Dubai: The Foreign Exchange and Remittance Group (FERG), a consortium of businesses engaged in the foreign exchange and remittance industry, launched its landmark ‘E-Learning Module’, which is designed to equip employees of exchange houses with the all the necessary concepts and skills related to Anti Money Laundering (AML) and Counter-Terrorism Financing (CTF). The E-Learning Module, which has been created jointly by FERG and Thomson Reuters, was unveiled at a launch event held at Rose Rayhaan Rotana in the presence of top FERG officials and representatives from exchange houses and remittance providers.
With the E-Learning Model, exchange house employees can gain the most comprehensive learning on AML and CTF from their workplace. Using practical scenarios and case studies, the module has been designed for easy understanding for employees of all levels within different functions. A training session, which was part of the launch event, emphasized on the features of the E-Learning Module.
Mohammed Al Ansari, Chairman, FERG said, “Ensuring a safe and progressive remittance and foreign exchange environment in the UAE is one of FERG’s top priorities; and training exchange house employees on the dynamics of AML and CTF plays a critical role in this cause. While the digitization of financial services has improved the security aspect of transactions, money laundering and other financial crimes are getting more complex by the day. Understanding and recognizing threats at every stage of the transaction is imperative to staying ahead of those who are constantly looking for dubious ways to take advantage of the system. Our new E-learning module will empower exchange house employees with the right information and techniques to identify threats and address them in appropriate ways.”
Mr. Rajiv Raipancholia, the Treasurer of FERG who addressed with the welcome speech during the launch function said that FERG is issuing 300 licenses for the E-Learning Module currently and based on the demand we will be offering more licenses. Once the employees complete the course, they will be tested on their knowledge of AML and CTF concepts. He also added that members are showing positive responses for enrolling to this program, which enables us to continue with similar projects for the members and industry.
Osama Al Rahma, Vice Chairman, FERG, said, “FERG believes in a 360-degree approach to fighting money laundering and financial crimes. Exchange house employees, both front-end and back-end, are the first line of defence against malicious financial transactions. The new learning model is aimed at strengthening this line of defence, making the security infrastructure of exchange houses even more robust. Staying steps ahead of miscreants is the only way for the industry to combat financial crime.”
FERG regularly organizes conferences on AML and CTF in its stride to continually update Exchange Houses and Remittance providers with the latest information and best practices. Earlier this year, it launched the updated version of its AML Standardization Manual, which encourages exchange houses in the UAE to comply with UAE’s Central Bank Regulations.
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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