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Greetings from Foreign Exchange & Remittance Group (FERG)

The Foreign Exchange & Remittance Group (FERG) now exists for more than nine years and has earned the distinction of being the representative body and voice of UAE’s exchange industry both locally and internationally, by regulatory and financial authorities. Realizing the potential that a united and strong body is lobbying and representing the industry, exchange companies in the region are looking to follow the FERG model in their respective countries. This is a forum formed to benefit all exchange companies in the UAE. The stronger and united we are, the more recognition and power shall follow our group. It is time for all exchange companies in the UAE to understand this and join FERG for their individual benefit, as well as the benefit of the entire exchange industry.

FERG has been recognized as one of the most active business groups by the Dubai Chamber! Currently, it comprises of 70 member companies of all sizes – from members with 100 branches to single-branch outlets.

FERG is a neutral, non-profit body working for the common interests of all members. It is a platform for all members to voice their views and concerns, and aims to provide them a conducive and attractive business environment by maintaining constant liaison with the government and other relevant bodies. It also keeps all members informed of the latest industry trends, developments and market situations.

One of FERG’s most important objectives is to help the members build a strong AML framework by holding regular AML trainings and meetings, supported by Dubai’s Central Bank. FERG has held 53 different trainings and trained more than 3100 employees, held in both English and Arabic. Regular updates on frauds, attempts, fake note circulation, and other irregular activities have benefited not only the members but also all service providers within the industry and facilitated everyone in taking preventive measures in time as well as avert similar incidents on their locations.