Dubai: The UAE’s Foreign Exchange and Remittance Group (FERG) and Allied Compliance Consultancy (ACC) completed the first successful training on advanced Anti Money Laundering for their exchange houses. Forty exchange houses had participated in the training schedule, which has been designed for keeping members up to date with the latest regulations in the industry.
FERG’s collaboration with ACC, a leading training institute in UAE, is in line with the Group’s vision to further enhance compliance capabilities of exchange houses and remittance providers in the UAE. As ACAMS partners in the Middle East & Africa, ACC has been working closely with ACAMS to support the collective goal to reduce financial crimes, money laundering and terrorist financing globally.
Highlighting FERG’s commitment to providing the best training and development to their member exchange houses, Mr. Mohamed Ali Al Ansari, Chairman of FERG, said, “At FERG, we strive to position the UAE as a market leader in money exchange and remittances, which requires us to ensure that all our member exchange houses have access to the best training initiatives that help them adopt maintain global standards. Our partnership with ACC, the only authorized trainer for Certified Anti Money Laundering Specialist (CAMS), not only helps us fulfil this mission but also contributes towards the development of a dynamic, innovative and stable foreign exchange and remittance sector.”
Commenting on the significance of the training sessions for exchange houses, Osama Al Rahma, Vice Chairman of FERG, added, “While digitalization in the financial sector has expanded, threats and risks are at an all-time high. Our strategy to keep the industry updated on the latest AML and CTF trends is aligned to the Central Bank’s directives and initiatives to ensure a robust and secure financial and remittance sector. It is our responsibility to ensure exchange houses and remittance providers are well-equipped to deal with existing and emerging threats. As the industry grows and transforms, we need to ensure that it does so responsibly and with the customers’ best interests in mind.”
The tie-up between FERG and ACC, offers a list of courses for member exchange houses, including Fraud & Counterfeit, Risk Assessment, Ethics & Integrity, Advanced AML/CTF for Managers, Advanced AML/CTF for Compliance Officers, IT & Cyber Security, Branch Marketing & Customer Service, Accounts & Finance for Exchange houses and Corporate Governance including the CAMS training. Additionally, member exchange houses can select courses offered exclusively by ACC on (CAMS) – Certified Anti Money Laundering Specialist, (CFCI) - Certified Financial Crimes Investigator, CAMS Audit and CAMS FCI with a 25 % discount on respective courses.
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About FERG
The Foreign Exchange and Remittance Group (FERG) is a non-profit organization formed based on the initiative of the Central Bank of UAE. The FERG comprises of companies engaged in the business of money exchange and remittances from large sized companies with over 100 branches, to single branch outlets to come on a common platform and work towards mutual benefit. The initiative to form the Foreign Exchange & Remittance Group (FERG) started in the year 2003, wherein, some of the large and leading exchange companies decided to come together and hold regular meetings to discuss current market situations, opportunities and threats facing the exchange industry. This initiative gained momentum with the Central Bank Governor calling a meeting of all leading exchange companies in January 2004 to discuss the challenges facing this Industry. One of the important outcomes of the meeting with the Governor was the initiation of the Steering Committee, comprising of 10 leading exchange companies, who relentlessly worked towards bringing in most of the exchange companies to a common platform.
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