MENA FCCG Holds 2nd Plenary Meeting of 2024
On November 6, 2024, MENA FCCG conducted its second Plenary Meeting of the year (virtual meeting). Mr. Michael Matossian, Deputy Chair commenced the meeting commending members’ passion and commitment that have contributed to unprecedented achievements over the past 12 months. These include holding a Combating Financial Crime seminar in London in May 2024 and the continuation of efforts with the American University of Beirut (AUB) on a Trade-Based Financial Crime (TBFC) Certificate Program. Level I of the Certificate Program was already finalized in English and Arabic language in January and July 2024 respectively. Level II of the Certificate was launched in English in July 2024 while the Arabic version is scheduled for launch in Q1 2025. MENA FCCG is currently in the process of finalizing the Certification examination questions (first MENA FCCG – GCFFC Certification exam will be available January 2025.)
The meeting also provided members with an update on key deliverables of its Working Groups (WGs) as follows:
- Artificial Intelligence and Machine Learning: the WG continued actions towards developing a whitepaper on applying new/improved applications of AI in the fighting financial crime space, i.e. customer profile summarization, and Suspicious Activity Reports (SAR) documentation.
- CTBFC Program: as part of the efforts to promote the CTBFC Certificate/Certification, the WG has been working closely with Central Bank of Egypt and the Egyptian FIU to communicate the certificate to the Egyptian banking community via arranging for a Master Class in Arabic language on the TBFC Program to be delivered by MENA FCCG TBFC SMEs in November 2024. Once the masterclass is delivered to banks in Egypt, parallel efforts will be undertaken by other FCCG banks in their respective countries.
- Anti-Bribery and Corruption (ABC): the WG is working on developing a comprehensive ABC Assessment Tool for operating in the MENA region. The tool includes a public and private sector risk assessment methodology aiming to provide a compilation of publicly available sources for assessing the regulatory ABC environment, local risks and typologies while also separately providing a comprehensive ABC assessment methodology at the private sector level (i.e. organizational level).
- Collaboration with Crime Stoppers International: this WG aims to align with MENA FCCG’s new global alliance Crime Stoppers International (CSI), a global not-for-profit organization that supports law enforcement efforts to prevent and solve crime. The collaboration focuses on human rights’ violations including forced labor and modern slavery as a financial crime in the MENA region. As an initial output of partnership, both entities have made available a video on human rights abuses by financial criminals under the title “the Illegal Empire”. Click to view the video The Illegal Empire. The WG is currently working with CSI on developing financial scams storyboards into educational videos (in Arabic & English) to be promulgated by both entities for the benefit of concerned stakeholders
- Collaboration with Rabdan Academy: this WG collaborates with Rabdan Academy, a Government-owned education center specialized in disciplines of safety, security, defense, emergency preparedness and crisis management. The collaboration is centered around releasing an academic paper titled “Utilizing Hibernation to improve the effectiveness of AML Transaction Monitoring Programs”. Once finalized, MENA FCCG will promote the paper across its social media outlets to the benefit of the public.
- Fraud / Scams: this WG is centered on developing public information campaigns and material (in the form of leaflets and videos) designed to enhance public awareness of fraud scams in both Arabic and English language.
The meeting was attended by Jorij Abraham, Managing Director at Global Anti-Scam Alliance (GASA) and Sheylaa Saadat, Director of Strategic Partnerships at GASA. GASA is the most recent alliance to MENA FCCG. GASA focuses on enhancing capacity for combating scams including via training and awareness initiatives, outreach to the public sector, and regional summits deigned to bring together governments, consumer & financial authorities, law enforcement, and cybersecurity companies to share knowledge and define joint actions to protect consumers from getting scammed.
Members concluded the meeting with agreeing on the next in-person Plenary Meeting, tentatively scheduled to take place during the first week of May 2025 at the Dead Sea.
