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Alvarez & Marsal Middle East Limited (A&M) is delighted to publish the Q2’19 edition of the UAE Banking Pulse (“The Pulse”). In this quarterly series, we share results from our research examining the top ten largest listed UAE banks by assets, and highlight key performance indicators of the UAE banking industry.

Senior Director Michael Carter recently participated in a Q&A “How Can Countries Get the Upper Hand Against Launderers” with Financial Services Advisor focusing on anti-money laundering efforts in Latin America.

There are currently over a dozen banks embroiled in the ongoing Europe-wide Russian money-laundering scandal, and some have collapsed under the weight of their financial crime failures. Given the focus of both regulators and financial institutions on financial crime risks, why are banks continuing to fail in this area?

Benchmarking can not only help identify areas of underperformance but also act as a “call to action” for the management team to undertake an aggressive, enterprise-wide transformation.

When an employee earns wages, both the employer and the employee are liable for a portion of Social Security taxes and Medicare taxes (collectively referred to as “FICA” taxes) on the compensation. Employees owe 6.2 percent for Social Security taxes on wages up to the Social Security wage base ($132,900 for 2019) and 1.45 percent for Medicare taxes on all wages (plus an Additional Medicare Tax of 0.9 percent on wages in excess of $200,000), while employers owe 6.2 percent for Social Security taxes on wages up to the Social Security wage base ($132,900 for 2019) and 1.45 percent for Medicare taxes on all wages (but no Additional Medicare Tax).