(MENAFN- Emirates News Agency (WAM)) The Society for Worldwide Interbank Financial Telecommunication, SWIFT, has joined the UAE Banks Federation to bring together senior representatives from financial institutions across the region to look at the impact of global regulations and to discuss the adoption of global best practice.
On the occasion, Nasser Sarris, General Manager of the UAE Banks Federation, said, "Financial crime is a growing threat to the global economy and is a challenge that must be met by all financial institutions. The Federation sees the promotion of insightful discussion on such matters as a key part of its industry role and we are happy to partner with SWIFT to help our members find the most efficient solutions to common problems."
More than 65 delegates joined the meeting, including senior financial institution and transaction bankers as well as compliance experts. The discussion addressed the challenges faced by the region's banks as they manage increasingly onerous regulatory requirements aimed at eliminating money laundering and terrorist financing.
Sido Bestani, Head of MENA & Turkey, SWIFT, said, "Banking relationships are being terminated around the world because of a reduced risk appetite and growing concerns about KYC transparency. For banks, managing the data and processes required to comply with regulations on a bilateral basis is inefficient and costly. This is why SWIFT has developed its KYC Registry. This can help banks to reduce KYC-related costs and mitigate compliance-related risks in a simple, secure and standards-driven way.
SWIFT has a long relationship with the UAE Banks Federation, including the hosting of such joint events on topics of interest, and sees it as a pivotal partner in the region.
Speaking about the briefing, Bestani, added, "These kinds of events are a crucial platform for informed discussion and a vital forum for industry colleagues to share experiences. We are therefore delighted to partner with the UAE Banks Federation and the broader SWIFT community as they look for common solutions to industry-wide, global challenges such as KYC regulations."
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