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Abu Dhabi, March 1, The Emirates Banks Federation organized a remote workshop on combating money laundering based on trade and credits, as part of the federation’s tireless efforts to improve the frameworks and procedures necessary to develop and maintain the highest levels of compliance and risk management for member banks in the federation, under supervision. And direct guidance from the Central Bank of the United Arab Emirates, with the aim of enhancing the effectiveness of the banking and financial system in the United Arab Emirates in combating financial crime.
The workshop stressed the importance of banks that play a fundamental and pivotal role in combating money laundering based on trade and credit documents, which includes attempts to disguise illegal financial returns as legitimate commercial transactions. The efficiency of the financial system also poses great risks to economic and social stability, as it has serious implications, as those funds may be used to finance criminal or terrorist institutions, which causes great harm to individuals and societies all over the world.
The organization of the workshop comes as a continuation of the UAE Banks Federation’s initiatives to enhance transparency, governance, and compliance with international standards and agreements that consolidate the UAE’s position among the most prominent financial centers in the world, which are characterized by high levels of transparency and compliance. The federation has organized many conferences and panel discussions to raise awareness and provide the necessary tools and resources to detect, prevent and prosecute illegal activities.
And with the growing risks facing the banking and financial sector, with the development of financial crimes that try to benefit from the importance of trade exchange in the global economy, efforts are accelerating globally to update legislation and issue new laws on an ongoing basis to ensure the provision of a safe banking experience for customers.
In the context of its efforts to provide the appropriate conditions to ensure adherence to the highest standards of compliance, the UAE Banks Federation is taking many steps and initiatives to enhance the ability of banks and financial institutions in the country to face risks, as well as educate customers and the public, such as the Federation’s launch of the Regulatory Compliance Conference and many seminars to ensure that banks keep pace To implement the requirements of the Financial Action Task Force (FATF), in addition to the national anti-fraud campaigns.
Jamal Saleh, General Manager of the UAE Banks Federation, said, “All concerned authorities in the UAE place compliance with controls, laws, and regulations at the top of their priorities. We, in the banking sector, are working, under the direct guidance and supervision of the Central Bank of the United Arab Emirates, to enhance the UAE’s leadership as an economic, financial and commercial center. Through our development, adoption, and commitment to the latest systems and policies, especially with regard to compliance, governance, and transparency, as well as our member banks keeping pace with the latest legislation and systems, strengthening investments in digital infrastructure, and developing qualified cadres that supervise the safety of the banking system, “especially the Emirati cadre.”
He added, “The banking sector plays a vital and decisive role in detecting money laundering based on trade and documentary credits, because banks represent the first line of defense against financial crime by following several procedures such as due diligence, including conducting risk assessments, monitoring suspicious transactions related to trade, and providing training properly.” Comprehensive and periodic for those working to combat money laundering and financial crimes and exchanging information with other financial institutions, regulatory bodies and law enforcement agencies, which contributes to reducing and mitigating risks, in addition to the investment of member banks in the union in advanced technology that helps in combating financial crimes with the aim of strengthening the financial system. Mali is safer and more secure.”
A number of specialized experts and key officials responsible for compliance, risk departments, anti-money laundering and financial crimes in member banks of the UAE Banks Federation participated in the workshop, in order to exchange ideas and opinions on the rapid developments in the banking sector globally, and the procedures that member banks apply to ensure compliance. The standards in force in the UAE, which keep pace with international best practices.
Ramnath Sankran, Group Officer for Monitoring and Combating Money Laundering at First Abu Dhabi Bank, gave a presentation on trade-based money laundering, its risks, and tools and ways to confront it. Hassan Taher, Head of Compliance and Financial Crimes at Abu Dhabi Islamic Bank, reviewed the nature and classification of trade-based money laundering crimes, and presented several models, cases and examples of these crimes and how to combat them.
