Europe Chapter hold Plenary Meeting
Members of the European Chapter of the MENA Financial Crime Compliance Group (MENA FCCG) met on 21 November 2024 to review the latest trends in financial crime and re-new their efforts to prevent criminals gaining access to banks and the wider financial system. The meeting discussed the rise of Authorised Push Payment (APP) fraud and how banks can best help their customers to recognize such fraud, particularly in light of recent changes to UK legislation that impose stricter responsibilities on banks to educate and compensate APP fraud victims. The meeting also discussed best practice as it applies to relying on cloud service providers including the necessary due diligence and the merits of cloud-based solutions via a vis ‘on-premises’ solutions. Members also discussed high risk customer portfolios in MENA banks and proportionate risk rating measures that protect the organization while also avoid de-risking.
The European Chapter of the MENA FCCG was founded in 2021 to lead and coordinate the efforts of Arab banks in the EU and the UK. The Founding Members of the European Chapter comprise 13 subsidiaries or branches of banks based in the Middle East or Arab-owned banks incorporated in London. The Europe Chapter is Chaired by Thomas Noone, Head of Compliance at Europe Arab Bank. Andrew Dales, MLRO at Bank of London & The Middle East is the Deputy Chair. The London Arab Bankers Association acts as the Strategic Partner, and the Chapter has entered into a Strategic Alliance with Themis Services, the financial crime specialist.
