The United Bank is to boost compliance applications and mechanisms as a customer’s economic equity basis amid the international digitization challenges
09/06/2022
In Egyptian Bank Alliance seminar
United Bank is to boost compliance applications and mechanisms as a customer’s economic equity basis amid the international digitization challenges
Cairo 9 June 2022
The United Bank participates today in the seminar organized by the Egyptian Banks Alliance in cooperation with “Refinitiv”, the latest challenges in anti- Money laundry and terrorism funding.
The seminar’s sessions took over many important axis, like deepen the cooperation among the government, banking sector and financial investigation units and regulatory authorities in the information exchange field. And the best local and international applied under the concept of information and data security.
The sessions discussed the impact of technological developments on the compliance sector work and the state and bank efforts led by Central Bank of Egypt to apply E-KYC and its impact on the customers especially the financial inclusion applications.
In the 2nd session moderated by Mr. Vishal Relhan, CEO of Refinitiv group, under the patronage “Deepen cooperation between the government and the banking sector to reach the best international practices in the compliance field, which reflects positively on the customer in the st place”. Abeer Ezzat, Head of the Compliance sector in UB, in the presence of Abdel Sattar El Nagaar, Assistant Manager of anti- money laundry and terrorism funding sector in Central Bank of Egypt, and Dr Sameh El Turguman, the former chairman of the Stock market and CEO of “Evolve” Holding for Investments.
In her opening speech, Abeer Ezzat declared that applying the international compliance standards is the safe way to achieve economic equity principles among all customers. It is the customers’ right to have their personal data protected from cyber security attacks and electronic crimes. It is also their right to get banking service coping with the international banking quality standards and make sure the information technology systems are capable of working out banking operations with high efficiency. Besides guarantee that anti- money laundry and terrorism control standards are fully applied as a sound compliance practices.
Abeer Ezzat added that applying compliance rules is a major milestone to compete internationally in the age of digitization. Pointing at the importance to boost the cooperation among banks led by central banks, governments and authorities to take serious steps in establishing work frame and moving force to guarantee safe information and data flow and controlling electronic crimes and maintaining cyber security.
Among the two hours, speakers discussed many important points, like: cooperation in report preparation field, and customers’ personal data protection challenges as the first priorities of corporate compliance. As well as reporting any suspicious banking transaction incompatible with anti- money laundry standards and terrorism funding. Abeer added that the biggest challenge lies in the need to take quick procedure to guarantee banks competition on an international level. The compliance sector aims to face the expected dangers facing banks. These dangers resulting from censorship laws and regulations breach either locally or internationally. This happens through the full application of the compliance sector rule efficiency and independently. Besides, spreading awareness of the most important success criteria of compliance officers and providing efficient training.
Abeer indicated the UB is fully committed to recommendations of the financial work group FATF, UB issued the 1st report in 2015. As well as the UB adherence to Wolfsberg group principles of anti- money laundry and controlling terrorism finance. Besides, “KYC” principles and the full care of customers through a range of banking approved policies and procedures.
She declared that compliance sector has four main responsibilities:
1/ Making sure that all banking transactions are compatible with the bank organizing laws and regulations, and censorship instructions issued from CBE.
2/ Making sure that work flow inside the bank is compatible with the plans and strategies drawn by the Board of Directors.
3/ Putting mechanisms and framework designed to face the financial crimes especially money laundry in accordance with the CBE rules.
4/ Final report preparation about compliance dangers. The thing that contributes to achieving the corporate goals.
