UAE Remittance Group Calls For Safer Landscape To Fight Financial Fraud

The UAE needs a safer and more secure remittance and foreign exchange landscape in order to fight financial fraud, according to the vice-chairman of the UAE's Foreign Exchange and Remittance Group (Ferg).

Osama Al Rahma said on Sunday at the annual Anti-Money Laundering (AML) & Operations Heads conference in Dubai that the group aims to establish committees and regular meetings to enhance commitment and understanding of the Central Bank’s regulations on financial fraud.

“Getting a deep understanding of the Central Bank's regulations is only the first step. We need to create a culture of communication across departments in different exchange houses," he said.

“By adopting the latest technology and aligning the industry with emerging regulations, we aim to create a safer, more secure and progressive remittance and foreign exchange landscape in the country. Threats and risks are rapidly evolving, and it is only through a culture of continuous learning and collaboration that we can stay ahead in this ever-changing world of finance," said Al Rahma.

The UAE implemented an anti-money laundering law in October 2018 in a bid to combat financial fraud and establish a framework to support authorities fighting financial crimes.

The annual Anti-Money Laundering (AML) & Operations Heads conference is attended by representatives from 65 exchange houses.