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CMI & Co. at

ICE event today in London Managing Partner Ali Khan, Senior Partner Dr. Saif Mahmood & Ms. Somiya Basar,

ICE London is one of the biggest events
Exploring the Epicenter of Gaming Innovation: ICE London 2024
The gaming industry stands as a dynamic landscape, continually evolving with technological advancements, regulatory shifts, and changing consumer preferences. Amidst this vibrant ecosystem, one event shines as a beacon of innovation, networking, and industry insights: ICE London. As we delve into ICE London 2024, let’s uncover the essence of this monumental gathering and its profound impact on the global gaming community.

A Glance at ICE London:
ICE London stands as a pinnacle event in the gaming calendar, drawing thousands of professionals from around the world. Hosted annually, this grand exposition serves as a melting pot of creativity, entrepreneurship, and expertise, encompassing every facet of the gaming and gambling sectors. From industry giants to startups, regulators to technology providers, ICE London welcomes diverse stakeholders under one roof.

Unveiling Innovation:
At the heart of ICE London lies a showcase of innovation. Exhibitors unveil cutting-edge technologies, immersive gaming experiences, and groundbreaking solutions designed to shape the future of the industry. From virtual reality to artificial intelligence, blockchain to esports, ICE London serves as a launchpad for the latest trends and innovations that redefine the gaming landscape.

Insightful Conferences and Seminars:
ICE London transcends beyond a mere exhibition, offering a rich tapestry of conferences, seminars, and workshops. Renowned speakers and thought leaders share their expertise, discussing pertinent topics ranging from regulatory frameworks to market trends, responsible gaming to customer engagement. These sessions provide invaluable insights, empowering attendees with knowledge to navigate the complexities of the gaming industry.

Networking Extravaganza:
Networking lies at the core of ICE London’s allure. It provides a fertile ground for forging partnerships, fostering collaborations, and expanding professional networks. Whether through structured networking events, impromptu meetings on the exhibition floor, or casual interactions at after-hours gatherings, ICE London cultivates an environment conducive to meaningful connections and synergies.

Global Reach, Local Impact:
While ICE London attracts a global audience, its impact extends far beyond the confines of the exhibition halls. The knowledge, partnerships, and inspirations cultivated during the event reverberate across continents, shaping the strategies and initiatives of companies worldwide. Moreover, ICE London serves as a catalyst for economic growth, driving innovation, investment, and job creation within the gaming ecosystem.

Embracing Diversity and Inclusion:
ICE London celebrates diversity and inclusion, reflecting the multifaceted nature of the gaming industry. It welcomes professionals from diverse backgrounds, cultures, and perspectives, fostering an inclusive environment where all voices are heard and valued. By embracing diversity, ICE London enriches its collective experience, driving creativity, innovation, and collaboration to new heights.

Conclusion:
As we immerse ourselves in the realm of ICE London 2024, we witness more than just an exhibition; we behold a convergence of minds, a celebration of innovation, and a catalyst for progress within the gaming industry. Through its myriad offerings, ICE London continues to inspire, educate, and connect professionals, shaping the future of gaming in an ever-evolving landscape.

In the grand tapestry of the gaming industry, ICE London stands as a vibrant thread, weaving together the aspirations, endeavors, and achievements of a global community united by a common passion for gaming excellence.
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Big news !

Delighted to announce Saif Mahmood new role as Senior Partner, CMI & Co. -- a legal and business advisory firm with a global presence. CMI has offices in the UAE and India and is robustly supported by CMI Legal Solutions, our legal tech firm based out of London. As Senior Partner, I will head the London and Delhi offices and will mentor the Dispute Resolution, Commercial and Indian Diaspora practice globally. Excited to work with Managing Partner, Farhat A. Khan
I also remain Legal Counsel for Zone Capital Advisors, London.
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IFSCA Modified the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.

The International Financial Services Centres Authority (IFSCA) on October 13, 2023, issued the Modifications under the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022 for specifying additional AML/CFT/KYC measures and clarifications.
The following has been stated namely: -

Reference is drawn to the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022 (hereinafter referred as ‘Guidelines’) issued vide notification IFSCA/2022-23/GN/GL001 dated October 28, 2022.

• In the aforesaid Guidelines, the following has been modified: -
1. In clause 1.3.38 of the Guidelines, after the words ‘effective supervision’ the following explanation shall be inserted:

“Physical presence means meaningful mind in the form of senior management located within an IFSC. The existence simply of a local agent or low-level staff does not constitute physical presence.”

