8/3/2019 Hany Abou El Fotouh_press Quote (134)

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B compliance head speaks at Federal Reserve Bank Conference in New York man International Bank (OIB) Assistant General Manager and Head of Compliance, Mr . Hany Abou-El-Fotouh has delivered

resentation at "The Second U.S.- Middle E a s t & North Africa Private Sector Dialogue (US-MENA PSD) Conference onti- M o n e y Laundering and Counter Terrorist Financing (AML/CFT)" held December 11-13 i n New York City hosted bye Federal Reserve Bank. e conference is a direct dialogue between the banking sectors in the U.S. and MENA region with the objective to raise

areness of terrorist financing and m o n e y laundering risks, facilitate a better understanding of effective practices a n d ograms to combat such risks, and strengthen implementation of effective a n t i - mo n e y laundering/counter-terroristancing controls.

e Federal Reserve Bank of New York has hosted this conference in coordination wi t h the Union of Arab Banks, the Middlest/North Africa Financial Action Task F o r c e (MENA-FATF), and with the support of the American Bankers Association, the A r a b Bankers Association of North America, and the U.S. Department of the T r e a s u r y .

e event invited a diversified mix of speakers including central bank governors a n d vice governors, senior policy makers andgulators, in addition to several c h a i r me n of Arab banks and senior American officials. The participants provided

i n s i g h t s into the latest developments related to AML/CFT issues.

eaking on OIB's presence at the conference, Abou-El-Fotouh remarked, 'The i n v i t a t i o n to take part in this importantnference signifies the stand of OIB a s a leading bank in Oman. By way of example, I had the chance to illustrate how t h e Bank protects itself from being exploited by criminals to carry out s u s p i c i o u s activities.' further added, 'I am also happy that representation from the banking sector i n the region was remarkable. We have focusedprogress and challenges in the i n s t i t u t i o n a l development and implementation of AML/CFT controls in the U.S. andMENA banking sectors.' ou-El-Fotouh further noted, 'the format for these sessions was largely r o u n d t a b l e discussions which proved verycient for building effective d i a l o g u e with our counterparts from the U.S.' concluded by saying, 'Despite the global effort and progress achieved to d e t e r money laundering, there is a considerable

ount of work still to be done i n this area.' ess Release Source: http://www.media-press-release.com

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