CMA Organize Second AML/CFT Workshop for Capital Market and Insurance Sector Institutions on Customers, Cross Border Payment and Financial Sanctions

The Capital Market Authority has organized, in collaboration with the International Compliance Institute, a workshop titled Customers, Cross Border Payments and Targeted Financial Sanction for the training of the employees of the capital market and insurance sector on antimony laundering and combating financing terrorism with the participation of compliance officers of the companies operating in the field of securities and insurance companies.

The workshop acquainted the participants with the description of the types of customers, cross border payment and how to identify their risks as well as the challenges of the sanctions systems and best practices to deal with. The event summarized the main issues related to sanctions such as examining the sanctions, managing the alerts, samples of evasion of sanctions beside identification of the obligations of the companies in managing such risks.

It is worth to note that the workshop was held as part of CMA’s endeavors to increase the awareness of the financial institutions of the targeted financial sanctions to comply with the  regulation to implement the resolutions of the United Nation’s Security Council on prevention and suppression of terrorism and its financing and the prevention and suppression  and disruption of proliferation of weapons of mass destruction and its financing issued by the National Committee for Combating Terrorism under Decision No. 1/2021.