(MENAFN- Gulf Times) Qatar's banking sector is in prime position but certainly not isolated from the risks associated with anti money laundering (AML), according to a top official of Al Khaliji.
Therefore, the banking industry must utilise to the fullest the proactive efforts taken by international bodies and regulators, Osama Zeineh, Al Khaliji Group head of compliance said, addressing training workshops for its employees on local and international AML and compliance regulations.
"Recent global AML tragedies have highlighted compliance and self-regulation shortcomings among even the biggest banking conglomerates. They've also had irreversible reputational, legal and operational damages that incurred significant losses in both profits and customer trust," he said.
The sixth annual series of workshops, held by Al Khaliji, featured recent trends, challenges, group assignments, tests and case studies on best and worst practices in the AML and compliance arena.
Employees were introduced to the core aspects of AML, CFT (combating the financing of terrorism), ability-enhancement to identify red flags in more complex products such as trade finance, asset-based lending and corporate structured financing, and shown international case studies of money laundering, fraud and terrorism financing.
They were also trained to the new US requirements for Foreign Account Tax Compliance Act (FATCA) and the classification of individuals and entities accounts, as well as case studies of FATCA compliance, and modern communication technology fraud cases were also covered during the sessions.
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