Fight against financial crime discussed

Sajjad Ahmad, Deputy Business Editor

The Foreign Exchange and Remittance Group (FERG) hosted its 11th Annual Financial Crime Summit for Money Exchanges in the UAE. Industry experts, regulators and law enforcement agencies discussed the latest trends and best practices in the fight against financial crime at the exclusive event which was held on Thursday in Dubai.

The panel discussions and presentations highlighted pressing industry priorities, challenges faced by law enforcement agencies worldwide and utilising emerging technologies to combat financial crime. Key topics covered included anti-money laundering (AML), fraud prevention, compliance culture, the UAE’s regulatory landscape for financial institutions, and innovative fintech business models for exchange houses.

The event provided an opportunity for Money Exchanges to hear from industry leaders and experts on the latest trends and best practices in financial crime prevention. The summit featured distinguished speakers, including Mr. Osama Al Rahma - FERG advisor to the Board and several other industry leaders.

Mohamed Ali Ansari, Chairman of FERG said: “We are pleased with the positive outcome of this year’s Financial Crime Summit. The insightful discussions and knowledge exchanges among industry leaders, regulators, and law enforcement agencies have been both valuable and productive. In the ever-changing landscape of financial crime, staying informed about the latest trends and threats is crucial. The annual financial crime summit organized by FERG offers a wonderful opportunity for collaboration and knowledge sharing among key stakeholders. We sincerely thank our partners and sponsors for their valuable support, which contributed significantly to the success of this year’s event.”

Attendees gained a comprehensive understanding of the latest regulatory initiatives in the UAE, explored the opportunities associated with fintech models in the exchange house sector, and delved into the current challenges surrounding compliance culture. A presentation provided insights into money laundering from the perspective of law enforcement agencies.