Fattouh: militancy in the application of international standards , the most important challenges of the Arab banks

Views 12 Date 05/10/2016 - 21:54

Economy News ...

The Secretary General, Union of Arab Banks and Sam Fattouh, that the Arab banks and correspondent banks face significant challenges in the current period, as a result of militancy in the application of global regulatory standards and economic and trade sanctions.

He pointed Fattouh, that the issue of the risk of interest to many international organizations and institutions that are trying to identify a clear concept of it so that they can define their policies to deal with this issue, which has become widespread in recent times of financial institutions, especially banks in assessing, explaining that in this context, be held Union of Arab Banks an expanded forum on risk assessment in Jordan on May 16, with the broad participation of banks and Arab banks.

He explained that the forum, which will run over two days, will discuss the most important and the last thing the amendments on the international and regional initiatives in the light of the negative effects resulting from the fact that some international banks to reduce or terminate correspondent banking relationships with many regional banks, will also discuss the perception of the Arab region at risk of correspondent banks and the role required of Arab regulatory authorities to reduce the risks that may be exposed to Arab banks easing operations, as well as required from the Arab banks to reduce the risk mitigation operations role.

And between the Union of Arab Banks and the IMF conducted a questionnaire Arab banks to assess how affected by the enforcement of anti-money laundering and terrorist financing laws, and the law Vta, and the application of Basel 3 and the projected results highlight the areas that need further analysis, so the EU is looking to complete his initiative with the International Monetary Fund to adopt the principle of risk management and not be avoided, and to discuss the lack of a clear understanding by some banks and financial institutions the requirements of international standards to combat money laundering and terrorist financing.

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