2. After point (ii) of clause 5.4.9 of the Guidelines, the following point shall be inserted, namely:

“(iii) in relation to life insurance policies, the Regulated Entity should be required to take reasonable measures to determine whether the beneficiaries and/or, where required, the beneficial owner of the beneficiary, are PEPs. This should occur, at the latest, at the time of the payout. Where higher risks are identified, financial institutions should be required to inform Senior Management before the payout of the policy proceeds, to conduct enhanced scrutiny on the whole business relationship with the policyholder, and to consider making a Suspicious Transaction Report.

• After clause 7.2 of the Guidelines, the following clause shall be inserted, namely:

“7.2A. The Regulated Entity shall verify the information pertaining to its customer where there is a suspicion of ML/TF”.

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An absolute privilege to visit one of the leading global educational centre University of Oxford, London. Spent a wonderful afternoon with Bal Krishen Rathore Chairman Century Financial.

Would like to thank Dr.Saif Mahmood, Advocate Supreme Court of India for giving us the opportunity to visit and learn about the different centres at the iconic University of Oxford.

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In our nation, there are many different languages, cultures, and faiths. Let’s commemorate Indian Independence Day by banding together and remaining one large nation in the face of all challenges.

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Anti-Money Laundering (AML) is a critical issue around the globe and UAE has been committed to combating illegal activities of money laundering and financing of terrorism through its various initiatives.

Afia H. a research intern with Century Maxim International highlights in this article UAE's efforts against financial crimes and money laundering.

TRAI released recommendations on Leveraging Artificial Intelligence and Big Data in Telecommunication Sector.

The Telecom Regulatory Authority of India (TRAI) on July 20, 2023, issued a notification regarding recommendations on Leveraging Artificial Intelligence and Big Data in Telecommunication Sector.

The salient features of the recommendations are as follows: -
• Regulatory Framework for the development of responsible Artificial Intelligence (AI)

(i) For ensuring the development of responsible Artificial Intelligence (AI) in India, there is an urgent need to adopt a regulatory framework by the Government that should be applicable across sectors. The regulatory framework should ensure that specific AI use cases are regulated on a risk-based framework where high-risk use cases that directly impact humans are regulated through legally binding obligations.

(ii) An independent statutory authority should be established immediately for ensuring the development of responsible AI and regulation of use cases in India. The authority should be designated as the “Artificial Intelligence and Data Authority of India” (AIDAI)

Adoption of AI in the Telecom Sector:

(i) DoT should collaborate with Access Service Providers for enhancing the capability of currently deployed systems through the use of AI/ML and other new technologies, in order to analyze the data on a real-time basis for verification of the total number of mobile connections (across Access Service Providers and across LSAs) against the limit set by DoT.

(ii) DoT’s Telecom Security Operation Centre (TSOC) should deploy AI/ML and other new technologies-based tools for generating alerts to minimize network security threats.

AI Specific Infrastructure and Experimental Campuses:

(i) At least one Centre of Excellence for Artificial Intelligence (CoEAI) should be established in each State/UT for facilitating educational institutions, startups, innovators, researchers, and other public/private entities to develop and demonstrate technological capabilities.

(ii) It states that One of the CoE-AIs should establish a centralized portal to be used by all CoE-AIs. The portal should have information regarding various facilities available with individual CoE-AI, the process to access such facilities, fee structure, if any, and other relevant details.

Skill Development:

(i) DoT should collaborate with MeitY and the Ministry of Education to form a committee drawing members from these two ministries, Ministry of Skill Development, All India Council for Technical Education (AICTE), and Industry. Challenge-based Programs and Bounty Programs.

(ii) DoT should take up with the All India Council for Technical Education (AICTE) for mandating a course on the Ethical Use of AI to students in all technical institutes. DoT should also take up with the Ministry of Education for introducing such courses/ modules in other non-technical institutes and schools starting from basic education as well.

Challenge-based Programs and Bounty Programs:

(i) It states that DoT should use the 'Digital Communication Innovation Square (DCIS)' scheme to support the startups and other organizations in holding AI/ML events such as challenge programs and bounty programs for demonstration of their ideas, collaborating with stakeholders and improvising their solutions/products. DoT should also, through IMWG, coordinate similar efforts in other sectoral Ministries/ Departments.

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The Central Bank of UAE has issued Guidelines on AML and CFT to mitigate risks involved in working with virtual assets, applicable to financial service providers, agents and brokers.

Anamta Adil, Associate- Knowledge Management, at Century Maxim International, in this article talks about the regulations in UAE aimed to reduce vulnerabilities in the virtual assets sector.

