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OIB Head of Compliance Calls for Strong Compliance Function in Banks - Federation of Egyptian Banks (FEB) has recently invited Mr. Hany Abou-El-Fotouh, Head of Compliance, Oman International Bank (OIB) to make a presentation to the Compliance Officers' Committee
OIB Head of Compliance Calls for Strong Compliance Function in Banks

 

NewswireToday - /newswire/ - Muscat, UAE, United Arab Emirates, 2007/01/18 - Federation of Egyptian Banks (FEB) has recently invited Mr. Hany Abou-El-Fotouh, Head of Compliance, Oman International Bank (OIB) to make a presentation to the Compliance Officers' Committee.

   
 
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Mr. Hany Abou-El-Fotouh, Assistant General Manager and Head of Compliance, Oman International Bank (OIB) to make a presentation to the Compliance Officers' Committee about effective compliance function in banks.

Abou-El-Fotouh defined compliance as "a system which is designed to ensure that the bank does, as far as is reasonably practical, what is necessary to “get it right” in terms of its legal obligations." He explained that "effective compliance is crucial for banks and it is critical to the success on any bank and supports strong relations with regulators. A failure to comply may involve serious results, including large fines and even imprisonment. In addition, banks should keep trust of stakeholders".

"The best definition of compliance function has been outlined by Basel Committee on Banking Supervision (BCBS)" he said. compliance function is "an independent function that identifies, assesses, advises on, monitors and reports on the bank’s compliance risk, that is, the risk of legal or regulatory sanctions, financial loss, or loss to reputation a bank may suffer as a result of its failure to comply with all applicable laws, regulations, codes of conduct and standards of good practice”. Speaking on this definition, Abou-El-Fotouh remarked "it is the backbone of the job description of all compliance officers and all compliance-related activities should be tied to it".

About the effective compliance tools, Abou-El-Fotouh added " a compliance matrix is an essential tool that should be used. It is a matrix of all significant laws, regulations, rules and codes that failure of which might result is significant financial loss, regulatory sanctions or negative impact on reputation".

 
 
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Written by / Agency / Source: OMAN International Bank

 
 

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OIB Head of Compliance Calls for Strong Compliance Function in Banks

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Publisher Contact: H Hassan - OIBoman.com 
96899310274 hany[.]oiboman.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any OMAN International Bank securities in any jurisdiction including any other companies listed or named in this release.

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