In its commitment to meeting local and international compliance and anti-money laundering regulations, Al Khalij Commercial Bank (al khaliji) QSC, held annual training for its employees in compliance and anti-money laundering (AML) regulations. 270 employees attended the training held in Qatar and the UAE. The training that took place in Qatar, was also attended by representatives from the Qatar Financial Information Unit (QFIU). al khaliji Group Compliance addressed detailed issues on how to apply a risk-based approach to AML compliance and how best to develop and apply new typologies for internal monitoring and investigations.
"The training is a platform to discuss implementation practices on anti-money laundering laws. The training has been structured in a way that allows our employees to openly discuss the topics and challenges with regards to implementation of the laws, and suggest solutions to meet those challenges," said Osama Zeineh, al khaliji Group Head of Compliance.
Presenting al khaliji's own unique experience with its own anti-money laundering framework, and how the bank implemented the regulations uniformly across the different countries it does business in (Qatar, France, and the UAE), Mr. Zeineh discussed in detail compliance management framework, with emphasis on Regulatory Obligations, Client Due Diligence, Reporting a suspicious transactions, Conflicts of Interest, Whistle Blowing and FATCA. al khaliji employees were also presented with case studies with four different scenarios; how to report suspicious transactions, managing AML risk/CDD monitoring, transacting with high risk jurisdictions and how to manage unknown counterparty risk.
"Financial institutions play a big role in any nation's development," explained Zeineh. Non-compliance with international AML regulations can have disastrous ramifications not only for the institutions themselves, but for the reputation of the country as a whole. al khaliji has been extremely successful in setting up a seamless compliance frameworks across the group. After all, non-compliance can affect us all."
Media Contact:
Abeer Al Kalla
Head of Public Relations & Communications
Telephone: + 974 4494 0646
Email: aalkalla@alkhaliji.com
© Press Release 2013