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May Allah open the doors of happiness and prosperity for you. Eid Mubarak to you and your family

EU passes Artificial Intelligence Act..

The Members of European Parliament (MEPs) passed the European Union’s (‘EU’) Artificial Intelligence Act with 499 votes in favour, 28 against and 93 abstentions on 14-06-2023. It is the world’s first comprehensive AI legislation. The first EU regulatory framework for AI was proposed in April, 2021. The Parliament aimed at ensuring that the AI systems used in the EU were safe, transparent, traceable, non-discriminatory and environmentally friendly..

The Act aims at promoting the uptake of human-centric and trustworthy AI and protecting health, safety, fundamental rights and democracy from the harmful effects of AI..

It establishes obligations for providers and users depending on the level of risk from their proposed use of artificial intelligence. If the framework finds any AI system to be under Unacceptable risk i.e., the systems which are considered a threat to people, they will be banned. Such unacceptable risks would include: Cognitive behavioural manipulation of people or specific vulnerable groups: for example, voice-activated toys that encourage dangerous behaviour in children Social scoring: classifying people based on behaviour, socio-economic status or personal characteristics Real-time and remote biometric identification systems, such as facial recognition. There are certain exceptions that may be allowed but only after the Court’s approval. It also bifurcates the AI systems into High Risks that negatively affect safety or fundamental rights, will be assessed before being put on the market and also throughout their lifecycle. The Generative AI, like the ChatGPT, would have to disclose that the content was generated by AI, prevent from generating illegal content, and publish summaries of copyrighted data used for training. The framework also imposes full ban on AI for biometric surveillance, emotion recognition, and predictive policing..

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The National Capital Territory of Delhi Real Estate (Regulation & Development) (Real Estate Agent) Guidelines, 2023.

The Real Estate Regulatory Authority (RERA), Delhi on June 01, 2023, published The National Capital Territory of Delhi Real Estate (Regulation & Development) (Real Estate Agent) Guidelines, 2023
These Guidelines are meant to establish procedures to allow changes in any detail of the Real Estate Agent after the issue of the Registration Certificate, re-validate the period of registration due to extension of lease of premises or renewal of registration after the expiry of the period of registration on completion of five years and prescribe a fee for such purposes.

These guidelines shall come into force on June 01, 2023
The following has been stated namely: -

It states that the registration granted by the Authority can be re-validated up to five years from the date of registration, on an application made by the real estate agent along with the proof of extension of lease of business premises, to be made one month before the expiry of the validity of the registration certificate with the processing fee of Rs. 1000/- in case the Real Estate Agent is an individual. In all other cases, applications for re-validation can be made with a processing fee of Rs. 5000/-

It states that the real estate agents who fail to apply before 15 days from the last date of validity of registration or revalidation, shall have to make a fresh application in Form G for fresh registration with the requisite fee

The Authority shall consider late applications made for revalidation before the expiry of the validity of registration on payment of an extra late fee of Rs. 1000/- (Rupees One Thousand only) in case of individuals and Rs. 2000/- in all other cases.

It states that for renewal beyond five years, the application shall be made as per the provisions of the Act and Rules made thereunder. The Authority may consider late applications for renewal before the expiry of the validity of registration on payment of a late fee.

I t states that The real estate agents who fail to apply before 15 days from the last date of validity of registration or revalidation, shall have to make a fresh application in Form „G‟ for fresh registration with the requisite fee.

It states that in case any doubt arises as to the interpretation of these Guidelines, the decision of the Authority shall be final and binding on all concerned.

[Notification No. RERA/DELHI/Guidelines/3/2023]
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Our Managing Partner, Mr. Farhat Ali Khan has been invited by LawSikho to deliver a guest lecture on Changing Landscape of the Global Legal Profession.

We look forward to an interactive session with discussions about the recent trends in the legal profession as well as the importance of acquiring new skills to keep up with technological advancements.

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MoCI notified regarding the PLI Schemes contribution to increase in production, employment generation, and economic growth.

Commerce and Industry (MoCI) on June 13, 2023, issued a Press Release regarding the PLI Schemes’ contribution to increasing production, employment generation, and economic growth
The following has been stated namely: -

• It states that the PLI Scheme has led to significant smartphone companies shifting their suppliers to India
• It has also resulted in a 20-fold increase in women’s employment and localization in IT Hardware such as batteries & Laptops and the value addition in mobile manufacturing in India is to the tune of 20%.

