The 2nd MENA RegTech Virtual Executive Boardroom took place on September 07 – 08 and made for a highlight event for firms, compliance officers and industry leaders operating in UAE, Saudi Arabia, Bahrain, Kuwait, Iraq, Oman, Egypt, Qatar and Pakistan
Through this closed-door private meeting, leaders from Healthcare, BFSI, TELCO, Retail, Government & Regulatory bodies discussed:
- How they are rethinking existing approaches?
- Where industry leaders have identified potentials for innovation?
- How are they evaluating new technologies?
- Where they see fit for new models of cooperation?
Christos Ttiniozou, the Managing Director of iSPIRAL coordinated and moderated the 1st Interactive Panel Discussion (8/9 at 10:35 UAE time) on the 2nd day of the event. This panel consisted of very knowledgeable Compliance experts that shared valuable compliance information related to FATF guidelines and the interrelation between regulators & FI’s
- Mr Adeel Mirza – Head of Compliance, Delma Exchange
- Mr Tomell deSilva Ceasar De Silva – Head of Group Ethics & Compliance, Careem
- Mr Pieter Vos – Group Head of Financial Crime Compliance, Bank ABC
- Mr Salman Kabani – Head of Operational Risk, IFRS 9, Risk Modeling, RAS and ICAAP
- Mr Mohammad Ali Khan – CFE – Head of AML & Sanctions Compliance
The objective was to discuss what is needed to be done by both the regulators and the FI’s so they can move to a much more collaborative relationship. These are the main points the panel came up with:
- Regulators collaborate with Corporate Registries so that FI’s could have access to Corporate Structure information
- UBO Registry should be enforced on high-risk jurisdictions which will enhance transparency. Transparency acts as a catalyst against the manipulation of the financial system for the enabling of money laundering and terrorist financing.
- Regulators to share with FI’s name of entities involved in STR’s after the investigation is concluded
- Data-Sharing on an individual micro-data level is very difficult to be achieved due to operational, cultural, legal, and technological challenges
- Adapting Regulatory Technology is not something that is good to have but is a necessity
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