Union of Banks commends federal laws and regulations issued recently

MEDIA IN \WAMNovember 18, 2018
The Board of Directors of the Union of UAE Banks praised the recent laws and regulations such as Netting, the Public Debt Law, the Anti-Money Laundering Law and the Central Bank Law, as well as the systems related to risk management, internal control and inactive accounts.
The Board, during its meeting chaired by Abdulaziz Al Ghurair, Chairman of the Emirates Bank Union, highlighted the positive impact that the laws and regulations will have on the banking and financial sector as well as the national economy. He expressed his satisfaction with the performance of the banking sector, which is reflected in strong financial indicators supported by economic growth.
The Board also reviewed the progress made in a number of key initiatives, including the “Sharek” platform for the exchange of information on cyber threats, the Sales Conduct Framework, the Customer Complaint Processing Framework and the Emirates Digital Portfolio project. The Board thanked banks for their cooperation and adoption For those initiatives.
The Council adopted the plans and initiatives of the UAE Banks Union on the future of digital transformation, Block Qin and financial technology companies, and other topics on the agenda of the meeting and took the necessary decisions thereon .. and valued the support of banks to the strategy of Emiratization and financing of small and medium enterprises.