OIB HEAD OF COMPLIANCE CALLS FOR STRONG COMPLIANCE FUNCTION IN BANKS - Federation of Egyptian Banks (FEB) has recently invited Mr. Hany Abou-El-Fotouh, Assistant General Manager and Head of Compliance, Oman International Bank (OIB) to make a presentation to the Compliance Officers' Committee about effective compliance functions in banks.
Abou-El-Fotouh defined compliance as "a system which is designed to ensure that the bank does, as far as is reasonably practical, what is necessary to “get it right” in terms of its legal obligations." He explained that "effective compliance is crucial for banks and it is critical to the success on any bank and supports strong relations with regulators. A failure to comply may involve serious results, including large fines and even imprisonment.
|
Businessportal24
|
International Press Release Publishing for free in 15 languages across 22 countries
|
Forgot your password?