The Foreign Exchange & Remittance Group (FERG) has existed for over nine years and in its short span, achieved a distinction of being recognized as the voice of the exchange industry. FERG has been successful in highlighting the contributions made by the exchange industry both within UAE and worldwide. Today, regulators, government bodies, banks and institutions both within the UAE and globally, acknowledge the vital role played by the exchange companies in transferring millions of dollars across the world through official channels, in a safe, secure and cost-effective way.
Exchange companies are licensed and regulated by the Central Bank of the UAE and cater to the financial needs of both the multi-national resident community in the UAE, as well as the millions of tourists visiting this beautiful Country.
One of FERG’s main goals is to make sure our members strictly abide by the regulations of UAE’s Central Bank and other major international organizations, to fight money laundering and suspicious funding activities, and implement the best AML practices. Our regular AML workshops help our members’ employees to improve the skills needed to identify all threats and challenges and manage risks.
FERG endeavors to work for the benefit of UAE’s exchange industry by ensuring there is a productive business environment to help them grow and flourish within the legal and regulatory framework, and make a significant contribution to the economy of the UAE. It is our vision to make UAE the leader in the exchange and remittance business with the support and guidance of the Central Bank and Government of UAE.
Thank you for visiting the website of FERG and best regards!