Arab Bank Sponsors a Major International Anti-Money Laundering Conference

Arab Bank will be a Platinum sponsor and a leading participant in the upcoming “International Anti-Money Laundering/Combating Financing Terrorism Conference” (AML/CFT) as part of the “U.S. and Middle East/North Africa Private Sector Dialogue.”

The conference, organized by the Union of Arab Banks and supported by the US Department of the Treasury, is the first of its kind in the region, and will be held in Cairo between 22 and 23 March 2006. It will launch a direct dialogue between the financial sectors in the United States and the MENA region.

Arab Bank’s participation will take the form of a high level delegation that will join Ministers, Central Bank Governors, senior banking executives and industry experts in discussing recent developments in AML/CFT efforts, and the impact relevant legislations and controls will have on the banking industry.

The Conference will focus on issues related to AML/CFT development and implementation, the role of the private sector in implementing AML controls, AML/CFT management and assessment, and the role of Islamic Banks in the AML/CFT process.

Arab Bank’s new global Head of Regulatory Compliance, Michael Matossian, will take part in 2 sessions dealing with Determinants of ML/TF Risks, and Politically Exposed Persons.

The conference organizers say it represents a new international private sector outreach initiative that unites public and private sector entities in an effort to strengthen defenses against terrorist financing and money laundering in the MENA region.

It aims at raising awareness and strengthening implementation of internationally recognized AML/CFT practices and programs within the region’s financial industries, particularly within the banking sectors.