Forums’ Background:

As evolving geopolitical factors, foreign policy objectives, and national security threats shape sanctions regimes to a great extent, financial institutions need to stay alert to the complexities of the sanctions landscape to mitigate regulatory compliance risks and avoid the burden of heavy fines which can eventually lead to the demise of an institution. In an interconnected digital world, adhering to the various sanctions regimes administered by supranational organizations like UN, EU, & OFAC is becoming more onerous and costly on organizations which are investing heavily in compliance technology and allocating huge budgets to hire sanctions specialists. Whether comprehensive, targeted, or sectoral, managing sanctions risks does not only require advanced technology but also top-level commitment and a robust governance structure which together can serve as a shield against possible reputational harm.

This forum is expected to provide attendees with the necessary tools and insights on how to design an enterprise-wide financial crime compliance framework as well as a resilient sanctions program in line with best practices and international standards. The forum will feature a special line up of seasoned compliance speakers and experienced bankers from across the MENA region who will be sharing their thoughts on emerging AML/CFT and sanctions risks and most importantly, how to align an institution’s compliance program with the risk appetite, product sophistication, and geographic footprint of that institution. Topics to be addressed include: respondent/correspondent relationship, sanctions governance and enforcement, asset freezing, and investigations, sanctions due diligence, sanctions evasion techniques, OFAC 50 pct rule, delisting, characteristics of various sanctions regimes, licensing, screening challenges, technological features of automated compliance solutions, EU and U.S sanctions frameworks, and a myriad of other AML/CFT themes.

Topics for Discussions:

– Combating money laundering and terrorist financing rules, based on the application of a statistical risk-based approach

– The role of central banks and supervisory authorities in preserving the financial and banking system

– Use of technology in early detection of non-compliance risks

– Public-Private Partnership “PPP” to combat financial crimes

– Implementing anti-money laundering and terrorist financing requirements compatible with financial inclusion

– The emerging money laundering and terrorist financing risks in light of the Corona pandemic

– The ultimate/real beneficiary, the politically exposed persons, and the challenges of identifying them in light of the latest developments in money laundering and terrorist financing crimes

– How nesting activities and downstream correspondent services contribute to heightened sanctions evasion risks!

– The 4 components of Sanctions risk

– Alert management, nature of hit generated (true match, false +ve, false -ve, true negative), discounting the alert or escalating the case

– Asset blocking and asset seizure: regulatory requirements and international best practices

– Licensing, permitted activity, and authorized transactions

– Bank’s risk appetite & Ownership of the sanctions risk: Role of the board of directors and senior management

– EU vs U.S Treasury OFAC’s BRO & Controlling person identification:
– 50pct rule
– Similarities & differences
– Ownership thresholds, aggregate rule, and sanctions by extension

– Components of OFAC’s recent sanctions compliance program

– De-listing process of sanctioned entities and individuals

– Role of regulators and FIUs in protecting the integrity of the financial system

– How can MENA banks deal with the challenges set forth by increasing fines and penalties!

– The principles of designing and implementing a modern and effective AML/CFT training program

– The hidden financial crime risks of Fintech solutions

Who should Attend:

– AML/CFT Branch officers
– Internal audit
– Operations department (transfers, branch managers, trade finance)
– Customer service
– Risk officers
– Compliance (legal & AML)
– External auditors
– RMS & Mid-management in Financial Institutions departments
– GRC experts
– AGMs