Sharm el sheikh: Head of the Anti-Money Laundering and Terrorism Financing Unit Ahmed Said Khalil asserted that Egypt adopted a proactive approach to keep pace with the rapid developments in financial technology, ensuring that it is not misused in financial crimes. He pointed out that the concerned national authorities are making significant efforts to address the emerging challenges posed by the evolution of financial crime methods and patterns. This came in Khalil's speech at the opening session of the Annual Forum of Compliance Managers in Arab Banks.

According to State Information Service Egypt, the forum aims to exchange expertise and enhance the compliance system and combat financial crimes in the Arab region. The forum, held in Sharm El Sheikh, will last for three days with the participation and sponsorship of the Central Bank of Egypt, the Union of Arab Banks, the Egyptian Banks Union, the Anti-Money Laundering and Terrorism Financing Unit, and the United Nations Office on Drugs and Crime, Khalil said.

Khalil noted that Egypt's national efforts to address challenges related to the evolution of financial crimes have included the issuance of several important laws in this field, in addition to the state's commitment to utilizing modern technology to support efforts to combat financial crimes in compliance with the relevant legal frameworks.

He emphasized that the rapid transformations in the global financial environment impose greater responsibilities and more complex challenges on all parties, stressing that the use of modern financial technologies has become one of the most critical keys to the future. He also highlighted that the noticeable evolution in the methods and patterns of financial crimes, particularly in recent years, led the Financial Action Task Force (FATF) to extensively update its methodology, especially concerning risk assessments and enhancing mutual understanding and management of risks in line with technological changes and emerging criminal methods.