Commercial Bank 'Innovation Partner' at 15th Mena Regulatory Summit

Commercial Bank "successfully” concluded its participation as the Innovation Partner at the 15th Mena Regulatory Summit, hosted by the London Stock Exchange Group (LSEG) in collaboration with the Qatar Financial Information Unit (QFIU) in Doha Wednesday.The summit, which focused on strengthening the regulatory framework for combating money laundering and financial crime, provided an excellent platform for Commercial Bank to showcase its commitment to innovation and its dedication to advancing the financial industry.Commercial Bank Group CEO Joseph Abraham stated: "We are pleased to have been part of the 15th Mena Regulatory Summit as the Innovation Partner. At Commercial Bank, we recognise the importance of actively collaborating with regulatory bodies and our banking peers to support events that harness digital technology to promote innovation in the financial sector."One of the highlights of the event was the participation of Commercial Bank’s chief operating officer Dr Leonie Lethbridge as a panel speaker in the session titled "Fintech and the Impact it has on Fighting Financial Crime."This session provided valuable insights into how financial technologies have aided to the Banks’ deterrence level in the fight against financial crime in the Mena region.The summit covered various critical topics, including trade-based financial crime, regulatory vigilance around 'greenwashing,' strengthening asset recovery in Mena, and fast-tracking capabilities to counter cyber-enabled crimes.The event highlighted the need for a sophisticated approach by regulators and companies, with a special emphasis on the role of artificial intelligence (AI), machine learning (ML), robotic processing automation (RPA) in complementing conventional techniques.Abdulla al-Fadli, executive general manager and chief compliance officer at Commercial Bank, emphasised the growing investment in compliance functions and regulatory technologies by Qatar-based organisations for sustainable combating financial crime programmes."A successful compliance programme in the Mena region requires appropriate (need based) trainings and developments to foster a sustainable culture of compliance," he stated."Our participation in this summit underlines our commitment to staying at the forefront of the industry, utilising cutting-edge technologies to combat financial crime, by way of real-time monitoring, behavioural data analytics, enhanced authentication, pattern recognition and predictive analytics to combat financial crime. As a result, contributing to the overall integrity and stability of Qatar's financial landscape,” al-Fadli added.Commercial Bank remains committed to actively participating in events and initiatives that promote innovation, collaboration, and regulatory advancements in the financial industry.Commercial Bank said it "looks forward to continuing its support for such vital endeavours.”