DUBAI, 26 October 2015: EY
hosts MENA Executive Symposium on Sanctions & Financial Crime Compliance - Raising the Bar 2015, with attendance from 275 C-Suite executives from more than 100 companies across the Europe, Middle East, India and Africa region.
Prominent speakers include Adam Szubin, Acting Under Secretary, Terrorism & Financial Intelligence, U.S. Treasury Department and John Smith, Acting Director of the Office of Foreign Assets Control (OFAC). Also in attendance are leading global institutions and advisors who specialize in compliance and regulatory risk management, as well as Central Bank, Finance and Interior Ministry officials.
Michael Adlem, MENA Fraud Investigation & Dispute Services Leader, EY, says:
"The various sanctions programs operated by OFAC impact the bottom line and future strategic decisions of the MENA region. Moreover, threats from state and non-state actors have put more focus than ever on financial institutions' ability to understand and manage financial crime-related risk. Raising awareness on key issues such as financial crime, sanctions, money laundering, illicit finance, and other risk management challenges will help businesses in the region to be better equipped to manage the sanctions and financial crime risks."
Sessions at the Symposium highlight the importance of robust compliance in relation to combatting illicit finance and how to manage compliance risks and correspondent banking relationships. Additional meetings address OFAC enforcement of non-U.S. financial institutions and how OFAC's jurisdiction affects regional businesses.