|18 September, 2019

FERG Joins Hand with Dubai Police to Combat Financial Crime in Banking Sector

MoU signed to avert crimes by banking institution and financial transfer

FERG Joins Hand with Dubai Police to Combat Financial Crime in Banking Sector
  • Initiate and develop activities to spread awareness and vigilance 

Dubai: The UAE's Foreign Exchange and Remittance Group (FERG) and Dubai Police have signed an MoU to combat and prevent financial crimes in the banking sector. The agreement embodies a common objective of the two organizations to enhance the security within the UAE's diverse financial services sector. 

The MoU was signed at the Dubai Police Officers Club, Al Jaddaf, Dubai, between Major General Khalil Ebrahim Mohamad Al Mansoori – Head, Criminal Investigation Department (CID), Dubai Police and Mohamed Ali Al Ansari, Chairman FERG. Also present at the signing ceremony were, Lt Colonel Adel Al-Joker Director of Criminal Investigation Department along with Osama Hamza Al Rahma, Vice Chairman, FERG; Rajiv Raipancholia, Treasurer, FERG, Shamil K.P, Administration Manager, FERG and other senior representatives of Dubai Police.

Dubai police have initiated and supported various campaigns to spread awareness about financial crime. As a custodian of the remittance and exchange industry in the UAE, FERG ensures that the member exchange houses build robust compliance infrastructures and use the latest technology to protect customers' interest.  

Mohamed Ali Al Ansari, Chairman of FERG, emphasized the importance of safety and security in the remittance industry.  “The UAE has a diverse and well-established remittance and foreign exchange infrastructure. At FERG, we represent nearly 100 exchange houses that work together to promote security and compliance within the sector. To fulfil our objectives, we organize frequent training programs for our member exchange houses. We have partnered with Dubai Police in the past and are confident that this MoU will help us further boost our fight against financial crime.”

Highlighting FERG’s continuous efforts to streamline compliance across member exchange houses, Osama Al Rahma, Vice Chairman of FERG, said, “At FERG, we believe that constant learning and development is the only way to stay updated in a rapidly evolving financial services sector. While innovation is bringing in a whole new era of convenience and value to customers, it is also enabling fraudsters to target victims in new ways. As an industry, we always need to stay a step ahead of financial crime. Protecting the UAE's financial services sector is a shared objective of FERG and Dubai Police, and we are glad to continue our collaboration with this new MoU.”

Dubai Police and FERG will jointly work towards security cooperation and coordination in combating crimes committed by banking institutions and financial transfer in Dubai. Together, they will develop activities and programs to spread awareness across member exchange houses.


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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