MENA FINANCIAL CRIME COMPLIANCE GROUP

Engaging with multi-stakeholders to find solutions to promote best AML/CTF practices.

About FCCG

The MENA Financial Crime Compliance Group (MENA FCCG) is a voluntary body that seeks to bring collective action in the fight against money laundering and terrorist finance in the region.

The group comprises 12 banks from eight MENA countries, including; Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, and the UAE. The Group, is presided over by Mr. Wissam H. Fattouh, Secretary General for the Union of Arab Banks.

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Mandate and Purpose

Our Group Mandate

Whilst MENA banks have built AML/CTF processes, controls, and expertise over the years, in recent years, developments have increased the risk levels in the region. Hence the momentum on AML/CFT efforts must be brought to a higher level; which can only be achieved through collective actions in all jurisdictions.

Our Group Purpose

To be the link or feedback channel between the private sector and external/ global bodies/regulators.

To be a platform that acts as the voice of the practitioners to inform or influence regulators, the wider banking community, correspondent banks and other entities that impact the compliance and risk community in MENA.

To support the compliance profession in the region by translating complex regulations and best practice into practicable guidance that target the uniqueness of the region.

To provide technical assistance to banks in MENA developing countries in order to enhance their AML/CTF Programs.

Key Deliverables

Arrange for webinars to be hosted through Thomson Reuters platform free of charge for MENA compliance professionals.

Arrange for financial crime seminars and invite key international bodies, financial crime specialists, and global correspondent banks as a key dialogue mechanism.

Publish working documents and guidelines developed through its Working Committees.

History

MENA FCCG was launched in September 2016 in an inaugural meeting in Bahrain. Planting the seed for Group establishment was initially raised during a public private sector dialogue meeting and was welcomed and followed by extensive work including on mission and deliverables.

MENA FCCG Charter (English) MENA FCCG Charter (Arabic)

Chair and Deputy Chair profiles

Wissam H. Fattouh, Secretary General of the Union of Arab Banks is the permanent Chairman of MENA FCCG. Michael Matossian, EVP and Head of Group Regulatory Compliance at Arab Bank, is the current Deputy Chair. This position is determined by election and is held for two years.

Wissam H. Fattouh MENA FCCG Chair Read Profile
Michael Matossian EVP and Head of Group Regulatory Compliance
 Read Profile

MENA Strategic Partner

Union of Arab Banks

Supports the objectives of the Group including through facilitating liaisons with international or local, governmental agencies, regulatory bodies, and specialized organizations, as well as aiding in engaging in public relations & networking initiatives.

Strategic Partner

Thomson Reuters

Acts as advocate of global best practice based on its experience in serving the financial crime and compliance community in the MENA region over the years.