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Abu Dhabi: H.E. AbdulAziz Al Ghurair, Chairman of UAE Banks Federation (UBF), instructed UBF to prepare to receive a high-level delegation led by Sigal P. Mandelker, Treasury Under Secretary, at a dinner meeting held in Abu Dhabi between executive representatives of UAE banks and US Treasury delegates. During the occasion, both parties discussed key banking and financial developments impacting both the UAE and U.S., issues related to cybercrime, fraud and anti-money laundering (AML), as well as areas of collaboration to address key challenges within banking sector.
H.E AbdulAziz Al Ghurair said: “We are delighted to host the US Treasury Under Secretary, Sigal P. Mandelker, and the high-level delegation in Abu Dhabi, to discuss the bilateral cooperation and focused discussions on mutually beneficial areas of collaboration within the banking and finance industry. For the last few years, these meetings have provided an excellent platform to share knowledge and expertise, discuss recent developments and issues arising from the sector and to showcase UBF’s commitment towards improving banking regulations and initiatives in the UAE in accordance with the Central Bank of the UAE’s instructions.”
H.E. added: “The banking and finance industry continues to experience ongoing disruption and transformational change. It has therefore become more important than ever for regulatory bodies to strike an important balance between cultivating innovation and mitigating risk. With this in mind, we continue to work closely with our international partners to ensure that all UAE based banks operate in strong compliance with global regulations. A critical focus for us is tackling growing global threats such as money laundering and illicit financing, in order to effectively help create a fair, transparent and sustainable operating financial system.”
On behalf of UBF, the executives that attended the meeting included Jamal Saleh, UBF Director General; Ala’a Eraiqat, CEO of Abu Dhabi Commercial Bank; André Sayegh, Deputy Group CEO of FAB; Dr Bernd Van Linder; CEO of Commercial Bank of Dubai; Vince Cook; CEO of National Bank of Fujairah; Peter England, CEO of RAKBANK and Ahmed Abdelaal, Executive Vice President - Head of Corporate and Investment Group, Mashreq Bank.
The US delegation included Seth Unger, Treasury Deputy Assistant Secretary for Public Affairs; Ari Redbord, Senior Advisor; Katherine Amlin, Office Director; Miad Maleki, Section Chief; Jessica Renier, Senior Counselor; and Paul Khuri, Financial Attaché to the UAE and Oman.
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About UAE Banks Federation:
Established in 1982, the UAE Banks Federation is a professional representative body comprising 52-member banks operating in the UAE. The Federation advocates all banks' interests, and enhances cooperation and coordination among them, to promote and upgrade the UAE's banking sector for the benefit of the sector, its customers, and the national economy.
The UAE Banks Federation's mission and objectives are focused on representing its member banks and defending their interests and rights. The federation provides a platform for cooperation and exchange of ideas and opinions among member banks and plays a major role in raising public awareness around the beneficial role and distinctive financial, economic and social contribution of the banks to the UAE.
The Federation has an Advisory Council that is consisted of 28 Bank CEOs which oversees the implementation of the policies, follows up on UBF's activities and makes necessary decisions by the General Secretariat of the Union and its 20 specialized technical committees who discuss all relevant banking issues.
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