Amman, Sept. 22 (Petra) – The Association of Banks in Jordan (ABJ) on Monday launched an initiative titled "Strategic Banking Dialogues," aimed at creating an open forum for dialogue among bank executives, decision-makers, and regional and international experts to exchange insights on strategic banking issues and enhance coordination in addressing common challenges.

Maher Mahrouq, ABJ Director-General, said the dialogues are not merely intellectual meetings but a forward-looking tool to anticipate trends and developments in the global banking sector, helping bank leadership to respond effectively to industry transformations.

As part of the initiative, the association held its first specialized forum for compliance directors in cooperation with Citibank, titled "Enhancing Anti-Money Laundering Compliance in Jordan’s Banking Sector: Global Trends, Emerging Risks, and Regional Challenges." Participants included compliance and anti-money laundering directors, representatives from the Central Bank of Jordan, and the Anti-Money Laundering and Counter-Terrorism Financing Unit.

Mahrouq noted that this forum is the first in a series targeting various executive departments in banks, including risk, credit, operations, IT, digitalization, sustainability, human resources, and finance.

The first session, led by Anthony Fenwick, Global Head of AML Compliance Risk Management, covered key topics including the Nesting phenomenon and its impact on banking operations, digital currencies (cryptocurrencies, central bank digital currencies, and stablecoins) and their potential compliance implications, as well as international sanctions, enforcement developments, and associated future risks.

The session also explored emerging financial crime trends, AML priorities for 2025, practices within banks, risks in non-banking financial institutions and money transfer companies, and building robust anti-money laundering frameworks using modern technologies.

Fenwick emphasized the importance of adopting global standards to address new AML and counter-terrorism financing challenges, showcasing international banking experiences and regulatory approaches to digital currencies, Nesting, and sanctions developments. He highlighted the need for proactive strategies leveraging advanced risk analysis and technology to ensure effective compliance and protect banking systems from illicit exploitation.

The second session focused on AML and counter-terrorism financing in the Middle East and Africa, risk-based compliance approaches, and post-gray-list challenges. Siddiq Khawaja, Head of AML for the Middle East and Africa at Citibank, discussed the global AML/CFT framework, risk-based approaches, customer due diligence (CDD), reporting suspicious transactions, regional money laundering and terrorism financing patterns, and maintaining sustainable compliance after countries exit FATF gray lists.

The session also addressed regional compliance challenges, including reliance on cash, informal transfer networks (hawala), cross-border complexities, and geopolitical conflicts.

//Petra// AF