Media ININ Economy We Trust
24-03-2019 Media in\ Abu Dhabi
The Emirates Banking Union, represented by its Compliance Committee, organized a seminar in Abu Dhabi in cooperation with the CCL Academy, which is specialized in providing training services to financial institutions, under the title “The implications of the mutual evaluation of the Financial Action Task Force and the latest banking developments”.
The seminar was attended by more than 100 industry experts including senior compliance experts, compliance officers in member banks, money laundering reporting officers and business managers from member banks.
The seminar was attended by experts from the CCL Academy, including Bruce Faini, Global Head of the Financial Crimes Compliance Unit, Peter Heinz, Global Head of the Governance and Compliance Unit, and Claire Cortes, Director of the Academy who addressed the importance of mutual evaluation of the Financial Action Task Force (FATF) And highlighted the detailed process that this evaluation entails.
The FATF is an intergovernmental body established by the G-7 Summit to support national and international efforts to combat money-laundering and terrorist financing by promoting the effective application of legal, regulatory and operational policies.
The speakers stressed the need to strengthen mechanisms to combat money laundering and terrorist financing and to take advantage of existing measures as part of the goal of achieving financial inclusion. The discussions also discussed ways in which financial services institutions can ensure the application of best practices in relation to regulation, combating money laundering, governance, risk and compliance.
HE Abdul Aziz Al Ghurair, Chairman of Emirates Bank, said: “The UAE is a member of the MENA Financial Action Task Force. This is part of the firm commitment of the country to comply with international standards and best practices related to AML / CFT. The UAE Banks Union recognized the importance of mutual evaluation of the Financial Action Task Force in the banking sector and the local economy.
In view of the growing integration of technology into the banking sector, the Association of Banks continued its support for greater transparency and compliance with the aim of achieving the larger objective of ensuring compliance with the recommendations of the Financial Action Task Force.
The seminar touched on the impact of the new legislation and regulations by reference to the latest legislation prepared by the UAE such as Federal Law No. 20 of 2018 and Cabinet Resolution No. 10 of 2019.
At the end of the seminar, the attendees were briefed on new developments in the sector, including encrypted currencies, challenges and opportunities.
