|What is the Foreign Exchange and Remittance Group?|
|The Foreign Exchange and Remittance Group (FERG) is a non – profit organization comprises of businesses engaged in Money Exchange and Remittances. The group was formed as per the initiative of the Central Bank of the UAE.|
|What is the objective of FERG?|
|FERG is formed with an objective to bring in all the service providers [from large size companies with over 100 branches to single branch company] from the industry in to one platform to understand their difficulties, concerns and to discuss the outcomes as well as the common issues of the industry.|
|What is FERG’s vision?|
|FERG aims to foster the development of a dynamic, innovative and stable foreign exchange and remittance industry that contributes to the economic and social wellbeing of our customers and position UAE as the market leader in Money Exchange and Remittance business.|
|How many companies or service providers are part of FERG?|
|FERG membership includes all leading players from the industry covering a total of 974 branches of the members. Of these, 420 are based in Dubai, 193 in Abu Dhabi, and 144 in Sharjah and the rest are situated in the other Northern Emirates.|
|What activities do FERG members undertake?|
|The Group members operates in an industry that processes over USD 30 billion (AED 110 billion) worth of remittances annually serving all the UAE’s expatriate community including all segments ranging from blue colored workers to high networth individual customers for their remittance requirements to home country or various other investment purpose.
FERG members also provide a range of ancillary services which compliments the remittance business such as credit card payments, savings schemes like national bonds encashment of traveller’s cheques, Salik payments, mobile top-ups etc... with an objective to offer one stop shop facility to the consumers.
|How long has FERG been in operation?|
|FERG as an organization which was formed in 2008 has completed more than six years. In this short span of time it emerged as the de facto voice of the money exchange and remittance industry in UAE.|
|Does FERG have the support of the public sector bodies?|
|Yes. FERG was created as part of Central Bank of UAE’s initiative, and liaises closely with the regulatory body on a periodic basis. FERG is also registered with the Dubai Chamber of Commerce and Industry, the body tasked with supporting private sector activity in the UAE. In addition, FERG works closely with the UAE’s police departments and has played a leading role in implementing and promoting Anti Money Laundering (AML) regulations.|
|How does FERG comply with UAE financial regulations?|
|FERG as an organization through their members not only complies with the UAE’s financial regulations, but also plays a significant role in cascading the information to the entire industry, works closely with most of the members to ensure in promoting the requirements and its implementation.
All companies within this industry including the members of FERG are governed by strict Anti-Money Laundering Regulations (AML) as issued and monitored by the Central Bank of the UAE, their correspondent banks and the global regulators.
In addition, FERG has played an active role and coordinated with both Ministry of Labor [MOL] and Central Bank of UAE [CBUAE] during the development, testing phase and through the implementation of the UAE’s Wage Protection System.
|What has FERG accomplished to date?|
|FERG as an organization has played a pioneering role in reforming the UAE’s remittance and exchange sector by creating a platform to share common concerns with government and regulatory bodies.
The Group has taken up issues that have led to favourable policy amendments by the Central Bank of the UAE, promoted Emiratisation, and supported in the implementation of the Wage Protection System.
FERG regularly liaises with the UAE’s Police departments to combat dubious financial transactions, and works with the Central Bank to implement strict AML policies.
FERG also have taken up issues with regulators in other countries to ease the process and the interaction on a regular basis. The advantage is when representation is done from the association then the regulator is willing to listen to the voice of the stake holders which are Money Exchange companies in this case, which has benefited both the regulator and the industry itself.