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Oman International Bank (OIB) Hany Abou-El-Fotouh (hanyfotouh@yahoo.com) Lara Lynn Golden (lara@ameinfo.ae) Oman, Wednesday, January 17 - 2007 at 13:14 (GMT+4) US$ 3,250 (based on reach of audited readership)

OIB Head of Compliance calls for strong compliance function in banks

Federation of Egyptian Banks (FEB) has recently invited Mr. Hany Abou-El-Fotouh, Assistant General Manager and Head of Compliance, Oman International Bank (OIB) to make a presentation to the Compliance Officers' Committee about effective compliance functions in banks.

Abou-El-Fotouh defined compliance as "A system which is designed to ensure that the bank does, as far as is reasonably practical, what is necessary to 'get it right' in terms of its legal obligations." He explained that "Effective compliance is crucial for banks and it is critical to the success on any bank and supports strong relations with regulators. A failure to comply may involve serious results, including large fines and even imprisonment. In addition, banks should keep trust of stakeholders" "The best definition of compliance function has been outlined by Basel Committee on Banking Supervision (BCBS)" he said. Compliance function is "An independent function that identifies, assesses, advises on, monitors and reports on the bank's compliance risk, that is, the risk of legal or regulatory sanctions, financial loss, or loss to reputation a bank may suffer as a result of its failure to comply with all applicable laws, regulations, codes of conduct and standards of good practice'. Speaking on this definition, Abou-El-Fotouh remarked "It is the backbone of the job description

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of all compliance officers and all compliance-related activities should be tied to it"

Notes and Media Contacts

Contact: Contact Person: H Hassan Company Name: OIB Telephone Number: 968-99310611 Fax Number: 968-24682514 Web site address: http://www.oiboman.com/ http://finance.groups.yahoo.com/group/middle_east_compliance/ Company History Oman International Bank S.A.O.G came into existence on 1st January, 1984 and became the first 100% Omani owned commercial bank in the Sultanate of Oman. The Bank has 82 branches in the country and 4 overseas branches at Mumbai and Cochi in India and Karachi & Lahore in Pakistan

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