May 14,2024

MENA FCCG Holds Plenary Meeting at Union of Arab Banks’ Regional Headquarters in Riyadh, Saudi Arabia

MENA FCCG gathered at UAB’s Regional Headquarters in Riyadh, Saudi Arabia where the Group held a Welcome Dinner on April 22, followed by the Group’s Plenary Meeting on Tuesday, 23 April 2024. MENA FCCG working group leaders provided an overview of various endeavors scheduled for 2024-2025 including the Combating Trade Based Financial Crime Certification Program, the CFC Forum of MENA FCCG’s Europe Chapter (May 15-16.2024) as well as the FCCG’s AI Working Group initiatives. Members deliberated planned priorities for 2024/25 with a focus on knowledge transfer and capacity building as necessary to build collective action in responding to the infinite fight against financial crime. Among other things, the Group agreed on forming a dedicated Working Group on Fraud that would serve to assess the divergence between AML programs and fraud detection and prevention for streamlined efforts towards combating financial crime and mitigating the risks from external and internal threat actors. The Group also agreed on aligning with its new global alliance Crime Stoppers International, a global not-for-profit organization that supports law enforcement efforts to prevent and solve crime.

The meeting attended by four guest speakers delivered insightful presentations on key priority areas:

  • Mr. Chris Bostock, Director, Financial Advisory, Deloitte LLP, delivered a presentation on Global Financial Crime Prevention, Detection, and Mitigation
  • Mr. Karan Rana, Partner, Ernst & Young Consulting, delivered a presentation on Technology as an Enabler & a Threat (managing risks associated with AI models, including Gen AI)
  • Mr. Shane Britten, CEO Crime Stoppers International delivered a presentation on Cooperation between MENA FCCG and Crime Stoppers International
  • Mr. John Cusack, Chair GCFFC, delivered a presentation on key GCFFC initiatives (including opportunities for collaboration with MENA FCCG) & FATF Effectiveness Discussion

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