November 08,2018

EU-MENA Private Sector Dialogue (PSD) on Corresponding Banking, Anti-Money Laundering and Combating the Financing of Terrorism; 24th September, Brussels

The MENA Financial Crime Compliance Group (MENA FCCG) is proud to have engaged in the third edition of EU-MENA Private Sector Dialogue (PSD) on Corresponding Banking, Anti-Money Laundering and Combating the Financing of Terrorism; held in Brussels on the 24th of September 2018.

The EU-MENA PSD is a dialogue platform between Governments, Public, Private & International Organizations’ and is in cooperation with the European Central Bank, the European Baking Federation, the Union of Arab Banks and FATF, with the added support of the United Nations Sanctions Monitoring Team.

In this occurrence, MENA FCCG’s 13 member banks were represented by two of the group’s prominent spokespersons: Mr. Antoine Hobeiche-Managing Partner, React Adapt Lead and the Strategic Advisor of MENA FCCG, who was the moderator of the event, and Mr. Chahdan Jbeily-General Manager Group Head Legal & Compliance at Bank Audi and MENA FCCG Member, who was a key note speaker and an active panelist.

Throughout the various sessions, the representatives engaged in fruitful discussions with Mr. Gilles Noblet-Deputy Director General of International Relation, European Central Bank, Mrs. Jacqueline Shire-AQ/ISIL/Taliban Monitoring Team, United Nations Security Council, Mr. Roger Kaiser-Senior Policy Advisor, European Banking Federation, Mr. Mohammad Baasiri-Chairman US- MENA PSD Initiative & Vice-Governor Central Bank of Lebanon and Mr. Che Sidanius-Global Head of Financial Regulatory & Industry Affairs, Thomson Reuters.

Via their contributions, MENA FCCG showcased recommendations for proactive planning and implementations in combating terror financing, shared regional and international experiences on overcoming compliance challenges in a changing regulatory environment, provided insight on avoiding de-risking, penalties & sanctions, and finally, exchanged strategies for improving vigilance and due diligence practices.

Since protecting the reputation of MENA’s financial institutions is a fundamental tenet of the group, MENA FCCG strives by means of such events to strengthen the confidence in the integrity of all Arab banking systems, whilst cutting off the resources available to terrorists and making it more difficult for organized crime to profit from its illicit activities.

This event accomplished its objective by reconfirming to our partners their confidence in the way we manage our compliance program in line with international standards including, naturally, European standards.