Secretary General of Arab Banks Association Wissam H. Fattouh, left, and Secretary for the Special Investigation Commission (SIC) Abdul-Hafiz Mansour attend a conference in Beirut, Tuesday, Oct. 28, 2014. (The Daily Star/Mohammad Azakir)
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Complying with evolving U.S. economic sanctions and anti-money laundering (AML) regulations is an existential issue for Lebanese and Arab banks, bankers and legal experts said Tuesday at the 2014 annual forum for the heads of compliance units at Arab banks and financial institutions.Compliance concerns could prompt a U.S. correspondent bank to close the account of a local financial institution, Jebeyli said, warning that the decision of one correspondent bank could prompt a domino effect.Samar Baasiri, head of compliance unit at BankMed said correspondent banks relied on the local banks' due diligence.Local financial institutions need to be transparent for correspondent banks to feel comfortable dealing with them, otherwise local banks risk the closure of their accounts, Baasiri said.
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