Summit highlights key developments shaping financial crime compliance

Sajjad Ahmad, Deputy Business Editor

Dubai: The Foreign Exchange and Remittance Group (FERG) convened its 14th Annual Financial Crime Compliance Summit (AFCCS 2026) at the Shangri-La Hotel in Dubai, bringing together industry leaders, compliance professionals and key stakeholders from across the UAE’s exchange, remittance and wider financial services sector.

The summit provided a dedicated platform to examine developments shaping financial crime compliance and their implications for exchange and remittance businesses operating in an increasingly complex financial environment.

The discussions at the summit reflected the broader direction set by the UAE’s regulatory authorities to strengthen the resilience, integrity and competitiveness of the country’s financial ecosystem. Government-led initiatives to advance regulatory frameworks, encourage responsible innovation and reinforce financial crime prevention continue to provide an important foundation for the sector’s development and support its ability to respond to emerging risks and evolving market requirements.

Osama Al Rahma, Chairman of FERG, said, “The exchange and remittance sector is undergoing significant transformation as digital channels, new payment models and artificial intelligence become increasingly integrated into financial services. These developments are creating important opportunities for the sector, while also introducing new risks and threats that require institutions to continually strengthen their compliance, governance and risk management capabilities.”

He added, “The Financial Crime Compliance Summit provides an important platform for our industry to examine these developments collectively and share practical experience on how we respond to them. As financial services become more digital, our approach to financial crime prevention must continue to evolve through stronger systems, specialised expertise, effective use of technology and close collaboration across the sector. This is essential to maintaining trust in our industry and supporting the integrity of the UAE’s financial system.”

Across the sessions, participants considered how the expansion of digital and branchless financial services is changing the risk environment for exchange and remittance providers. During the panel discussion, “Shaping the Future of Exchange Houses in a Digital and Regulated Era”, industry leaders explored how exchange houses can continue to evolve their business and operating models while responding to changing customer expectations, technological developments and regulatory requirements.

Another session, “Digital Transformation: Building the Branchless, Paperless Financial Ecosystem”, examined the rapid digitisation of financial services and the growing role of technology in reshaping how payments and remittance services are delivered. Discussions also considered the need for compliance and risk management capabilities to evolve alongside digital channels, particularly as institutions increase their adoption of artificial intelligence and technology-enabled financial services.

The Summit also examined regulatory and compliance developments through the panel “Innovating with Integrity: Evolving UAE Regulatory & Compliance Landscape”. The discussion explored how organisations can continue to innovate while maintaining strong governance, accountability and financial crime compliance frameworks as the regulatory environment develops alongside new technologies and business models.

FERG continues to support its members by encouraging industry collaboration, facilitating dialogue on regulatory and operational developments, and promoting strong standards across the exchange and remittance sector. The annual Summit forms part of these efforts, providing a forum for stakeholders to remain informed of developments affecting the industry and exchange expertise on areas of shared importance.