MECOF Moderator Delivers a Master Class in Compliance at Arab Academy for Banking & Financial Sciences

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).

Cairo, Egypt, December 28, 2011 --( 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).

About Middle East Compliance Officers Forum (MECOF)

Middle East Compliance Officers' Forum (MECOF) is the first ever forum created in MENA region which aims to increase the level of interaction among compliance professionals, sharing professional information and best practices. The owner and moderator of MECOF is Abou-El-Fotouh. He is currently Chief of Staff & Group Board Secretary, CI Capital Holding - the investment banking arm of Commercial International Bank which is the largest private bank in Egypt. He provides advice and direction to the Board and management with respect to corporate governance practices and formulates corporate policies.

Hany is a leading expert on money laundering and terrorist financing controls in the MENA region. Founder of the Middle East Compliance Officers' Forum (MECOF), he has been honored for his work in promoting compliance culture and awareness in the MENA region He won Corporate Governance Officer of the Year (2011).

Hany writes articles to different newspapers and journals on a variety of subjects. He is a public speaker and professional trainer. Previously, he worked in various senior positions in leading banks in Egypt and GCC countries like HSBC, Oman International Bank, Banque Saudi Fransi among others.

Hany Hassan