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Seventh Annual Arab – Cypriot Forum:

Investigating the Global Decline in Correspondent Banking Relationships & Complying with AMLD6 and AMLA 2020

17- 18 June, 2021

Flows of dirty money can damage the stability and reputation of the financial sector and threaten the local markets, and terrorism shakes the very foundations of every society. The soundness, integrity and stability of banks and financial institutions and confidence in the financial system as a whole could be seriously jeopardized, add to that the De-risking pattern adopted by Correspondent banks, therefore putting countries and their banking and financial systems in an extremely delicate situation.

Over the last decade, global banks have been tightening operations to comply with regulations designed to curtail money-laundering and terrorism-financing. As a consequence, global banks have been limiting correspondent banking relationships (CBRs) with local banks in emerging and developing economies – a practice referred to as “de-risking.” 

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Arab Banks Awards and Commendations of Excellence

Within the framework and the objectives of the World Union of Arab Bankers to promote the Arab banking and financial industry and the professional scope of Arab banking, the Union launched in 2015 and through its monthly magazine The Banking Executive, the first round of the “Excellence and Achievement Awards” ceremony, which has become an annual event attended by senior bankers and international figures from international and regional institutions.

The Bank of Excellence Awards and Achievement Awards aim to honor Arab personalities and banking institutions that have achieved significant achievements during their career. They have been instrumental in promoting and developing the Arab banking industry, and have formed a remarkable example of outstanding performance and adherence to international standards and legislation, in addition to their active contribution to the promotion of economic development in the Arab world.