• The PLI Scheme for LSEM along with the existing Phased Manufacturing Program (PMP) has led to increased value addition in the electronics sector and in smartphone manufacturing, 23% and 20% respectively, from negligible in 2014-15. Of the USD 101 Billion total electronics production in FY 2022-23, smartphones constitute USD 44 Billion including USD 11.1 Billion as exports.

• It states that the import substitution of 60% has been achieved in the Telecom sector and India has become almost self–reliant in Antennae, GPON (Gigabit Passive Optical Network) & CPE (Customer Premises Equipment). Drones sector has seen a 7 times jump in turnover due to the PLI Scheme which consists of all MSME Start-ups.

• Under the PLI Scheme for Food Processing, the sourcing of raw materials from India has seen a significant increase which has positively impacted the income of Indian farmers and MSMEs.

•It further states that there has been a significant reduction in imports of raw materials in the Pharma sector. Unique intermediate materials and bulk drugs are being manufactured in India including Penicillin-G, and the transfer of technology has happened in the manufacturing of Medical Devices such as (CT scans, MRIs, etc.)

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No Bar on Approaching the High Court Directly for Seeking Anticipatory Bail: Delhi HC.

In a recent ruling, the Delhi High Court emphasized that the discretion of an applicant to choose between approaching the High Court or the trial court for moving an anticipatory bail plea cannot be restricted by interpreting Section 438 of the Code of Criminal Procedure (CrPC) narrowly.

The court further stated that both the High Court and the Court of Session possess concurrent jurisdiction to deal with such cases.

The vacation bench, presided over by Justice Chandra Dhari Singh, analyzed the relevant provision and clarified that there is no bar on directly seeking anticipatory bail from the High Court.
The court firmly stated that “the provision of Section 438 of the CrPC should not be interpreted narrowly, as an excessive imposition of constraints and conditions not found within the section could render it constitutionally vulnerable. The right to personal freedom should not be subject to compliance with unreasonable restrictions.”

Justice Singh emphasized that Section 438 is a procedural provision aimed at safeguarding the personal liberty of individuals who are presumed innocent until proven guilty. The court stressed that the beneficent nature of the provision should be preserved, rather than discarded. However, it clarified that the observations were made in the context of the earlier view that the power to grant anticipatory bail is exceptional in nature and should be exercised only in exceptional cases.
Therefore, the court concluded that it possesses jurisdiction to entertain bail applications under Section 438 even when the applicant has not approached the Court of Session first. These observations were made while granting interim protection to Pankaj Bansal and Basant Bansal in a money laundering case registered by the Enforcement Directorate in 2021. The applicants had approached the High Court seeking anticipatory bail in relation to the Economic Case Information Report (ECIR) registered under sections 3 and 4 of the Prevention of Money Laundering Act (PMLA).
The court granted relief to the applicants after considering various factors, such as their non-involvement in the ECIR, the absence of their implication in any of the Scheduled Offences under the PMLA, and the fact that they were not summoned by the Enforcement Directorate.
In the interest of justice and in compliance with Article 21 of the Constitution of India, the court granted interim protection to the applicants until the next date of hearing, scheduled for July 5.

As per the court’s ruling, the applicant will be released on bail upon furnishing a personal bond of Rs 10,00,000/- along with two sureties of the same amount, to the satisfaction of the Investigating Agency. The bail is subject to several conditions that the applicant must adhere to:

a) Surrendering of Passport: The applicant must surrender any existing passport to the Investigating Officer and must not leave India without the prior permission of the concerned court.

b) Cooperation in Investigation: The applicant is required to fully cooperate with the investigation and appear before the Investigating Officer whenever summoned.
c) Mandatory Presence at Police Station: The applicant must present himself at the jurisdictional police station on the second and fourth Saturday of every calendar month, for a period of two months or until the filing of the final report, whichever occurs earlier.

d) No Inducement or Threats: The applicant is prohibited from making any direct or indirect inducement, threat, or promise to any person acquainted with the facts of the case.

e) Provision of Mobile Number: The applicant must provide his mobile number(s) to the Investigating Officer and ensure that the number(s) remain operational at all times.
f) Location Verification: The applicant is required to drop a PIN on Google Maps to enable the Investigating Officer to verify his location.

g) Reporting of Address or Number Change: In the event of a change in residential address and/or mobile number, the applicant must inform the Investigating Officer/Court concerned by way of an affidavit.

The court explicitly stated that these conditions are solely applicable for the purpose of interim protection and will not prejudice the final outcome of the case.

Additionally, the court granted the respondent’s counsel one week’s time to file a Status Report and any supporting documents. The petitioner’s counsel was also given one week’s time to file a reply if deemed necessary.
Supreme Court Of India