MENA FCCG takes part in the US-MENA Private Sector Dialogue (PSD) at the Federal Reserve Bank in New York
The PSD, held every two years, is organized by the Union of Arab Banks (UAB) and gathers regulators, senior executives, and compliance decision makers from the Arab world and the United States to discuss the challenges facing banks in implementing global sanctions.
Dr. Wissam Fattouh, UAB Secretary General and MENA FCCG Chair and Michael Matossian, Chief Compliance Officer Arab Bank and MENA FCCG Deputy Chair participated in the event which took place on October 18th, 2024. Dr. Fattouh provided opening remarks along with Mr. Sean O’Malley, Managing Director, Head of Financial Intelligence and Investigations Unit, NY FED, Mrs. Maria Judah, Terrorist Financing and Targeting Center Director and Middle East Assistant Director, US Department of Treasury, Mr. Mohamed El-Etreby, Chairman Union of Arab Banks, and Dr. Muhammad Baasiri, Founder, US-MENA PSD who presented his opening remarks virtually.
Mr. Matossian was part of a panel discussion titled “Challenges and Opportunities for MENA Banks – Understanding and Meeting US Regulatory Expectations and the Expectations of their Correspondents”. The session covered discussion around maintaining correspondent banks evolving requirements via transparency and ongoing communications as well as how best to manage transactional risks within a cash-based economy. The panel also discussed best practice on meeting combating financial crime accountabilities including as they relate to PEPs, ABC, and Trade-Based Financial Crime. MENA FCCG members, Mr. Ihab El Masry, National Bank of Egypt as well as Mr. Mohammad Dabbour, Arab Bank also attended the event and contributed to the discussions.
