• Activities

This meeting is being held to discuss and review the common issues of the industry.  Normally this meeting is organized once in every two months. The meeting is represented by 11 RC members, 2 reserved members and 4 Sub Committee Members.

    a) Anti money Laundering (AML) & Combatting Terrorist Financing (CTF)- Introductory

One of the main objectives of FERG is to help the members to build a strong AML framework by holding regular trainings on AML & CTF. These trainings are mainly focused on the newly joined staffs of its members and non- members. These trainings are very well appreciated in general by all the service providers especially the smaller exchange companies as they may not have a full-fledged training department or resource or expertise to handle such programs.

Approximate 275 candidates will be trained every year.
   b) Anti Money Laundering (AML) & Combatting Terrorist Financing  (CTF) - Advanced:

These trainings are mainly focusing the Branch Managers or Department Head’s of the companies (Once in year)

AML is one of the key components of the money exchange and remittance business and the business environment has changed in the recent past with much stricter laws and scrutiny imposed on the financial services and more specifically on the money exchange and remittance businesses. Besides there has been many challenges faced in tackling these issues as well as combating terrorist financing etc… The need of the hour was addressed by forming a separate team of compliance officer of the member to meet on a regular basis to share their views, business practices, the challenges faced and how they had overcome those situations which had benefitted many of the small players. The purpose of this meeting is to share the best AML practices, practical issues in day to day operations, common frauds, precautionary measures etc.  Senior officials from Central Bank are also present at this workshop and share their knowledge.
With the increase in Cyber Crime globally and within UAE, FERG members agreed to form a subcommittee comprising of IT professional of the members with an objective to discuss on the current challenges faced in the technology front and the specific threats to the money exchange industry. The subcommittee met on a frequent basis to share the best practices followed with the various recommendation to be implemented by the members across the industry.
Annual General Body meeting is held every year and all the FERG members are invited to AGM to review the one year activities of the group and to discuss on the future plans. As part of the AGM the respective year’s financials is presented to the members followed with the next year’s budget. The expenses are reviewed and approved during the AGM. Normally this meeting is conducted during the end of every year.
FERG facilitates seminars and conferences of International Remittance Companies conducted in the UAE to enable the members of the group to remain updated about the latest updates in the industry.
FERG participated in the Sibos 2013 which was held in Dubai in order to create visibility for the group as well as highlight to the global banking partners on all the initiatives carried out by the group including the active role played in AML initiatives, steps taken by the group in Combating Terrorist Financing, in the implementation of the WPS initiative of Central Bank of UAE in association with Ministry of Labor, UAE. 
FERG always assured to maintain a close relationship with the Police and CID Departments of the country. The group works together with these departments and assist them in their requirements. On a similar note FERG members are encouraged to share the details of the fraud attempts in order to alert other members to take appropriate measures and to support them to avoid such  similar attempts, thus minimizing the possible losses. The stated activities are maintained with high confidentiality.