Supported by the UAE Banks Federation Union of Arab Banks organize a Seminar on De-Risking
The UAE Banks Federation has fully supported the Union of Arab Banks in hosting a two day seminar in Dubai on the topic of De-risking , which was sponsored by Al Masraf Bank, and attended by Federation member banks, as well as other practitioners in the region’s financial sector. The seminar addressed both the causes and impact of de-risking, as well as ways to manage and control its potential and real adverse effects on local banks and their customers.
De-risking is the term commonly used for any instances in which banks have adopted financial crime-related policies to reduce their exposure to potential money laundering, terrorist financing, corruption and sanctions risk. It also refers to the strategies they implement to reduce their risk. De-risking has been increasingly embraced by many banks, including correspondent banks, during the last two years, to comply particularly with anti-money laundering guidelines set by regulators worldwide.
The aim of organizing this seminar is to seek a common methodology of managing such situations, to avoid unnecessary loss of business or hardship to bona fide customers.
The seminar was addressed by a number of high profile international and regional speakers, with a keynote presentation by Mr. Ajay Badyal, Compliance Officer Head of Assurance and Advisory Services at the Federal Reserve Bank of New York. Other speakers included Mr. Chahdan E. Jebeyli, General Manager and Group Head of Legal & Compliance at Bank Audi, Mr. Mahmoud Fadlallah, Counsel at Akin Gump Strauss Hauer & Feld who is based in Dubai, and Mr. Raven Groom-Baker, Head of Legal and Compliance at Standard Chartered Bank, UAE, who is also Vice Chairman of the UAE Banks Federation Compliance Committee.
The seminar was attended by senior participants from 15 banks operating in the UAE and other banks from the region.
