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COMPLIANCE AND COMBATING FINANCIAL CRIME CHALLENGES

BACKGROUND                  

The international community aims to work continuously to endorse the foundations of financial stability, so countries can develop strategies and policies and implement economic and financial measures, in order to increase economic growth and boost the individuals’ income and other economic indicators. Financial crimes are among the most significant risks that affect financial stability, which in turn negatively reflects on the overall economic situation and threatens the safety

and stability of the financial and banking sectors, and these risks include money laundering and terrorism financing crimes, which are considered among the most dangerous financial crimes.

Global financial crimes have witnessed considerable development, as the world witnessed a shift from traditional forms of financial crimes to cybercrimes, especially in light of the rapid development in information technology, digital transformation and the use of modern financial technology, which witnessed a boom in terms of innovation of new financial products or the creation of new technological channels to evaluate traditional financial products and services, which was reflected in the growing interest in cybersecurity all over the world.

In this context, the banking and financial sector is required to increase verification and audit procedures in order to reduce the non-compliance and financial crime risks, and the most important of them money laundering and terrorist financing, by promoting the role of compliance function and providing it with power and independence, taking effective measures to comply with local legislation and controls, in addition to applying international standards issued by international bodies, especially the FATF.

This forum, held by the Union of Arab Banks in cooperation with the Central Bank of Egypt, the Egyptian Anti-Money Laundering and Terrorism Financing Unit and the Egyptian Banking Federation, is organized to support the vigorous efforts aimed at enhancing the compliance function and stressing the need to support its independence and provide it with the necessary resources to confront the challenges, especially in combating financial crimes, and on top of them money laundering and terrorist financing crimes, with the aim of exchanging experiences and visions, and identifying best practices in this field.

OBJECTIVES

This forum aims to highlight the risks that societies face resulting from financial crimes and their impact on the stability of financial systems, and the best ways to increase the effectiveness of combating these crimes, especially in light of the innovations and modern financial technologies and the impact of spread of Coronavirus on financial crimes, in order to realize a balance between developing innovations in finance and banking, and promoting compliance with legislation and controls, and ensuring banking data protection and cybersecurity.

 

TARGET AUDIENCE

– Leaders and senior managers in banks

– Managers and employees of:

– Compliance

– Risk Management

– Combating money laundering and terrorist financing

– Information security

– Internal audit and control

TOPICS OF DISCUSSION

  • Financial crimes and their impact on the stability of financial systems, and the best means to increase the effectiveness of combating them.
  • The impact of Coronavirus spread on financial crime.
  • Managing emerging risks in light of digital transformation
  • Innovations and modern financial technologies and their impact on financial crimes, and the means of controlling them and managing associated the risks.
  • The challenges of achieving a balance between developing innovations in the financial and banking sector, and enhancing compliance with rules and controls.
  • Correspondent banking relationships and de-risking and their association with financial crimes, and the means of strengthening these relationships.
  • Data protection in banking and cybersecurity.
  • Confronting money laundering and terrorist financing operations linked to the use of modern technology.
  • The role of supervisory and regulatory authorities and financial intelligence units in combating financial crimes and protecting the integrity and stability of financial systems.
  • Challenges of identifying the final/real beneficiary in light of the latest developments of AML/CFT crimes
  • Complying to international standards and promoting effective implementation of legal, regulatory and operational measures to combat AML / CFT
  • The Egyptian experience in combating money laundering, terrorist financing and financial crimes.
March 25 2021

Venue

Savoy Group Sharm El Sheikh

Egypt

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COMPLIANCE AND COMBATING FINANCIAL CRIME CHALLENGES

BACKGROUND                  

The international community aims to work continuously to endorse the foundations of financial stability, so countries can develop strategies and policies and implement economic and financial measures, in order to increase economic growth and boost the individuals’ income and other economic indicators. Financial crimes are among the most significant risks that affect financial stability, which in turn negatively reflects on the overall economic situation and threatens the safety

and stability of the financial and banking sectors, and these risks include money laundering and terrorism financing crimes, which are considered among the most dangerous financial crimes.

Global financial crimes have witnessed considerable development, as the world witnessed a shift from traditional forms of financial crimes to cybercrimes, especially in light of the rapid development in information technology, digital transformation and the use of modern financial technology, which witnessed a boom in terms of innovation of new financial products or the creation of new technological channels to evaluate traditional financial products and services, which was reflected in the growing interest in cybersecurity all over the world.

In this context, the banking and financial sector is required to increase verification and audit procedures in order to reduce the non-compliance and financial crime risks, and the most important of them money laundering and terrorist financing, by promoting the role of compliance function and providing it with power and independence, taking effective measures to comply with local legislation and controls, in addition to applying international standards issued by international bodies, especially the FATF.

This forum, held by the Union of Arab Banks in cooperation with the Central Bank of Egypt, the Egyptian Anti-Money Laundering and Terrorism Financing Unit and the Egyptian Banking Federation, is organized to support the vigorous efforts aimed at enhancing the compliance function and stressing the need to support its independence and provide it with the necessary resources to confront the challenges, especially in combating financial crimes, and on top of them money laundering and terrorist financing crimes, with the aim of exchanging experiences and visions, and identifying best practices in this field.

OBJECTIVES

This forum aims to highlight the risks that societies face resulting from financial crimes and their impact on the stability of financial systems, and the best ways to increase the effectiveness of combating these crimes, especially in light of the innovations and modern financial technologies and the impact of spread of Coronavirus on financial crimes, in order to realize a balance between developing innovations in finance and banking, and promoting compliance with legislation and controls, and ensuring banking data protection and cybersecurity.

 

TARGET AUDIENCE

– Leaders and senior managers in banks

– Managers and employees of:

– Compliance

– Risk Management

– Combating money laundering and terrorist financing

– Information security

– Internal audit and control

TOPICS OF DISCUSSION

  • Financial crimes and their impact on the stability of financial systems, and the best means to increase the effectiveness of combating them.
  • The impact of Coronavirus spread on financial crime.
  • Managing emerging risks in light of digital transformation
  • Innovations and modern financial technologies and their impact on financial crimes, and the means of controlling them and managing associated the risks.
  • The challenges of achieving a balance between developing innovations in the financial and banking sector, and enhancing compliance with rules and controls.
  • Correspondent banking relationships and de-risking and their association with financial crimes, and the means of strengthening these relationships.
  • Data protection in banking and cybersecurity.
  • Confronting money laundering and terrorist financing operations linked to the use of modern technology.
  • The role of supervisory and regulatory authorities and financial intelligence units in combating financial crimes and protecting the integrity and stability of financial systems.
  • Challenges of identifying the final/real beneficiary in light of the latest developments of AML/CFT crimes
  • Complying to international standards and promoting effective implementation of legal, regulatory and operational measures to combat AML / CFT
  • The Egyptian experience in combating money laundering, terrorist financing and financial crimes.
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