Highlighting key global patterns in law and conformity and equivalent growths in the UAE and the wider region, the UAE Banks Federation's Governing Compliance in a Transforming World forum wrapped up today (27 June, 2018) in Abu Dhabi. Significant by the presence of first-rate speakers and well-known industry specialists who tackled a variety of problems and challenges dealing with the banking industry, the event attracted more than 160 delegates standing for leading local and regional financial institutions, economic services and fintech firms, lawful, ranking and consultancy companies. The one-day forum likewise saw participation from the Central Bank of the UAE and Abu Dhabi Global Market (ADGM).

" We are pleased with the tremendous success of our Regulatory Compliance in a Changing World forum. The occasion is a major turning point in UBF's journey as it gathered local, regional and worldwide economic industry leaders under one roofing system to discuss and explore latest policy and conformity advancements and their effect on the banking industry. We highly think that the insights from the provocative sessions at the forum will certainly help local and regional banks, and the industry all at once, to set their future approaches in order to flourish in a risk-free, skilled and compliant business," said HE Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation.

The calculated forum showcased more than 20 speakers that led thoughtful panels and sessions to talk about key regulative concerns, reliable ways to handle economic criminal offenses, along with just how modern technology can sustain regulative application. Following the opening comments by Walid Abou Zaki, Executive Director, Al-Iktissad-Wal-Aamal Co., and the welcome speech by Hanan Mansour, Chairperson of UBF's Compliance Board, and Head of Compliance, FAB, the occasion saw informative considerations as four stimulating panel conversations progressed.

The panel discussions, themed Financial Crime Trends and FATF Role in Preventing Criminal Abuse of the Financial System; Aligning Local Regulatory Frameworks with the Global Regulations; Trust, KYC and Compliance in the Blockchain and Cryptocurrency Era; and Advance Technologies Influence on Compliance featured a stellar line-up of local and regional speakers, including James Obrien, Head of Regulatory Development, Central Bank of the UAE; Thomas Hirschi, Executive Director Regulatory Authority, ADGM; Waheed Rathore, Chief Compliance Officer, ADCB; David Shepherd, Market Development Lead Risk MENA, Thomson Reuters, UAE; Ibtissem Lassoued, Partner, Regional Financial Crimes, Al Tamimi & Co., UAE; Adam Vause, Partner, AML & Financial Crimes Practice ME, DLA Piper, UAE; Victor Matafonov, Chief Compliance Officer, Emirates NBD, UAE; Ayman Ajaj, Chief Information

Officer, BNP Paribas MEA, Bahrain; Dr. Sohail Munir, Emerging Technologies, Smart CitiesInnovation and Digital Government Transformation, Smart Dubai, UAE; and Ashar Nazim, Chief Executive Officer, Finocracy, Bahrain.

Amongst the international speakers who offered their calculated understandings in the panel conversations are: Michael Dawson, Managing Director and CEO, Promontory Asia, Promontory Financial Group, UNITED STATES; Sagar Sarbhai, Head of Regulatory Relations, APAC & Middle East, Surge, Singapore; and David Bundi, Chief Compliance Officer, Innovative Swiss Regional Bank, Switzerland.

In live stage interview, labelled 'Residing in the Age of De-Risking,' Stuart Jones Jr., CEO, Sigma Rankings Inc., U.S.A., checked out global financial institutions' perspectives on de-risking and the impact of de-risking on the region's banking industry. The forum ended with a discussion on 'Conduct Business in Banks' by Bassant Khalil, Regional and UAE Head of Regulatory Conformity, HSBC.

The industry continuouslies leverage new modern technologies to develop innovative banking services. However, new as modern technology advances, risk landscape remains to expand alongside, compeling regulators to frequently transform governing and conformity methods to sustain a secure and durable banking system.

Similarly, the price of conformity has escalated in the regularly transforming world of guideline, with financial institutions and banks devoting budgets as well as 10-15% of their team to fulfill regulatory needs. Financial institutions with $10 billion or more in revenue enhanced their typical spend on KYC-related procedures to $150 million in 2017, up from $142 million in 2016. Meanwhile, the number of KYC compliance professionals at these establishments expanded to approximately 307 in 2015, from 68 in 2016.

In the UAE, the banking industry is forecasted to tape a stable enhancement in property development and profitability in 2018 and the following year on the back of steady macroeconomic and economic market problems. Nonetheless, the sector's development is anticipated to be affected by obstacles occurring from rapid technological developments and new guidelines.

In action to global governing developments, the nation has released a host of new regulations over the past couple of years, consisting of the intro of anti-money laundering legislation in 2014 and its change in 2016, the reserve bank's new capital regulations in 2017 with transitional execution till 2019, along with an independent macroeconomic cardiovascular test for financial institutions and an independent assessment of their AML and sanctions compliance, among others.