(1888PressRelease)
December 18, 2006 - ACAMS has invited Mr. Abou-El-Fotouh to represent the Middle East in Certification Exam Review Task Force along with other representations from the US, Latin America and Europe. The Task Force aims to make progress in the development of anti-money laundering (AML) certification recognized globally. The work of the Task Force has involved leading subject-matter experts in consultation with independent psychometrics experts to ensure fair and sound examination questions.
Speaking on the significance of certification in AML compliance, Mr. Abou-El-Fotouh remarked “just few years ago many anti-money laundering positions did not even exist. Where they did, the compliance officers found themselves assigned AML compliance duties after being given vague instructions. Little training was available. More importantly, there were no real standards for this specialty”. He added “money laundering and terrorist financing have taken centre stage, and as a result, regulations around the world have increased significantly. Essentially, these conditions have created a new profession to fill the demands of all kinds of financial institutions. Not anyone can fill this demand: financial institutions require a specific skill set and range of experience”.
He further said "ACAMS has more than 4,300 members in over 100 countries and has certified more than 2,000 professionals already recognized as the highest standard for the professional in the money-laundering prevention field."
Speaking on OIB’s compliance function, Mr. Abou-El-Fotouh remarked "The Bank’s compliance function has developed processes and procedures across the business to ensure that customers are properly identified, suspicious transactions are reported, adequate records are maintained and employees are trained in respect of anti-money laundering compliance. In tandem with management of governance issues, the compliance function ensures compliance not only with regulatory laws and standards, but also with internal policies and procedures." He further explained "the compliance function is an essential part of OIB’s control structure, having responsibility for the management of regulatory and reputational risk. A comprehensive bank-wide compliance framework has been developed."
Mr. Abou-El-Fotouh concluded by saying "compliance is central in building trust with our customers knowing that customers do not only place their money with the bank, they also place their trust in what financial products and services we sell and how we sell them."
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