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Arab Bank hosts MENA Financial Crime Compliance Group Gala Dinner, Plenary Meeting at Dead Sea

By JT - May 22,2023 - Last updated at May 22,2023

AMMAN — Arab Bank hosted the MENA Financial Crime Compliance Group (MENA FCCG) Gala Dinner and Plenary Meeting at the Dead Sea. 
 
The event brought together members of the MENA FCCG for a two-day gathering aimed at strengthening cooperation in the fight against financial crime. 
 
The event focused on the Anti-Money Laundering and Counter Terrorist Financing Unit (AML/CTF Unit), with Samya Abou Sharif, Director of the AML/CTF Unit, delivering the keynote speech.
 
During the Gala Dinner, Michael Matossian, Chief Compliance Officer of Arab Bank and Deputy Chair of MENA FCCG, emphasised the importance of maintaining momentum and delivering on the Group's mission to combat financial crime in the MENA region. 
 
He also highlighted three critical success factors that include embracing a culture of ethics and compliance, transitioning from the traditional three lines of defence to accountability and responsibility, and promoting enhanced public-private sector dialogue. 
 
Abou Sharif, in her keynote speech, addressed the compliance challenges faced by banks, including those related to MENA FATF mutual evaluations, and emphasised the value of enhanced collaboration.
 
At the Plenary Meeting, the group discussed progress on key initiatives, including the upcoming launch of the MENA FCCG-led Professional Certificate in collaboration with the American University of Beirut (AUB). 
 
The certificate aims to equip participants with technical expertise in detecting and preventing trade-based financial crime, thereby reducing financial crime in the region. 
 
The meeting also addressed other important topics, such as evolving sanctions against Russia and compliance challenges associated with business transformation and advanced technology.
 
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