Dubai, UAE - The Institute of Chartered Accountants of India, Dubai Chapter, PIO recently held a seminar on Anti-Money Laundering, Insurance & Liabilities, themed ‘Be Aware, Play Safe’. The seminar was focussed on spreading awareness about the various money-laundering practices plaguing the finances of corporates across the world throwing light upon the various checks and solutions that can be put in place to curb this malpractice. Osama Al Rahma, the CEO of Al Fardan Exchange LLC, a leading financial service provider in the UAE was the chief guest of the seminar.
Sridhar Rajam, Director - Compliance at AJMS Global whose expertise lie in anti-money laundering compliance management framework, commenced the awareness initiative by talking about the compliance challenges faced in anti-money laundering. Ahmed Fadly, Director - Risk & Compliance at AJMS Global, whose experience in corporate banking, and supervision and regulation of financial institutions runs very deep, spoke about the anti-money laundering regulatory updates that people need to be aware of. Michael Wong, Head of Anti-Money Laundering Compliance at Emirates NBD, one of the largest banking groups in the Middle East, spoke aboutwhat anti-money laundering updates mean for different people in the financial world. Mustafa Vazayil, Founder & Managing Director of Gargash Insurance Services LLC, a professional insurance intermediary delivering excellence in broking and insurance risk management services, threw light upon the various liability exposures for businesses, individuals and professionals. Mamoon Khan, Partner - Banking & Finance at Al Tamimi & Co, the largest full-service commercial law firm in the Middle East, concluded the seminar by talking about the liability of UAE company managers for dishonoured cheques and financial default.
CA Mahmood Bangara, Chairman, ICAI (Dubai) Chapter NPIO said,“Through this seminar, we have been able to spread more knowledge about the menace that money laundering has become, ways to tackle it, compliances and updates to keep in mind, and the consequences companies and professionals can face if involved. It is becoming essential to equip financial professionals with systems, practices and tools to combat this malpractice and keep their stakeholders safe from its effects.”