AMMAN – HE Dr. Talal Abu-Ghazaleh, chairman of the International Arab Society for Certified Accountants (IASCA) has participated in the Conference of the World Union of Arab Bankers (WUAB), held in Amman along with a host of Arab professional bankers.
The Conference tackled several topics including best money laundering prevention practices, terrorism financing, digital transformation and cross-border compliance challenges.
In a speech delivered at the Conference’s opening ceremony, Dr. Abu-Ghazaleh expressed his pride in publishing the first Arab ‘Anti-Money Laundering and Terrorism Financing Guide’ by IASCA in cooperation with Talal Abu-Ghazaleh Global.
The handbook, according to Dr. Abu-Ghazaleh, aims to provide the Arab accountants and auditors with the required guidelines to offer services that are subject to Anti-Money Laundering and Terrorism Financing regulations and legislation.
He further affirmed the importance of keeping pace with the knowledge revolution that affected all sectors, including the banking sector, while benefiting from the revolution in the pro-active programming (Pro-Pro) currently, Artificial Intelligence (AI) field, using these technologies in improving banking sector compliance.
Dr. Abu-Ghazaleh also called on the Arb banks to be ready to the upcoming global changes, mainly in the field of shifting to the use of global central bank digital currencies, noting that they will be acknowledged in the financial and business transactions at the world level particularly with the trend of China to adopt its digital yuan, a central bank digital currency (CBDC), in its transactions and dealings with other countries.
It’s worth mentioning that the participants in the Conference discussed various issues including challenges that face the Arab banks in the terms of compliance and compliance risk management.
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