Posted on June 02, 2015

Al Khalij Commercial Bank (al khaliji) Q.S.C, recently held a series of training workshops for its employees on local and international Anti-Money Laundering (AML) and compliance regulations. This comes as part of al khaliji’s commitment to meeting self-regulatory best practices and promoting transparency in Qatar’s banking sector.

“Recent global AML tragedies have highlighted Compliance and self-regulation shortcomings among even the biggest banking conglomerates. They’ve also had irreversible reputational, legal and operational damages that incurred significant losses in both profits and customer trust”, said Osama Zeineh, al khaliji Group Head of Compliance. “Qatar’s banks are in prime position, but certainly not isolated from these risks; and they must utilize to the fullest the proactive efforts taken by international bodies and regulators. al khaliji is making great strides on this front as we aim to keep all employees up to date with the regulation and our own compliance frameworks.” added Zeineh.

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The 6th annual series of workshops, held by al khaliji, featured recent trends, challenges, group assignments, tests and case studies on best and worst practices in the AML and compliance arena. As such, employees were introduced to the core aspects of AML, CFT (Combating the Financing of Terrorism), ability-enhancement to identify red flags in more complex products such as trade finance, asset-based lending and corporate structured financing, and shown international case studies of money laundering, fraud and terrorism financing.

Employees were also trained to the new U.S. requirements for Foreign Account Tax Compliance Act (FATCA) and the classification of individuals and entities accounts, as well as case studies of FATCA compliance, and modern communication technology fraud cases were also covered during the sessions.