With the aim of protecting the banks from perceived risks, such as money laundering or terrorism financing), the UAE Banks Federation (UBF), a professional representative body comprising 49 member banks operating in the UAE, will be hosting the 4th Middle East Banking Forum at The St. Regis, Abu Dhabi. on November 14th.
The annual conference will be under the theme “Transforming the customer experience” and will highlight de-risking and its impact on regional banks.
In addition to many important and different panel discussions and interviews, the event will also include a high-level panel discussion, which will explore the effects and implications of de-risking in which correspondent banking relationships with any domestic banks or foreign exchange companies are constrained or blocked by international regulators protecting their banks from perceived risks, such as money laundering or terrorism financing, in certain markets. The panel will discuss a number of related topics such as how banks manage de-risking, how it affects their small-and medium sized corporate clients in the Middle East in particular, and best solutions to avoid its unintended consequences. AbdulAziz Al Ghurair, Chairperson of the UAE Banks Federation, said, “Given that we live in a digital world in which everything is quicker and less complicated but with more legislative challenges, banks have to make greater efforts to strengthen bonds of trust in the financial world. Today, de-risking is of pivotal concern to everyone, including banks, corporates and individuals. In this year’s edition, we aim to bring together experts from all over the world in order to come up with solutions that will benefit all stakeholders”.
Ajay Badyal, Head of Assurance and Advisory Services Unit of the Compliance Function at the Federal Reserve Bank of New York; Justine Walker, Director of Financial Crime at the British Bankers’ Association (BBA) and Redmond Ramsdale, Senior Director and Head of GCC Bank Ratings, Fitch Ratings will also participate in this discussion.
