Union of Arab Banks US-MENA Banking Dialogue Conference Hosted by the Federal Reserve Bank of New York, April 18th 2016
08:00 – 08:45 Registration
08:45 – 10:00 Opening Remarks -
Mr. Thomas C. Baxter, General Counsel & Executive Vice President, Federal Reserve Bank of New York -
Mr. Sean Hagan, General Counsel & Director of the Legal Department, International Monetary Fund -
Speech of the Chairman of the Union of Arab Banks Special Guests Keynote Speakers: -
Dr. Mohamed Baasiri, Deputy Governor, Banque Du Liban, Chairman of the PSD Committee -
Dr. Joseph Torbey, President, Association of Banks in Lebanon, Chairman of World Union of Arab Bankers -
H.E. Dr. Maher Sheikh Hasan, Deputy Governor, Central Bank of Jordan -
Mr. Gamal Negm, Deputy Governor, Central Bank of Egypt 10:00 – 10:10 Break Organized by US –
MENA Banking Dialogue on Correspondent Banking & De-Risking 18th of April 2016 Federal Reserve Bank of New York 2 10:10 –
11:10 Session I:
“Sanctions Compliance” ·
Recent OFAC regulations impacting correspondent accounts;
· New sanctions regulations regarding Iran, Cuba and Russian programs;
· Regulatory expectations. (risk ratings, validation of AML, system administration, personnel and data integrity);
11:10 – 12:20 Session II:
“Concerns of US & MENA banks in Today’s Regulatory Environment”
· Correspondent banking landscape / De-risking in correspondent accounts;
· Technical assistance programs available to improve risk management and reduce the chances of being de-risked.
· CDD/KYCC practices and expectations
· Affiliate risks and overcoming data sharing obstacles;
· Problems in data and technology – under increased regulatory scrutiny.
The challenges of implementing an effective monitoring system and aligning it with regulatory expectations. (risk ratings, validation of proper KYC standards, monitoring systems and controls, AML/Sanctions/CTF system administration, personnel and data integrity);
· Dialogue and responses to Requests for Information (RFIs) between correspondent and respondent banks;
· Nesting risk in correspondent accounts for banks and MSBs/Exchange Houses
12:20 – 13:30 Lunch Special Lunch Guest Speaker: -
Mr. Daniel Glaser, Assistant Secretary for Terrorist Financing & Financial Crimes, U.S. Department of the Treasury US – MENA Banking Dialogue on Correspondent Banking & De-Risking 18th of April 2016 Federal Reserve Bank of New York 3 13:30 – 14:30 Session III: “PEPs, Corruption and Money Laundering: How do you guard against corporate corruption risk?”
· Panel discussions incorporates theory focusing on the importance of KYC/EDD, and then discussing case studies in the public domain such as FIFA, Petrobras and 1MDB 14:30 – 15:30 Session IV: “Trade Based Money laundering”
· Panel discussions about trade based money laundering schemes including cases involving Hawalas; Trading Companies and Free Trade Zones 15:30 – 15:45 Break 15:45 – 16:45 Session V: “Counter-Terrorist Financing Panel” 16:45 - 17:00 Closing Remarks
ReddStarr: We wouldn't want our future generations to NOT know how this global event changed the world & humanity! Just another one of those clues from the IMF that makes you think.....
Lagarde Appoints Historians to Chronicle “Defining Moments" in Fund’s History!
April 7, 2016
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), today
announced the appointment of Professor Harold James of Princeton University and Atish (Rex)
Ghosh, Assistant Director in the Research Department, as the new IMF historians. They will
replace retired historian James Boughton, and both will start in their new roles on May 2, 2016
“Professor James and Mr. Ghosh will write the Fund’s official history from 2000 to 2015, a period characterized by the global financial crisis, the crisis in Europe, and the growing role of emerging the world economy -- all defining moments in the Fund’s history,”
Ms. Lagarde said.“Few people are better placed than Professor James to take on this challenge. He completed his undergraduate education at Cambridge University, and received his Ph.D. in 1982.
He began teaching at Princeton University in 1986, and has written numerous books and articles on economic history, focusing on modern German history in the earlier part of his career. More recently, he has written extensively on the economic implications of globalization, drawing comparisons with previous episodes of globalization, including the one that ended with the Great Depression,”she added.
Prior to joining the Fund in 1994, Mr. Ghosh worked as an assistant professor at Princeton University.
He holds a PhDin economics from Harvard University and a M.Sc. in development economics from Oxford University, He has written widely on topics ranging from capital flows to exchange rate management and has been an adjunct professor at Georgetown University since 1997.
For the duration of his appointment as Fund historian, Professor James will retain his chair at Princeton, working part time at the Fund. Mr. Ghosh will work full time in his new role.
Both will be based in the Strategy and Policy Review Department.