December 2022, Manama, Kingdom of Bahrain |
The General Council for Islamic
Banks and Financial Institutions, the global umbrella of Islamic financial
institutions, has successfully held today, a webinar on Anti-Money
Laundering and Financial Crime: Recent Regulatory Developments and Strategic
Anti-Money Laundering (AML) and
Financial Crime is an ever-evolving landscape that requires financial
institutions to remain updated with the most recent regulatory developments and
strategic considerations. The trend towards new technologies, digital
currencies, and the widespread use of cashless transactions has led to a need
for robust AML systems that can detect and prevent money laundering.
Islamic financial institutions (IFIs)
must take a proactive approach by developing robust systems and processes in
order to meet the ever-changing needs of the regulatory environment. IFIs must
provide regular trainings and other measures to ensure that their staff are at
all times able to identify the risks of financial crime as well as to
understand and implement prevailing regulations on customer due diligence
The webinar today brought together subject
matter experts to shed the light on the recent developments in AML and the key
strategic considerations for IFIs to navigate through its increased regulations
CIBAFI Secretary General, Dr.
Abdelilah Belatik inaugurated the webinar. In his speech, Dr. Belatik,
emphasized the importance of technology and putting necessary processes in
place in preventing financial crime as well as other illegal activities. The
future of financial crime detection, prevention, and mitigation will be based
on innovative strategies and a commitment to internal and industry-wide
collaboration. For this, CIBAFI is keen on advocating the importance of
innovation and digitalisation not only in combatting financial crimes but for
the development of the industry in general. The webinar also featured an
opening speech from H.E. Mr. Suliman ALJABRIN, Executive Secretary,
Middle East & North Africa FATF (MENAFATF).
Following the opening session, a
panel discussion explored and shared insights on the evolving sophistication of
money laundering activities and the role of the digital economy in its growing
concern. The speakers presented the current vulnerabilities of financial
institutions and challenges in fighting money laundering. They also highlighted
the key considerations for building robust and flexible AML compliance
programmes in IFIs. The panelists included Mr. Rinto Teguh Santoso,
Director of AML-CFT Group, Financial Services Authority (OJK), Indonesia; Ms.
Sophie Barre Guth, Risk and Compliance Director, Groupe BDK, Senegal; Mr.
Haider Ali Khan Lodhi, MENA Financial Services Risk Competency Leader,
Ernst & Young, Kingdom of Saudi Arabia; and Mr. Shawki Ahwash,
Anti-Financial Crime Professional & MLRO, Lebanon. The session was
moderated by Ms. May Arshi, Senior Research Analyst at CIBAFI.
CIBAFI also wishes to thank the
webinar partners, Al Baraka Bank – Egypt; Cihan Bank for Islamic Investment
& Finance – Iraq; and Jaiz Bank PLC - Nigeria for their contribution in
making the webinar a success.
CIBAFI continues to support the
Islamic financial services industry through various activities and initiatives.
These initiatives include providing industry stakeholders with a platform to
discuss emerging issues, representing the industry at major global financial
events, and sharing knowledge through specialized publications and
comprehensive training programmes.