UAE: 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 at the Conrad Hotel, Dubai.

The panel discussions and presentations highlighted pressing industry priorities, challenges faced by law enforcement agencies worldwide and utilizing 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.

Mr. 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.

FERG is a registered business group under Dubai Chamber of Commerce & Industry, the body concerned with patronizing and supporting various activities of the private sector in the UAE. FERG plays a vital role in the UAE's financial industry, its main focus is to ensure the implementation of best practice standards among exchange houses, while also serving as a platform for knowledge sharing. The group represents the industry’s interests to regulatory and government bodies, advocating for their views and opinions. By simplifying operational regulations, FERG aims to enhance the business environment for money exchange services, fostering growth and development in the UAE.

The group brings together a diverse range of companies involved in money exchange and remittances, creating a unified platform where both large-scale enterprises with over 100 branches and smaller single-branch outlets can collaborate for their collective advantage. By joining forces, FERG facilitates mutual benefits and fosters a cooperative environment among its members.