ABC appoints new group compliance head
The Arab Banking Corporation (ABC) has announced the appointment of a new head of group compliance, Sharon Craggs, at the bank’s headquarters in Bahrain. Craggs will join ABC on Aug. 1.
ABC says this appointment comes as part of its 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.
Craggs is a qualified lawyer, chartered financial analyst, chartered alternative investment analyst, and a graduate from Cambridge University with a master’s 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 southeast Asia.
Previously 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.
Sael Al-Waary, EVP and group chief operating officer at ABC, said: “I am delighted that we have attracted someone of Craggs’ caliber 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 center 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.