Cairo, Egypt (PressExposure) January 15, 2012 -- The Arab Academy for Banking and Financial Sciences (AABFS) held last week a 5-days master class in compliance in banking in Cairo. A group of executives and compliance officers attended the course, which was led by Hany Abou-El-Fotouh, Chief of Staff of Cairo-based investment bank CI Capital. Abou-El-Fotouh is also the owner and moderator of Middle East Compliance Officers Forum (MECOF).
Commenting on the course, Abou-El-Fotouh said "this course provides detailed information about compliance issues inside the Egyptian banking environment and beyond as well as banking governance and anti-money laundering mechanisms and procedures. Focus on compliance covers the most up-to-date data in the ever-changing world of banking compliance".
"The style of training was highly interactive complete with time allocated for discussions and case studies," said Abou-El-Fotouh. "This course provides valuable knowledge in several key areas, including the recent corporate governance code which should be implemented by Egyptian banks during the first quarter of 2012".
Stressing the theme of banking governance, Abou-El-Fotouh explained that the important financial intermediation role of banks in the economy, their high degree of sensitivity to potential difficulties arising from ineffective management and the need to safeguard depositors' funds, have bought corporate governance of banks to prominence. "A number of banking organizations failures have focused attention on how banks are directed and controlled", he added.
Speaking on regulatory compliance, Abou-El-Fotouh explained that regulatory compliance describes the goal that banks aspire to in their efforts to ensure that all employees are aware of and take steps to comply with relevant laws and regulations. "The bank and staff should ensure that all operations and transactions are performed in line with the highest degree of compliance with the relevant laws, regulations, best practices and fair market standards in order to protect against regulatory penalties for violations and criminal or civil penalties subject to the severity of the breach" he said.
The training is part of AABFS Diploma in Retail Banking and Financial Services organized in collaboration with American Bankers Association (ABA)