AML-CFTanti-money laundering - combating the financing of terrorism
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Risk mitigation, or rather risk deflection, is another AML-CFT induced challenge for the relationships between Arab banks and international banks, as well as among Arab banks themselves.
Practical tools for making the burdens of AML-CFT compliance less costly for Arab banks could include an authoritative regional entity empowered to carry out compliance checking as intermediary for all banks in the region, Fattouh suggests, noting that such an initiative is not currently feasible for the UAB and could be initiated perhaps by the Arab Monetary Fund acting as the secretariat of Arab central banks.
Separately, at a workshop for insurance companies and brokers, Al Awadi said the basic aim of any AML-CFT regime (Anti-Money Laundering -- Combating the Financing of Terrorism) was to protect the economy from criminal and illicit funds.