Bank Muscat hosts compliance forum


The meeting was attended by representatives from HSBC Oman, Al Ahli Bank, BankDhofar, Bank Sohar, NBO, QNB, Izz Bank, Nizwa Bank and Oman Arab Bank. Photo ó Supplied

Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, hosted the Oman Banking Compliance Forum attended by representatives of all major banks in the Sultanate.

The forum was established with the support of the CBO as a platform for compliance officers to discuss and share approaches in the areas of compliance, anti-money laundering (AML) and corporate governance.

Each year, the forum hosts four meetings in which compliance officers discuss important regulatory matters and also invite specialist guest speakers on topics such as FATCA, AML, fraud prevention and Basel developments. The forum is chaired this year by Muayad Mahmood Bahram, Compliance Manager at Bank Muscat.

Abdul Razak Ali Issa, Chief Executive of Bank Muscat, expressed delight in hosting the forum and said: "Bank Muscat is at the forefront of corporate governance in the region and lays emphasis on the assurance functions so as to ensure the business has support in delivering efficient products and services conforming to the highest compliance standards. This helps us in doing business the right way, which is the foundation of our offering."

Aimed at enhancing the robust corporate governance culture in Oman, the forum serves as a platform for compliance officers of all banks in the Sultanate to share knowledge and best practices in the areas of compliance, corporate governance and anti-money laundering. The meeting was attended by representatives from HSBC Oman, Al Ahli Bank, Bank Dhofar, Bank Sohar, National Bank of Oman (NBO), Qatar National Bank (QNB), Izz Bank, Nizwa Bank and Oman Arab Bank.

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