Hany Abou-El-Fotouh speaks at Middle East Anti-Money Laundering Forum in Bahrain - The 2nd Middle East Anti-Money Laundering Forum, which concluded recently in Bahrain, has highlighted the need to ensure that financial institutions pursue more efforts to combat money laundering. Some 60 specialists from the GCC and Middle East countries took part in the three-day event. Hany Abou-El-Fotouh, Head of Compliance of Oman International Bank (OIB) has delivered a presentation at the forum. Addressing the delegates, Abou-El-Fotouh said: we have agreed upon the importance of KYC (Know Your Customer) procedure. it is the due diligence and bank regulation that financial institutions must perform to identify their customers and ascertain relevant information pertinent to doing financial business with them He further added: there is a genuine need for automated monitoring on an ongoing basus to detect the unusual transactions and activities.