Manama, Bahrain: The Arab Banking Corporation (ABC) announced today the appointment of a new Head of Group Compliance, Mrs. Sharon Craggs, at the Bank’s headquarters in Bahrain. Mrs. Craggs will join ABC on 1 August 2014.
This appointment comes as part of ABC’s committed focus on controls and compliance and its continued efforts to further strengthen and upgrade its compliance functions at the Group level, covering offices in 17 different jurisdictions.
Mrs. Craggs is a qualified lawyer, Chartered Financial Analyst, Chartered Alternative Investment Analyst, and a graduate from Cambridge University with an MA in Law. She has broad experience across public, private and non-profit sectors. Her most recent employment was with Standard Chartered Bank in Singapore where she worked for four years as Head of Compliance for South East Asia.
Previously Mrs. Craggs worked for the Monetary Authority of Singapore as a Financial Services Supervisor for eight years, in the private sector with JPMorgan Chase as Regional Global Markets Compliance and with DBS Bank as Head of Legal, Compliance and Secretariat. She was appointed to the Singapore Appeals Panel before joining Standard Chartered Bank.
Commenting on this appointment, Mr. Sael Al Waary, EVP & Group Chief Operating Officer at ABC, said: "I am delighted that we have attracted someone of Mrs. Craggs’ calibre and experience to head our Group Compliance function. As banks move forward with the implementation of Basel III and other regulatory changes, compliance is taking centre stage, and ABC is making sure all regulatory requirements are being met.” Bahrain-based ABC is a leading player in the region’s banking industry and provides innovative wholesale financial products and services that include corporate banking, trade finance, project and structured finance, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in the MENA region, namely in Algeria, Tunisia, Egypt and Jordan.