Released on = December 20, 2006, 12:01 pm

Press Release Author = H Hassan

Industry = Financial

Press Release Summary = Anti-Money Laundering and Combating the Financing of
Terrorism Symposium was ‎recently held in Kuwait under the patronage of the
Central Bank of Kuwait. It ‎was a grand event where top CBK officials,
bankers and financial sector experts ‎participated. The event invited regional
and international speakers sharing the ‎latest tools and techniques in the
field of anti-money laundering and combating ‎terrorist financing.‎

Press Release Body = Mr. Hany Abou-El-Fotouh, Assistant General Manager and Head of
Compliance, Oman ‎International Bank (OIB) participated in the symposium.
Speaking on OIB's ‎presence at the event, he remarked "I was thrilled to be
invited to make a ‎presentation about `Implementing a risk-based approach to
anti-money laundering ‎compliance'. Through this opportunity, I have explained
the elements and the ‎implications and opportunities of the risk-based
approach". ‎
Abou-El-Fotouh defined the concept of risk-based approach as "identification and
‎assessment of the money laundering risks that banks face, given their
particular ‎customer, product, services and geographic profile, and then
applying measures ‎to manage and mitigate these risks".‎
He gave explanation of the key components of anti-money laundering (AML)
‎program. "An effective AML program must encompass sound AML governance that
‎enforces designating a compliance officer of suitable seniority and
‎independence, setting the bank's AML strategy, implementing risk-based
‎methodology and most importantly demonstrating senior management commitment.
The ‎compliance program must include implementation of effective AML policies
and ‎procedures covering all business lines and operations in addition to
procedures ‎for monitoring transactions, record keeping, and reporting
suspicious activities ‎to the competent authorities". He further added
"promoting the culture that ‎supports compliance and implementing bank-wide
staff training in respect of ‎money laundering deterrence is crucial to the
success of a robust AML compliance ‎program. Needless to mention, the AML
compliance program must be subject to ‎independent testing and evaluation in
order to ascertain its effectiveness".‎
While addressing the importance of adopting risk-based approach, Mr.
Abou-El-‎Fotouh remarked "ignoring risk-based approach means failure to
‎identify elements of the business that pose the greatest risk and failure to
‎direct resources to mitigate them".‎
Abou-El-Fotouh concluded "at OIB compliance rules are embedded within the Bank's
‎policies and procedures. The Bank's compliance policy requires that all
‎operations of the Bank should be carried out at all times having regard to
the ‎highest ethical standards and in full compliance with all applicable laws
and ‎regulations". ‎


Web Site = http://www.oiboman.com‎

Contact Details = Contact Person: H Hassan
Company Name: OIB
Telephone Number: 968-99310611‎
Fax Number: 968-24682514‎
Email Address: oibcpl62@omantel.net.om