Monday, June 22, 2015

What's being done by Emirates to tackle money laundering problem?

DUBAI -- The Foreign Exchange and Remittance Group (FERG), comprising of businesses engaged in money exchange and remittances, has conducted Anti-Money Laundry (AML) training to over 1500 front-line staff members operating in the industry all over the UAE.

FERG’s AML training initiatives are a regular occurrence, with in-house expertise shared among members and outside experts also invited in to offer their point of view. The training campaign has achieved around 95 percent penetration across the exchange and remittance industry in the UAE.

"Our aim is to catalyse a robust, transparent exchange and remittance industry in the UAE. Towards this end, we facilitate the creation of common templates, blueprints and procedures for our members to combat unethical practices, and be aware of AML procedures. We regularly hold trainings where we invite our members to participate. The people we train then go on to instruct their fellow employees, creating blanket awareness of AML practices, and potential concerns that industry stakeholders should be aware of," said FERG Chairman Osama Al Rahma.

"While working towards a strong, healthy and regulated remittance sector across the UAE, FERG also seeks to benefit its members in various ways. By conducting these regular AML workshops, we ensure all our members- regardless of size, resources and reach - are made aware of AML concerns, trends and best practices. We have been successful in getting core messages out to employees on the front line. This has resulted in increased vigilance, and created a higher, more secure level of service provision across the industry in the UAE," Al Rahma added. 

The ongoing initiative is a part of FERG’s strategy to create a unified platform of awareness for all its members, targeting employees ranging from decision makers to front-line customer service representatives. –end-

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