Dubai: The UAE’s Foreign Exchange and Remittance Group (FERG) and Allied Compliance Consultancy (ACC) have signed an MoU to enhance training and development initiatives for exchange houses. 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 remittances providers in the UAE.
The MoU was signed at the FERG Office in Al Barsha, Dubai, in the presence of Mr. Mohamed Ali Al Ansari, Chairman, FERG; Mr. Osama Hamza Al Rahma, Vice Chairman, FERG; Mr. Rajiv Raipancholia, Treasurer, FERG; Mr. Shamil.K.P, Administration Manager, FERG, and Mr. Hossam M. Abd El – Rehman – Chairman & Managing Director, ACC.
Highlighting FERG’s continuous efforts to collaborate with international training institutes and offer executive courses to their member exchange houses, Mr. Mohamed Ali Al Ansari, Chairman of FERG, said, “Our association with ACC to introduce courses and workshops is aimed at keeping our members up to date with the latest regulations in the industry. As a custodian of the remittance and exchange industry in the UAE on regional and international platforms, we ensure our member exchange houses are competent and trained as per global standards”.
ACC being ACAMS partners in the Middle East & Africa has been working closely with and supportive of ACAMS from the very start. Together they support the collective goal to reduce financial crimes, money laundering and terrorist financing globally. Mr. Hossam M. Abd El-Rahman, Group Chairman and Managing Director of ACC Group commented, “ACC has been engaged in AML & CTF training of ACAMS members for several years and we have enjoyed a healthy relationship with ACAMS. Our Partnership with FERG will enable FERG members to enjoy all the benefits offered by ACC & ACAMS. We look forward to offering FERG members quality service that will ensure the safety and soundness of FERG members of Exchange and Remittance companies in the United Arab Emirates, as we have done for all our partners and clients in many counties around the world.”
Mr. Osama Al Rahma, Vice Chairman of FERG, emphasized the importance of training and workshops for member exchange houses to streamline best practices in the industry. He said, “We intend to create a specialized, advanced and secure remittance and foreign exchange landscape in the country. As FERG, we try to offer accessible knowledge and training modules to exchange houses and to facilitate the adaptation of best practices across the industry.”
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. These courses are open to FERG members at a nominal rate and can be taken at frequent intervals and flexible timings. After the successful completion of any training, a cobranded participation certificate will be issued to the candidates.
As a representative of exchange houses in the UAE, we are continuously enhancing our learning and development initiatives to maintain the highest standards of security and compliance in the industry. Through our carefully designed training modules, we train staff members at different levels across departments to better equip them to safeguard the interests of customers and other stakeholders.", said Rajiv Raipancholia, Treasurer, FERG.
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.
ACC is the only authorized trainer for Certified Anti Money Laundering Specialist (CAMS) in the UAE and the partnership with FERG extends the training assistance to its member exchange houses. Moreover, FERG will continue with the ongoing primary AML & CTF training as per their schedule.
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