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FERG and ACC deliver first AML training for 40 exchange houses

Monday, November 11, 2019/ Editor -  

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Dubai, United Arab Emirates - November 11, 2019:    Allied Compliance Consultancy (ACC), the only authorized trainer for Certified Anti Money Laundering Specialist (CAMS) in the UAE, conducted the first training module on advanced AML for FERG member exchange houses.

 

Dubai, November 11, 2019: The UAE’s Foreign Exchange and Remittance Group (FERG) and Allied Compliance Consultancy (ACC) completed the first successful training on advanced Anti Money Laundering for their exchange houses. Forty exchange houses had participated in the training schedule, which has been designed for keeping members up to date with the latest regulations in the industry.

 

FERG’s collaboration with ACC, a leading training institute in UAE, is in line with the Group’s vision to further enhance compliance capabilities of exchange houses and remittance providers in the UAE. As ACAMS partners in the Middle East & Africa, ACC has been working closely with ACAMS to support the collective goal to reduce financial crimes, money laundering and terrorist financing globally. 

 

Highlighting FERG’s commitment to providing the best training and development to their member exchange houses, Mr. Mohamed Ali Al Ansari, Chairman of FERG, said, “At FERG, we strive to position the UAE as a market leader in money exchange and remittances, which requires us to ensure that all our member exchange houses have access to the best training initiatives that help them adopt maintain global standards. Our partnership with ACC, the only authorized trainer for Certified Anti Money Laundering Specialist (CAMS), not only helps us fulfil this mission but also contributes towards the development of a dynamic, innovative and stable foreign exchange and remittance sector.”


Commenting on the significance of the training sessions for exchange houses, Osama Al Rahma, Vice Chairman of FERG, added, “While digitalization in the financial sector has expanded, threats and risks are at an all-time high. Our strategy to keep the industry updated on the latest AML and CTF trends is aligned to the Central Bank’s directives and initiatives to ensure a robust and secure financial and remittance sector. It is our responsibility to ensure exchange houses and remittance providers are well-equipped to deal with existing and emerging threats. As the industry grows and transforms, we need to ensure that it does so responsibly and with the customers’ best interests in mind.” 

 

The tie-up between FERG and ACC, offers a list of courses for member exchange houses, including Fraud & Counterfeit, Risk Assessment, Ethics & Integrity, Advanced AML/CTF for Managers, Advanced AML/CTF for Compliance Officers, IT & Cyber Security, Branch Marketing & Customer Service, Accounts & Finance for Exchange houses and Corporate Governance including the CAMS training. Additionally, member exchange houses can select courses offered exclusively by ACC on (CAMS) – Certified Anti Money Laundering Specialist, (CFCI) - Certified Financial Crimes Investigator, CAMS Audit and CAMS FCI with a 25 % discount on respective courses. 


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