UBF Organises Workshop to Enhance Regulatory Compliance
Abu Dhabi, United Arab Emirates – October 2024:
In line with directives of Central Bank of the UAE, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, organised (26 September 2024) a workshop aimed at strengthening internal control and monitoring systems to ensure compliance with local laws and regulations.
This workshop forms part of UBF’s ongoing commitment to support its members in adhering to regulatory guidelines, promoting the highest standards of governance, transparency, and risk management. These efforts are conducted under the direct guidance of Central Bank of the UAE, which continues to establish frameworks that reinforce the UAE’s standing as a global financial hub.
The workshop included participation from officials and experts across Central Bank, UBF member banks, and the broader banking and financial sector. Attendees discussed essential topics related to the enhancement of internal inspection, monitoring, and control systems to ensure compliance with local regulations, contributing to a seamless, progressive, and secure banking environment.
In his opening remarks, Mr Jamal Saleh, Director General of UBF, stated: "Developing screening, monitoring, and control mechanisms to strengthen compliance with laws and regulations is essential not only for the banking and financial sector but also for the UAE economy and society as a whole. With the rapid pace of change within the regulatory system, compliance remains a key pillar for banks and financial institutions. Under Central Bank of the UAE’s proactive vision, the UAE is firmly establishing itself as a global financial centre, with regulatory and supervisory standards that guarantee the highest levels of transparency, governance, and compliance."
Mr Saleh added, "UBF is committed to advancing the banking sector in line with the directives of Central Bank of the UAE, enhancing the effectiveness of our banking and financial systems through robust risk management, improved transparency, and stringent governance to combat fraud and financial crime. Following UAE’s strategic framework serves as a pathway for financial institutions to meet regulatory standards and uphold an ethical commitment to trust and reputation, which remain top priorities across the sector."
Ms Amira Ahmed, Acting Head of Financial Crimes Supervision at Central Bank of the UAE, presented a background paper on the regulatory landscape, reviewing key legislation, laws, and regulations and emphasising the role of banking institutions in developing internal systems to secure compliance.
Mr Scott Ramsey, Head of Compliance and Money Laundering Reporting Officer at Mashreq and the chairman of the Federation’s Compliance Committee presented vision of the committee and its Advisory Subcommittee. He highlighted the importance of pre-transaction screening by banks and financial institutions ensuring the integrity and accuracy of customer information, and developing effective examination and monitoring programs.
Panel discussions, participated by Global Screening Services (GSS), addressed several critical topics such as screening and monitoring standards, the development of tailored solutions, and operational models that enhance the ability of financial institutions to work collectively to improve compliance and reduce instances of fraud and financial crime.
