Oib Compliance Head Joins Cams Certification Exam Review Task Force In Usa

Muscat, Oman, 16/12/2006. Oman International Bank Assistant General Manager and ‎Head of Compliance, Mr. Hany Abou-El-Fotouh has recently joined 2-days meeting held ‎at the headquarter of Association of Certified Anti-Money Laundering Specialists ‎‎(ACAMS) in Miami, Florida‎

ACAMS has invited Mr. Abou-El-Fotouh to represent the ‎Middle East in Certification Exam Review Task Force along with other representations ‎from the US, Latin America and Europe. The Task Force aims to make progress in the ‎development of anti-money laundering (AML) certification recognized globally. The ‎work of the Task Force has involved leading subject-matter experts in consultation with ‎independent psychometrics experts to ensure fair and sound examination questions.

Speaking on the significance of certification in AML compliance, Mr. Abou-El-Fotouh ‎remarked ?just few years ago many anti-money laundering positions did not even exist. ‎Where they did, the compliance officers found themselves assigned AML compliance ‎duties after being given vague instructions. Little training was available. More ‎importantly, there were no real standards for this specialty?. He added ?money laundering ‎and terrorist financing have taken centre stage, and as a result, regulations around the ‎world have increased significantly. Essentially, these conditions have created a new ‎profession to fill the demands of all kinds of financial institutions. Not anyone can fill ‎this demand: financial institutions require a specific skill set and range of experience?.‎
He further said "ACAMS has more than 4,300 members in over 100 countries and has ‎certified more than 2,000 professionals already recognized as the highest standard for the ‎professional in the money-laundering prevention field."

Speaking on OIB?s compliance function, Mr. Abou-El-Fotouh remarked "The Bank?s ‎compliance function has developed processes and procedures across the business to ‎ensure that customers are properly identified, suspicious transactions are reported, ‎adequate records are maintained and employees are trained in respect of anti-money ‎laundering compliance. In tandem with management of governance issues, the ‎compliance function ensures compliance not only with regulatory laws and standards, but ‎also with internal policies and procedures." He further explained "the compliance ‎function is an essential part of OIB?s control structure, having responsibility for the ‎management of regulatory and reputational risk. A comprehensive bank-wide compliance ‎framework has been developed." ‎
Mr. Abou-El-Fotouh concluded by saying "compliance is central in building trust with ‎our customers knowing that customers do not only place their money with the bank, they ‎also place their trust in what financial products and services we sell and how we sell ‎them."‎

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Contact Details

Company Name: Hany Abou-el-fotouh
Issued By: Hany Abou-El-Fotouh
Phone: +96899310274
Address:

by Hany Abou-El-Fotouh (few years ago!)

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