• Achievements

Forming the Foreign Exchange & Remittance Group (FERG) was the vision of the Steering Committee comprising of 10 leading exchange companies who steadfastly worked to bring the exchange companies on a common platform. Even before the formal constitution of FERG, the Steering Committee resolutely took up issues affecting the Industry with various Government and Regulatory bodies both within the UAE and outside and was successful in resolving them.

Some of the key achievements are:
1. Policy Amendments with the Central Bank of the UAE.
2. Emiratization: Created awareness and importance of bringing in the Emirati work force in to the private sector among the members. Active role played in the policy of the Government for integrating UAE nationals into the private sector economy. Today, most of the member exchange companies conform to the UAE national policy on Emiratization 
3. Partnering with the Government in the implementation of the Wages Protection System (WPS). 
4. Close liaison with the Police Departments and helping them in investigations relating to financials transactions and anomalies.
5. Sharing of information’s/fraud alerts amongst members to prevent frauds.
6. Over 27 workshops conducted up to 2014 on AML which benefitted over 1000 staffs from the industry who were trained on AML initiatives. Especially this has benefitted many smaller exchange companies who otherwise do not have the resources and expertise to train their staff members which added lot of value to all the player within this industry.
7. Indian correspondents bank guarantee requirements reduced from 3 days to 1 day.