A conference of the group of banking and financial transfer institutions in the UAE in Dubai

31-03-2019 Media in\ Dubai
The UAE Banking and Financial Institutions Group has highlighted the issues related to the fight against money laundering crimes and their risks, and the mechanisms to enhance the work of the exchange and remittance companies in the UAE.
The meeting was attended by more than 170 representatives of 65 exchange companies as well as representatives of the Central Bank of the UAE.
Participants also gave critical insights into the current state of compliance in local exchange companies and suggested development solutions.
The representatives of the Central Bank of UAE participated in the Financial Intelligence, Inspection and Inspection Department. Representatives of the Department of Supervision and Inspection presented a special awareness session on the new regulations and standards issued by the Bank regarding the work of exchange companies within the UAE. Representatives of the Financial Intelligence Department held a workshop on ” The “smart” launched by the United Nations on the crimes of money laundering and the financing of terrorism.
Mr. Osama Al Rahma, Vice Chairman of the Group, stressed the importance of this annual conference which serves as a bridge between the legislations and regulations on the one hand and daily practices in the money transfer sector on the other hand.
He pointed out that the UAE measures its progress in combating money laundering and terrorism financing according to international standards and practices. It is necessary to establish effective channels of communication between different departments and departments working in exchange companies and to establish specialized committees that meet regularly and develop a plan of action aimed at creating a level of consensus in awareness level. And awareness of these regulations across the various departments.
The participants also attended a panel discussion on corporate governance and the challenges of working in the field of banking and financial transfer. They also stressed the importance of adopting risk-oriented management approaches. They also called for the appointment of independent managers whose mission is to provide unbiased advice to companies to ensure best practice.
The seminar included the participation of representatives of the Central Bank, which dealt with the latest developments on the local regulations and regulations set by the Central Bank to regulate and control financial transfers, and urged to increase the number of UAE employees in this sector.