Money laundering and terrorist financing create illicit financial flows that jeopardize a country’s financial stability, dampen macroeconomic performance, and threaten the soundness and stability of banking sectors. Money launderers and terrorist financiers exploit loopholes in national AML/CFT systems and transfer funds through institutions with weak or ineffective legal and institutional frameworks. As a result, combating money laundering and the financing of terrorism has attracted the widespread attention and focus of policymakers globally since the 2000s, as these crimes continually threaten to destabilize financial and economic stability.
Today, over 190 jurisdictions around the world have committed to implement the Financial Action Task Force (FATF) recommendations and guidance on AML/CFT.
The FATF constantly launches strategic initiatives and evaluations, and makes vital amendments and revisions; hence in this ever-changing and fast-paced regulatory environment, banks must adopt and implement top anti-money laundering (AML) and counter-terrorist financing (CFT) due diligence measures and best practices in order to avoid dire consequences such as sanctions and penalties, while at the same time embracing FinTech innovations and fostering financial inclusion.
Along these lines, a decline in the number of correspondent banking relationships as a result of de-risking has been a source of concern for the international community for quite some time. In the Arab region in particular, this decline could disrupt financial services and cross-border flows, including trade finance and remittances, or drive some payment flows underground, potentially undermining financial stability, inclusion, growth, and development goals.Notably, in the Arab region, unemployment, poverty, and illiteracy especially among young people, exacerbate money laundering and terrorism financing crimes.
On the other hand, financial crimes are becoming more complex not only due to the proliferation of terrorism and the emergence of new terrorist organizations, but due to innovations in digital finance which give rise to an increasing number of financial players and facilitate cross-border transactions, thereby increasing the risk of money laundering and terrorism financing.
Following – up on the developments of Combating money laundering and financing of terrorism, and the need to comply with the international standards in this field, the union of Arab Banks continues to shed light on this important issue in 2019 activities through his conferences, forums and workshops. In this context comes the forum on “Combating Financial Crimes: Compliance with evolving Global AML/CFT Standards”.
The forum brings together AML/CFT experts in the Arab region to proactively discuss the latest developments and challenges facing Arab banks and financial institutions in the implementation of laws against money laundering and terrorist financing, including compliance challenges, sanctions, correspondent banking relationships, FATF amendments, and AML/CFT risks emanating from FinTech innovations.The forum will also discuss the future of correspondent banking in a changing regulatory environment, as well as the role of regulatory authorities and central banks in issuing guidelines that help banks comply with international AML/CFT standards and deal with sanctions imposed on non-compliant banks. It will also shed light on the Jordanian AML/CFT experience and the holistic measures taken to combat money laundering and terrorist financing, as well as mitigate associated risks.
TOPICS OF DISCUSSION
Emerging AML/CFT Trends, Expectations and Requirements Facing Compliance Professionals in the Arab Region
AML/CFT Risks Emanating from Digital Finance
The Future of Correspondent Banking in a Changing Regulatory Environment: Best Practices for Obtaining and Maintaining Correspondent Banking Relationships
FATF Monitoring of Terrorist Financing Risks and Actions taken to combat ISIL, Al-Qaeda and affiliates Financing
Money Laundering and Terrorist Financing Risks Associated with Crypto-Assets, Virtual Currencies and the Blockchain: Amendments to the FATF Recommendations to Address the Regulation of Virtual Assets
Best Practices and Experiences of Countries in the 2018 Mutual Evaluation Process
Compliance with Sanction Regimes and Anti-Bribery and Corruption (ABC) Programmes in the Arab Region
Know-Your-Customer (KYC) Utilities as an Effective and Efficient Tool to Support Due Diligence Processes
Balancing AML/CFT Requirements with Financial Inclusion
The Effectiveness of Jordan’s AML/CFT System and the Level of Compliance with the FATF Recommendations – the Central Bank of Jordan’s New Anti-Money Laundering and Countering Financing of Terrorism Regulations for Licensed Banks.
STRUCTURE OF THE FORUM
Working papers and panel discussions presented and moderated by senior bankers and professionals and AML/CFT experts in financial institutions
Real life case studies related to combating financial crimes and compliance with the AML/CFT standards
An exhibition for sponsoring institutions where by the participating institutions and companies would be able to establish and develop business ties.
PARTICIPATING IN THE FORUM
By attending this forum and benefiting from the valuable discussions brought by internationally renowned speakers, and meeting fellow peers from the regional and international fronts
By sponsoring the activities of the forum and benefiting from the wide range of privileges (marketing, branding, media recognition, etc…)