UAE Banks Federation: Compliance with laws and regulations is a safety valve for the banking industry

Dubai, October 20 / WAM / The UAE Banks Federation stressed the priority of compliance with all laws and regulations regulating the banking and financial sector, as it represents the safety valve for the banking industry and sustainable development, and so that the banking and financial sector in the country, in turn, continues to achieve the goals of sustainable economic and social development of the UAE under the direct supervision of the Central Bank of the United Arab Emirates.
For his part, Jamal Saleh, Director General of the UAE Banks Federation, stressed in his keynote speech during the Financial Crime and Compliance Summit in the Middle East and North Africa, which was held in Dubai, that compliance does not only mean adherence to the laws, but rather is a complete instillation of a culture of integrity and responsibility.
He said that work is being done in accordance with the necessary frameworks to combat financial crimes and ensure compliance with local and international regulations and laws set by the Central Bank of the United Arab Emirates, in order to consolidate the leadership position of the banking and financial sector.
The Director General of the UAE Banks Federation called on the summit participants to continue developing systems, programs and solutions that enhance the protection of the digital banking and financial infrastructure.
He pointed to the significant development in financial crime methods, which misuse cross-border technologies and networks, which requires strengthening teamwork between banks, regulators, law enforcement agencies and international partners, stressing the importance of exchanging information and experiences, especially with regard to regulatory frameworks to detect and combat illicit activities and protect economies and societies.
Saleh stressed that the efforts and initiatives of the UAE Central Bank confirm commitment to global standards and keenness to consolidate the country’s position as a reliable financial center compatible with international best practices, adding that the UAE Banks Federation supports these initiatives through awareness campaigns, capacity building programs and joint initiatives that enhance the readiness of the country’s banks. The Federation’s efforts also contribute to enhancing cybersecurity and adopting advanced technologies to raise capabilities and develop solutions. To combat fraud and financial crimes, and to comply with national and global laws and regulations.
He explained that the national campaign to combat fraud, since its launch in 2020, contributes to increasing awareness of fraudulent methods and supporting customers, society and the economy by providing a safe banking and financial system, stressing the focus on strengthening cybersecurity and upgrading the levels of security and protection of digital infrastructure.
Saleh stated that various events such as “cyber maneuvers” are organized annually to develop the banking sector, protect the sector’s digital infrastructure, and provide a smooth and secure banking experience for all customers.
He stated that the UAE has made great progress in detecting and reducing fraud, and has implemented many initiatives and measures, including adopting advanced technologies such as artificial intelligence, machine learning and biometrics, which enhance fraud detection capabilities.
He pointed out that the UAE Banks Federation has established a joint platform for fraud monitoring and information exchange to enable banks to exchange information and cooperate in combating financial fraud. This platform helps identify and monitor fraudulent activities by sharing information about fraud and patterns of fraudulent activities.
The Financial Crime and Compliance Summit in the Middle East and North Africa, which was held over one day, was attended by an elite group of government officials, business leaders, and the financial and banking sectors and financial technology.
The summit witnessed the organization of dialogue sessions on the challenges facing the banking and financial industry in light of the rapid growth of technologies and legislative developments to ensure the preservation of the integrity of the financial system, the future of combating financial crime, the most important risks facing the banking and financial sector, the strategic steps that must be taken during the current period to confront those risks and challenges, and how to benefit from the capabilities of artificial intelligence in enhancing the industry. The resolution, as well as providing specialized presentations on money laundering through local and international trade channels and how to combat it.

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