Wednesday 09, May 2018 by Jessica Combes

UBF to tackle regulation and risk in upcoming forum

 

The forum will address developments in regulation and compliance, as well as key challenges posed by the evolving risk landscape in the banking and financial services sector.

The UAE Banks Federation (UBF) is set to host the “Regulatory Compliance in a Changing World” forum on 27 June in Abu Dhabi.

Supported by UBF compliance committee, the forum will feature a line-up of seasoned speakers who will discuss key regulatory concerns, requirements for banks to have a proper conduct business framework in place to manage conduct risks, and approaches to dealing with financial crimes. The forum will also shed light on know-your-customer (KYC) and AML compliance and examine how technology and artificial intelligence can support regulatory compliance implementation.

HE Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation said that the banking and financial services industry is in a period of increased regulation; while it is true that new reforms significantly contribute to building a safe and robust banking system, increased oversight often mounts pressure on institutions as the cost of compliance continues to soar. 

He added that the risk landscape is also rapidly changing due to technological disruption and banks are increasing their average spend on KYC-related procedures and the forum aims to gather industry thought leaders and experts to discuss these developments in order to help banks and financial institutions to benefit from the prospects of new regulatory changes and prepare them to face looming challenges. 

The agenda of the forum will tackle a number of topics, including aligning local regulatory frameworks with global regulations, living in the age of derisking, FATF’s role in preventing financial crimes, KYC reliance in the era of Blockchain and the effect of technological regimes such as regtech, fintech and artificial intelligence on the overall compliance implementation from the functional standpoint. 

 

  

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