(MENAFN - Arab News) The dramatic development in the techniques, means of communication and settlement of payments, accompanied by expansion of a continuous liquidity of the global financial situation, has led to a range of diversified methods used in cross-border money laundering operations. SAMA Gov. Fahd Al-Mubarak commented on such developments at the inauguration of the 4th Compliance and Anti-Money Laundering Seminar held at the Institute of Banking yesterday.
Topics for discussion include managing the risks faced by banks and current developments in the field of anti-money laundering transactions.
The two-day seminar is being held under the auspices of Saudi Arabian Monetary Agency (SAMA) in cooperation with the Thomson Reuters Corporation (Thomson Reuters).
Al-Mubarak said: "Economic and social risks have increased. Therefore, efforts should be made with the cooperation of international agencies, notably banking authorities, financial institutions and security organizations to monitor and effectively tackle the global scourge."
He referred to the most important achievements of Saudi Arabia in the realm of anti-money laundering and said efforts were being stepped up to monitor the irregularities and take necessary steps.
"We've achieved a lot (of success) both locally and globally in this regard, but it's also true that the perpetrators of economic crimes have become sophisticated in their means and methods. So, efforts have to be doubled and cooperation among all stakeholders further intensified."
Jamaan Al-Wagdany, director general, Institute of Banking, opened the seminar, which is attended by heads of Saudi banks and officials of the departments of commitment and risk departments in Saudi and international banks operating in the Kingdom. On the sidelines of the two-day seminar, various financial institutions and banks have displayed their products and services at an exhibition.
Al-Wagdany said the forum was part of the institute's vibrant efforts that aimed at strengthening partnerships with the institutions of financial and insurance services in order to increase an awareness of the regulations and supervisory control, and create a favorable environment for the exchange of ideas and expertise.
He said the institute during the past two years organized more than 365 training courses benefiting 5,600 employees in banks, insurance companies and government agencies.
Additionally, the institute recently designed the first professional certificate in this field under a Certified Compliance Officer (CCO).
This will help them in creating a professional community cohesiveness to face the increasing challenges and reduce the risks faced by workers in banks and financial institutions, he added.
The Thompson Reuters Governance, Risk and Compliance (GRC) business unit outlined its role in providing comprehensive solutions by providing structure, visibility, and transparency to the risk management program.
It also provides a framework for establishing risk management goals and priority, identifying action plans and ownership, and monitoring progress against goals.
Enterprise GRC for risk management provides dedicated functionality to management enterprises risks at the corporate level - and the option to link those risks to operational or process levels. By providing specific functionality for both enterprise and operational-risk management, it gives business leaders the ability to identify, document, and assess strategic risks as a dedicated discipline.
