Sunday 24 June 2018

The summit will discuss ways to fight financial crimes

Key summit to discuss financial crime, global standards

DUBAI, January 5, 2017

The key challenges that financial institutions and corporates in the Middle East and North Africa (Mena) face in complying with international standards and fighting financial crime will be the focus of a summit in Dubai  next month.

Thomson Reuters, the world's leading source of news and information for professional markets, and the Dubai Financial Services Authority (DFSA), will co-host the 11th Mena Regulatory Summit on February 5 and 6. the summit will be held under the patronage of the UAE Minister of Economy Sultan bin Saeed Al Mansouri.

According to the findings of Thomson Reuters Mena Financial Report 2016, about 50 per cent of compliance respondents have significantly increased their compliance spending over the last two years and 52 per cent expect a significant increase in compliance spending in the next two years. More than 39 per cent prioritise business change and reorganisation investment over technology and training. Only 7 per cent have complete confidence in their compliance policies, while 44 per cent fear over-reliance on Technology.

Around 14 per cent of respondents are confident that technology is appropriately applied, while two thirds do not have a cyber security or technology policy in place. In respect to sanctions policy, more than 40 per cent of respondents confirmed that they do not have a sanctions policy in place.  

Nadim Najjar, managing director, Mena, Thomson Reuters, said: “Cyber risk, cyber-crime and cyber-attacks have all come to the fore this year and will continue to be among the key themes next year especially with global names hitting the headlines for having been successfully targeted. The issue is being taken seriously at the highest international levels with the formation of intelligence-sharing hubs.”

“The Mena Regulatory Summit has been the region's landmark forum for the financial compliance community in the past few years. The two-day program will explore key themes such as Emerging Regulatory trends, Mena capital markets regulation, corruption and anti-money laundering, information security, future risk scenario planning, and many other topics,” he added.

Ian Johnston, chief executive of the Dubai Financial Services Authority (DFSA), said: “The DFSA is pleased to partner with Thomson Reuters in hosting the 11th Mena Regulatory Summit 2017. In line with its commitment to international standards, the DFSA hopes that this summit will be an appropriate platform to facilitate discussion between public and private sector entities and thought leaders to help shape the solutions to these key challenges and maintain confidence in financial markets as well as protect the users of the financial services industry. We are eager to take part in a forum that will provide an open exchange of ideas and sharing of best practices to understand potential solutions to key challenges faced by the financial services industry.”

The summit will highlight the recent macroeconomic developments on the Mena region including the US election, Brexit aftermath, regional regulatory responses to the financial crisis, the digital revolution in financial services, block chain technology, and crowd funding.

The first day will highlight international anti- financial crime trends, FATF perspective on terrorist financing and emergent types of financial crimes, and the dangers of withdrawal of correspondent banking relationships. Panelists will also discuss trade-based money laundering and trade finance activities, a compliance culture, business conduct, business ethics and compliance conflicts.

The summit is supported by Banque Saudi Fransi, Deloitte, ETIVE Consulting, Al Tamimi & Co, Abu Dhabi Securities, Barclay Simpson, Herbert Smith Freehills, eProseed and FinScan. -TradeArabia News Service

Tags: Dubai | Reuters | Summit |

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