On the heals of a two day Arab Bank Regional Compliance Summit, attended by its North African Compliance Managers, Arab Bank Group Regulatory Compliance served as a sponsor of the MENA Compliance Officers Forum, an event coordinated by the Union of Arab Banks, conducted at the Continental – Garden Reef Hotel, Sharm El Sheikh, Egypt, 19-20 July 2007. The event provided an opportunity for the open exchange of ideas and discussion as to how to further strengthen compliance, including topics such as combating anti-money laundering, Basel II, and governance. More than 100 participants, including regulatory authorities, financial intelligence units, and individuals responsible for compliance within their respective institutions across the region were in attendance.
Invited to provide a keynote speech, Mr. Michael Matossian, Arab Bank Global Head of Group Regulatory Compliance, discussed the importance of establishing and implementing an effective compliance risk management program, focusing on the customer and creating value. "With intense competition for customer's business, a bank's success hinges on its ability to know its customers and build strong and lasting relationships with them, anticipating their needs, and taking appropriate action based on that information." Rather than viewing compliance through the traditional lenses of regulation and loss, Mr. Matossian shared the positive attributes of risk management and how compliance can be embedded within a banking culture to improve customer service. "Beyond compliance with regulatory requirements, at its core, and throughout its fabric, a Bank must exercise unwavering commitment to integrity and maintain uncompromised ethical standards" commented Mr. Matossian.
Just as Arab Bank proactively serves to strengthen compliance throughout the MENA region, so too does the Bank demonstrate a firm resolve to continuous improvement in the field across its internal operations. Over the past year Arab Bank has recruited additional experienced and talented compliance professionals to join its global team. Further, the Bank continues to invest in compliance training and systems to further enhance its regulatory compliance program.
