FERG strengthens industry stand on financial crime compliance at 13th Annual Summit

Zawya

22-05-2025

Dubai, UAE – The UAE's Foreign Exchange and Remittance Group (FERG) concluded the 13th edition of its Annual Financial Crime Summit today in Dubai, affirming its role as a key voice in the financial sector's efforts to combat economic crime and reinforce compliance standards across the industry.
Held under the theme 'Innovation, Integrity, and Intelligence in Compliance,' the event brought together compliance leaders, regulators, and members of financial institutions to deliberate on new challenges and cooperative strategies in an evolving regulatory landscape.
In his opening remarks, Osama Al Rahma, Chairman of FERG underscored the organisation's renewed commitment to regulatory partnership and sector-wide advancement. He said, 'FERG continues to evolve as a bridge between policy and practice. As global financial crimes become more sophisticated, our collective responsibility is to ensure that compliance measures are not only robust but also agile and aligned with innovation. We are committed to upholding a unified, informed, and secure financial ecosystem that supports both transparency and growth.'
The summit featured a keynote address by Jamal Saleh, Director General, UAE Banks Federation along with panel discussions led by senior representatives from the EY MENA, K2 Integrity, Norton Rose Fulbright, and exchange houses that are part of FERG. These sessions addressed pressing topics such as the integration of Governance, Risk, and Compliance (GRC) frameworks in a digital era, navigating the future of financial services technology and compliance, as well as strengthening MSB compliance posture. A dedicated presentation by the Central Bank of the UAE also shed light on the AML/CFT supervision and the National Risk Assessment 2024.
Rashed Al Ansari, Vice Chairman of FERG and CEO of Al Ansari Exchange, said, 'As the first line of defence against financial crime, financial service providers must ensure that compliance is not treated as a procedural necessity, but rather as a core value embedded into every level of the organisation. This summit reflects our joint ambition to lead with integrity while enabling innovation and inclusion in financial services.'
The event also marked an opportunity for FERG's new leadership to reinforce the organisation's strategic direction. With a renewed focus on empowering members through knowledge-sharing, policy advocacy, and operational best practices, FERG aims to continue raising the bar for compliance excellence in the UAE.
Rajiv Raipancholia, Treasurer of FERG and CEO of Orient Exchange Co. (L.L.C), said, 'The UAE's exchange and remittance sector has long been a pillar of the nation's financial infrastructure. FERG's role is not just to ensure compliance readiness among our members, but to champion a future-ready mindset, where innovation, regulation, and ethical practice converge to protect the integrity of our financial system.'
The summit concluded with a renewed call for stronger public-private partnerships to address emerging threats and foster a global compliance culture.
About FERG
The Foreign Exchange and Remittance Group (FERG) is a non-profit organisation based on the initiative of the Central Bank of UAE. FERG comprises companies engaged in the business of money exchange and remittances, from large sized companies in the UAE with over 100 branches, to single-branch outlets to join a common platform and work towards mutual benefits. FERG, as an organisation through its members, not only complies with the UAE's financial regulations, but also plays a significant role in providing information to the entire industry and works closely with most of its members to ensure all requirements and implementation are being promoted.
The Group has also taken up issues that have led to favourable policy amendments by the Central Bank of the UAE, promoted Emiratisation, and supported the implementation of the Wage Protection System. FERG regularly liaises with national police departments to combat dubious financial transactions and works with the Central Bank to implement strict AML policies.
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