Compliance costs hurt regional banks | GulfNews.com:
"While it may be the most common given name in the world, the global banking system seemingly can’t cope with Mohammed and its various different spellings.
When it comes to false positives — where a person or transaction is incorrectly flagged for contravening sanctions — the total at Middle Eastern banks is around twice that of many international lenders because of the high use of names like this, said John Garrett, chief compliance officer at National Bank of Abu Dhabi.
Rectifying these mistakes costs banks and their customers both time and money and highlights the rapidly increasing compliance costs which lenders in the Middle East and Africa must deal with.
Compliance teams face an increasing array of rules, both due to failings exposed by the financial crisis and as banks work with more partners around the world than ever before."
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