffle , we unpack the DFSA’s 2025 Thematic Review of High-Growth Firms in DIFC. With 46% more authorised firms since 2021, $169B in assets under management, and retail clients growing 72% annually, DIFC is cementing its role as a global financial hub. But growth brings challenges — from governance gaps and under-resourced compliance teams to financial pressures and scaling...

In this episode of The Riffle , we unpack the DFSA’s Thematic Review on Fund Management Self-Custody in the DIFC, following strong growth in the Domestic Funds market. With 153 Domestic Funds and 46 of them (USD 3.8B AuM) using self-custody, the review highlights both good practices and widespread weaknesses. We cover the main gaps in policies, disclosures, conflicts of interest, and compliance ov...

In this episode of The Riffle , we unpack the ADGM Data Protection Rules 2025 , which introduce new legal grounds for processing Special Categories of Personal Data in the public interest . We break down the two key conditions: 🔹 Insurance Purposes – processing data for contracts, claims, and obligations without explicit consent in defined cases. 🔹 Safeguarding Children & At-Risk Adults – al...

In this episode of The Riffle , we unpack the Proposed Regulatory Framework for Fiat-Referenced Tokens (FRTs) released under Consultation Paper No. 9 of 2025 by the Financial Services Regulatory Authority (FSRA) of ADGM. You’ll learn how the framework builds on the 2024 Amendments, introduces a regulator-led approval process for “Accepted FRTs,” and expands regulated activities to cover custody, p...

In this episode of The Riffle Podcast , we break down the UAE’s 2025 National Money Laundering and Terrorism Financing (ML/TF) Risk Assessment — a transparent look at the country’s financial crime landscape. From high-risk sectors like banking, real estate, exchange houses, and virtual assets, to vulnerabilities in hawala and non-profit organizations, the report highlights where the challenges lie...

In this episode of The Riffle , we unpack the UAE’s Targeted Financial Sanctions (TFS) framework — a key safeguard against terrorism financing, proliferation financing, and sanctions evasion. We cover the legal foundation, who must comply, and the four-step compliance process: register, screen, freeze, and report. You’ll also hear about ownership & control rules, grievance procedures, and the...