Amman - Under the patronage of His Excellency the Central Bank Governor, Dr. Umayya Toukan, Citigroup and the Association of Banks in Jordan (ABJ) today conducted a one-day comprehensive training seminar on Anti Money Laundering (AML) at the Association's premises in Amman, Jordan.
Chaired by Lauren L. Pickett, Director of Citigroup's Global Anti-Money Laundering Training, the seminar discussed the global challenge of money laundering and initiatives that can be taken by banks to prevent such activities. The full day event, which was attended by over 70 top executives across all operating banks in Jordan, covered a number of AML issues including the sources of funding, the different stages of money laundering, national implications of money laundering, and the role of the banking industry in fighting this phenomenon.
Mr. Mufleh Akel, Executive Director of ABJ, said: "The Central Bank of Jordan (CBJ) as well as the Jordanian banking community are vigilant to AML issues and constantly monitor banking systems to ensure full compliance with international Financial Action Task Force on Money Laundering (FATF) standards. AML Seminars, conducted by financial heavyweights such as Citigroup, add measurably to the national efforts of combating Money Laundering activities."
Lauren L. Pickett said: "The financial sector, whether banking institutions or insurance companies, is highly susceptible to manipulation by money launderers. Therefore, it is extremely important for banking communities in the region and worldwide to keep up with the latest AML methods and techniques, and to implement effective controls as recommended by FATF. It is the goal of this seminar to provide this valuable information to all participants in the financial sector."
Suhair Al-Ali, Citigroup Country Officer-Jordan and board member of ABJ, said: "Citigroup is actively involved in educating the banking community about AML related issues all over the world. This stems from our belief that such training sessions increase awareness among bankers of the danger of this phenomenon, and help devise tools to prevent it. It also falls within our mission as a responsible corporate citizen in the Kingdom."
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Notes to the Editors:
Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at www.citigroup.com.
Jumana Madanat
Public Affairs Officer
Citigroup
+962 6 567 1600
Email: jumana.madanat@citigroup.com
© Press Release 2004
