Financial institutions in the UAE were urged to focus on combatting money laundering and financing for terrorism in a meeting attended by compliance officers from all banks.
The Central Bank of the UAE (CBUAE) held the first Compliance Officers Forum to create a dialogue between the CBUAE and Chief Compliance Officers of all banks to discuss expectations from compliance function and banks’ risk management.
The forum, chaired by Abdulhamid M. Saeed Alahmadi, Governor of the UAE Central Bank, was attended by over 100 Chief Compliance Officers and other senior compliance professionals from the banking industry in the presence of Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation (UBF).
Alahmadi opened the forum, emphasising the importance of compliance functions and its role in ensuring sound and comprehensive management of all risks faced by banks in the UAE. The forum addressed several matters, mainly highlighting that banks need to assess the scope and skills of their compliance function and properly embed the compliance risk within the overall risk appetite framework.
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