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UAE’s FERG launches AML Standardization Manual
October 13, 2015, 10:58 am
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Participants of the FERG’s AML & Operations Heads Meet at Shangri-La Hotel in Dubai on Sunday.

The UAE’s Foreign Exchange and Remittance Group (FERG) officially launched the Anti -Money Laundering (AML) Standardization Manual during their AML & Operations Heads Meet in Dubai recently.

FERG has about 70 members under its umbrella and there are more than 100 exchange companies with over 1,000 branches in the UAE. The newly launched manual is in line with the group’s objective to curb money laundering and advocate the transfer of money globally through channels that are secure, transparent and governed by regulations as posited by the Central Bank of the UAE.

The event was graced by Osama Al Rahma, Chairman, FERG, Adeeb Ahamed, Treasurer, FERG, Mohamed El Sherief, STR analyst from the Central Bank of UAE and other representatives of FERG member organizations and financial institutions.

“FERG has always been at the forefront in the fight against money laundering, which is one of our industry’s major challenges. The new AML Standardization Manual is in line with our vision and mission of fostering the development of a dynamic, innovative and stable foreign exchange and remittance industry that contributes to the economic and social wellbeing of our customers and position UAE as the market leader in money exchange and remittance business,” said Mr. Ahamed, Treasurer, FERG.

Gurminder Kaur from UAE Exchange gave a detailed briefing about the newly launched AML Standardization Manual. Meanwhile, Christos Christou, Chief Compliance Officer from LuLu International Exchange, made a presentation on the foreign currency transactions.

“Such discussions and interactions have helped FERG formulate a number of steps over the years to curb non-compliant financial transactions and unethical business practices and we will keep evolving our policies and directives in line with global practices,” concluded Mr. Ahamed, who is also the CEO of LuLu Exchange. 

 

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