The National Commercial Bank (NCB), participating in the first annual conference on “Compliance and Combating Money Laundering” held in Riyadh recently, called for strict compliance with the regulations and laws pertaining to banks and financial industry to avoid frauds. Organized by the Institute of Banking and under the auspices of the Saudi Arabian Monetary Agency Governor Dr. Mohamed Al-Jasser, more than 300 international economic leaders attended, including executives of prominent banks and financial firms, consultants, legal advisers and economic experts. Hany Faidy, head, NCB Compliance Division, presented a research paper titled “The Procedures Followed by Financial Institutions in Reporting Suspicious Transactions.” He stressed the importance of adhering to regulatory legislation and laws governing banking and finance industry and investments and the importance of activating control mechanisms able to achieve high levels of protection for all banking operations. Faidy indicated the importance of such discussion to continue to create channels of communication and showcase the advanced standards attained in the Kingdom through the application of legislative regulations, especially in line with the ambitious plans for development of various economic sectors and the implementation of the vision of King Abdullah, Custodian of the Two Holy Mosques, in development and construction. He further said the conference highlighted the most important strategies aimed at increasing awareness of the challenges facing the organizational infrastructure pertaining to the culture of compliance to laws and regulations issued by supervisory councils overseeing the global financial services industry. It also addressed research papers submitted by participants in the conference on the most important issues about the development of the international financial work environment, including the activation of strict operational mechanisms for order and supervision, in addition to the development of compliance understanding based on principles of corporate governance and transparency and evaluation of risk management strategies of banking operations, and research techniques for combating money laundering, financing terrorism and prevention of financial fraud. He hoped the conference have helped develop the methods of battling fraud and money laundering and providing more security for movements of money in order to create a safe investment climate. NCB is the gold sponsor of the conference. __
