PHILIP SIDNEY WRAPPED UP 2016 WITH SUCCESSFUL COMPLIANCE WORKSHOP FOR REFAH BANKERS

Philip Sidney’s Associate Partner Joost Melis (centre), who is also the Project leader in a group photo with Refah bankers.

Philip Sidney ends the year 2016 on a high note by successfully conducting the Compliance Risk Management workshop for a delegation of Iranian bankers in Amsterdam, Netherlands.

The five-day workshop was organized for one of the major Iranian banks, Refah Bank to raise awareness about the regulatory framework required to fulfill international banking standard.

The delegates remarked that they benefited immensely from it. The bank’s Risk & Compliance expert said that ‘it is necessary for us to take this course to learn the tools and improve our position and compliance levels after Iran sanctions relief, in order to meet with international standards’.

Noting its objective to re-establish the correspondent banking relations between Iranian and EU financial institutions, the said Risk & Compliance Officer emphasized the need to enforce Basel III recommendations and FATF guidance for a more stringent due diligence.

“Our banking system has been isolated, therefore this workshop is crucial for us to beef up our international compliance and governance standards,” he reiterated

Refah bank participants also enjoyed a day trip arranged by Philip Sidney to the Netherlands hub for global governance, ‘Den Haag’ (The Hague) where they had the opportunity to visit the House of Parliament,Binnenhof and Mauritishuis.

The workshop took place at NH Grand Krasnapolsky Hotel in the heart of Amsterdam and it ran from Dec 19 – 23rd last year.

At the workshop, Refah bankers gained knowledge on the principal terminology and concepts relating to risk management in bank operations. They learn the international bodies expectations regarding compliance risk management and also processes required for identifying and managing risks, KYC, CDD, AML, combat terrorism financing and global banking standards with regards to correspondent banking relations.

This marks Philip Sidney’s second achievement towards assisting Iranian banks rejoin the international banking community, after conducting similar compliance training for one of the largest Iranian banks, Tejarat bank sometime September last year.

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