The Finance World Magazine| Edition: April 2023

UAE Banks Federation organises workshop
on combating money laundering
UBF, which represents banks
in the UAE, recently held
an online workshop to
address the issue of trade
and credit document-based money
laundering. The workshop is part of
the federation’s continuous initiative
to enhance frameworks and processes
that promote compliance and risk
management at its member banks.
Under the guidance of the Central
Bank of the UAE, the workshop aimed
at improving the banking and financial
system’s ability to prevent economic
crime. It emphasized the important
role played by banks in combatting
money laundering that is based on
trade and credit documents, which
aims to disguise illegal proceeds as
legitimate business transactions. Such
practices negatively affect the global
trading system, reduce financial system
efficiency, and pose significant risks to
the economic and social landscape. The
workshop also highlighted the severe
consequences of money laundering,
which often funds criminal and terrorist
organizations that harm individuals
and communities globally.
“The UAE Banks Federation strives
to enforce top compliance standards
in banks and financial institutions
through various initiatives.”
The UAE Banks Federation is
committed to maintaining the UAE’s
position as a leading financial centre
that upholds high standards of
transparency and compliance with
international agreements. In this regard,
the Federation has organised various
events and discussions to promote
awareness and equip stakeholders
with the tools to identify, prevent, and
prosecute illegal activities. With the rise
of financial crimes that exploit global
trade, the Federation acknowledges the
growing risks facing the banking and
financial sector and is taking measures
to update legislation and introduce
new laws to ensure safe banking for
customers.
The Federation is making efforts
to ensure that banks and financial
institutions adhere to high compliance
standards by taking multiple steps and
initiatives. One of these initiatives is
to educate customers and the public
to create the necessary conditions for
compliance. The federation organizes
various events such as the annual
Regulatory Compliance Conference
and several seminars to ensure that
banks comply with the Financial Action
Task Force (FATF) requirements and
national anti-fraud campaigns.
Jamal Saleh, Director-General of UAE
Banks Federation, said, “The banking
sector plays a critical and decisive
role in detecting money laundering
based on trade and documentary
credits, as banks represent the first
line of defence against financial crimes
through several procedures, including
due diligence through effective risk
assessments, monitoring of traderelated
suspicious transactions, and
comprehensive and regular training of
staff to combat money laundering and
other financial crimes. Furthermore,
by sharing information within the
banking sector and with regulators and
law enforcement agencies, assisting in
identifying and mitigating risks and
promoting investment in cutting-edge
technology that helps fight financial
crime to promote a safer financial
system.”
April 2023 www.thefinanceworld.com 11