Saturday 07, January 2017 by Isla MacFarlane

Thomson Reuters to co-host 11th MENA Regulatory Summit

Held under the patronage of the UAE Minister of Economy, H.E Sultan bin Saeed Al Mansouri, the summit will debate key challenges that financial institutions and corporates in the Middle East and North Africa (MENA) face in complying with international standards, fighting financial crime and promoting strong, positive cultures.

Held under the patronage of the UAE Minister of Economy, H.E Sultan bin Saeed Al Mansouri, the summit will debate key challenges that financial institutions and corporates in the Middle East and North Africa (MENA) face in complying with international standards, fighting financial crime and promoting strong, positive cultures.

According to the findings of Thomson Reuters MENA Financial Report 2016, about 50  per cent of compliance respondents have significantly increased their compliance spending over the last two years and 52  per cent expect a significant increase in compliance spending in the next two years.

More than 39 per cent prioritise business change and reorganisation investment over technology and training. Only seven per cent have complete confidence in their compliance policies, while 44 per cent fear over-reliance on Technology.

Around 14 per cent of respondents are confident that technology is appropriately applied, while two thirds do not have a cyber security or technology policy in place. In respect to sanctions policy, more than 40 per cent of respondents confirmed that they do not have a sanctions policy in place.  

Nadim Najjar, Managing Director, MENA, Thomson Reuters, said, “Cyber risk, cyber-crime and cyber-attacks have all come to the fore this year and will continue to be among the key themes next year especially with global names hitting the headlines for having been successfully targeted. The issue is being taken seriously at the highest international levels with the formation of intelligence-sharing hubs.”

The summit will highlight the recent macroeconomic developments on the MENA region including the US election, Brexit aftermath, regional regulatory responses to the financial crisis, the digital revolution in financial services, block chain technology, and crowd funding.

The first day will highlight international anti- financial crime trends, FATF perspective on terrorist financing & emergent types of financial crimes, and the dangers of withdrawal of correspondent banking relationships. Panellists will also discuss trade-based money laundering and trade finance activities, a compliance culture, business conduct, business ethics, compliance conflicts

The 11th MENA Regulatory Summit is supported by Banque Saudi Fransi, Deloitte, ETIVE Consulting, Al Tamimi & Co, Abu Dhabi Securities, Barclay Simpson, Herbert Smith Freehills, eProseed and FinScan.

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