The event will welcome 600+ senior decision makers from across Middle East and North Africa seeking the latest advice, guidance and information from leading subject matter experts, industry leaders, visionaries and academics.
FinCrime MENA will address issues and challenges unique to the MENA region, as well as addressing global issues that affect organisations.
FinCrime MENA will feature over 50+ expert speakers, who will participate in presentations, panel discussions and debates, delivering unique insights and actionable content to ensure attendees leave with valuable strategies and roadmaps.
The event will adapt to the new-normal and will introduce new key features to support delegate safety and also maximise delegate and sponsor engagement times.
Many MENA countries are accelerating regulatory reforms and imposing fines on companies who aren’t compliant. Financial institutions and regulated organizations are under enormous pressure to align their governance, risk and compliance strategies with the latest international standards.
The region is transforming itself and investing in many tools such as digital identity verification solutions, AI and machine learning and blockchain, cloud, data lakes and analytics.
Pakistan, Saudi Arabia, the United Arab Emirates, and Lebanon – already have had a strong focus on compliance activities and are currently making significant investments into this whilst Egypt, Algeria, Bahrain, Jordan and Qatar are catching up.
In a recent MENA Financial Crime survey* 83% of organizations from across the region plan to dedicate more resources to compliance over the next two years, with 57% saying they will increase their investment into compliance substantially.
Ami Daniel, Co-Founder and Chief Executive from Windward says the recent 11 banks fined in the UAE central bank “are the tell-tales of a bigger story”. He states: “The rise of the UAE as a trade and finance hub, stemmed by the push for more efficient supply, makes the UAE a more dominant player,” “That comes side-by-side with requirements for more robust AML, financial crime and sanctions standards.”
Dubai Central Bank said “All banks operating in the UAE have been allowed ample time by the [central bank] to remedy any shortcomings and were instructed in the middle of 2019 to ensure compliance by the end of that year,” The central bank says it “will continue to impose further administrative and/or financial sanctions, as per the law, in cases of non-compliance”.
Thomson Reuters reports that over 220 international regulatory changes occurred every day, amounting to 80,000 updates that year.“The past decade witnessed increased regulatory expectations for banks to monitor against a wider set of financial crimes, coupled with intensified enforcement and reputation loss for violations,” says Michael Matossian, executive vice president and chief compliance officer at Jordan’s Arab Bank.