- Virtual session turns spotlight on combating financial crimes
- Experts underscore importance of compliance in facilitating financial security
Dubai-UAE: Greater collaboration among sub specialist risk management areas, building operational resilience, improved training for compliance officers and raising customer awareness will be crucial in overcoming financial crimes in the upcoming period, according to expert participants at a webinar on the subject of combating financial crimes hosted by the Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training.
Headline speakers at the event included Ramnath S, Senior Vice President & Group MLRO (Compliance), First Abu Dhabi Bank, Clare Curtis, Chief Executive Officer, Effecta Regulatory Consulting, London, the UK, Masood Almajedi, Chief Compliance Officer, Compliance & AML Dept, Arab Bank for Investment and Foreign Trade (Al Masraf), Vivek Padmanabhan, Head, Compliance / Financial Crime Compliance – Transaction Banking, Africa & Middle East, Standard Chartered Bank and Divine Ignatious Lecturer at EIBFS.
The estimated annual cost of money laundering and associated crimes globally is between US$1.4 trillion and US$3.5 trillion. These startling numbers have compelled governments around the world to enforce high security standards. In the UAE, the Central Bank of the UAE, in collaboration with the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations, are driving initiatives to improve reporting standards and further boost awareness among banks. However, all four participants at the webinar concurred that financial crime has been flourishing during the pandemic and more needs to be done at an organizational level to strengthen crisis management mechanisms.
Speaking on the webinar, Jamal Al Jassmi, General Manager of EIBFS, said: “As financial crimes continue to thrive despite the security protocols in place, the Central Bank of the UAE is renewing its focus on stepping up its anti-money laundering and anti-corruption efforts. As part of this priority, EIBFS believes that it is important to convene discussions around best practices and understand what leading financial institutions are doing to buck the trend and fight fraud.”
He added: “Through our understanding of the finance sector’s needs, we look forward to continuing the fraud-prevention dialogue with our Emirati students by introducing several courses on combating financial crime and preparing them for the future by equipping them with the necessary knowledge in this field.”
The Emirates Institute for Banking and Financial Studies (EIBFS) was founded in 1983. As a leading independent training center, it offers world-class education, training and allied services in the critical areas of banking and finance. Based in the UAE, EIBFS currently has three campuses for education and training services located in Sharjah, Abu Dhabi and Dubai. The Institute has made substantial contributions to the careers of thousands of students and working professionals in the financial services sector. EIBFS is also a strong supporter of Emiratization and has launched various initiatives that have greatly helped to promote the careers of Emiratis. All academic programs offered by EIBFS are accredited by the Commission for Academic Accreditation (CAA), Ministry of Higher Education and Scientific Research. Students who have successfully completed these programs have found productive employment at various levels in banks and financial institutions in the UAE and around the world.