Released on: March 2, 2008, 11:37 am

Press Release Author: World Association of Compliance

Industry: Non Profit

Press Release Summary: The 2nd Annual Fraud & Financial Crimes Forum, which
concluded this week in Bahrain, has presented a vital opportunity for anti-fraud
and anti-money laundering professionals from all financial institutions. Hany
Abou-El-Fotouh, The Honorary Chairman of World Association of Compliance (WAC) has
delivered a presentation at the forum and chaired a stream on e-crimes


Press Release Body: Addressing the delegates, Abou-El-Fotouh said: sound corporate
governance framework at financial institutions is very important to safeguard the
institution against fraud. It ensures that oversight responsibilities exercised at
each layer ensures proper internal controls, transparency and integrity. The layers
include shareholders (represented in the Annual General Assembly), Board of
Directors, Audit Committee and other board committees, independent auditors, CEO &
top management and support business units.

He further added: the application of the four principals of corporate governance
i.e. accountability, fairness, transparency and fairness; should help the
institution to reduce the likelihood of fraud and other financial crimes.

He underscored the importance of training. In particular, internal auditors must
receive specialized training on fraud detection and prevention. However, other
employees in the institution should receive adequate training relevant to their job.
Coupled with training, is targeted fraud awareness programs.


Abou-El-Fotouh stressed that financial institutions should develop sound
custom-made risk-focused compliance ad anti-fraud programs, which involve the
development and adoption of procedures, systems and controls to address the risk of
financial crimes including money laundering. Additionally, they should understand
the latest technological solutions in combating fraud and financial crimes

Finally, Abou-El-Fotouh called on financial institutions to improve customer data
protection and assess their operations accordingly.

About World association of Compliance (WAC)

World Association of Compliance (WAC) is a non-profit organization registered in New
Jersy. It focuses on regulatory and compliance issues worldwide


Web Site: http://www.wac-online.org/

Contact Details: Hany Abou-El-Fotouh, CAMS
FVP Corporate Governance & Compliance Group Head
ABC Bank - Egypt
Tel- 2011-2665600
hany.abouelfotouh@arabbanking.com.eg
hanyfotouh@yahoo.com