MUSCAT : The seminar, held on March 6 at the College of Banking and Financial Studies (CBFS) in Baushar, aimed to unravel the threats posed by fraud and money laundering to the integrity and stability of the banking sector, with far-reaching consequences for financial institutions, regulators, and the society at large.

In response to these challenges, the seminar provided insights, strategies, and best practices for combating fraud and money laundering risks in the banking industry.

The seminar featured distinguished speaker Samia Ibrahimo, Head of BPS at Abu Timam Grant Thornton, an expert in the field of fraud examination, forensic accounting, and financial crime prevention. She shared her knowledge and experiences on fraud and money laundering trends in the banking sector; regulatory framework and compliance requirements; detection and investigation techniques for fraud and money laundering; case studies and real-life scenarios; and best practices for fraud prevention and risk management.

The attendees were from various Omani government institutions and private sector organizations that had the opportunity to engage in interactive discussions, network with industry peers, and gain valuable insights into emerging trends and challenges in fraud detection and prevention.

Nasser AlMughairy, Executive Chairman of Abu Timam Grant Thornton, was the chief guest, who shared his own experience and insights from operating an audit firm in Oman for the last 30 years.

Highlighting the importance of the seminar, Khalil AlRawahi, President of ACFE Oman Chapter, said: “We are excited to collaborate with Abu Timam Grant Thornton to host this timely seminar on fraud and money laundering in the banking sector. With increasing sophistication of financial crime schemes, it is imperative for professionals in the banking industry to stay informed and vigilant in detecting and preventing fraud and money laundering activities.”

Reiterating similar sentiments, Badar AlHashmi, CEO and Office Managing Partner of Abu Timam Grant Thornton, stated, “We are proud to partner with ACFE Oman Chapter to bring together an industry expert and anti-fraud community members for this important event. By sharing knowledge, experiences, and best practices, we aim to empower banking and other professionals to effectively mitigate fraud and money laundering risks and safeguard the integrity of the financial system.”

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