The dramatic development in the techniques, means of communication and settlement of payments, accompanied by expansion of a continuous liquidity of the global financial situation, has led to a range of diversified methods used in cross-border money laundering operations. SAMA Gov. Fahd Al-Mubarak commented on such developments at the inauguration of the 4th Compliance and Anti-Money Laundering Seminar held at the Institute of Banking yesterday.
Topics for discussion include managing the risks faced by banks and current developments in the field of anti-money laundering transactions.
The two-day seminar is being held under the auspices of Saudi Arabian Monetary Agency (SAMA) in cooperation with the Thomson Reuters Corporation (Thomson Reuters).
Al-Mubarak said: “Economic and social risks have increased. Therefore, efforts should be made with the cooperation of international agencies, notably banking authorities, financial institutions and security organizations to monitor and effectively tackle the global scourge.”
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