The Emirates Banking Association has underscored the importance of adhering to all laws and regulations governing the banking and financial sector, recognizing compliance as a critical safeguard for the banking industry and sustainable development. This commitment is crucial for the banking and financial sectors in the UAE to continue fulfilling their roles in achieving the nation’s economic and social development goals, all under the direct oversight of the Central Bank of the UAE.
In his keynote address at the Financial Crime and Compliance Summit in Dubai, Jamal Saleh, the General Director of the Emirates Banking Association, emphasized that compliance is not merely about following laws but is about instilling a profound culture of integrity and responsibility.
He stated that frameworks are being established to combat financial crimes and ensure adherence to local and international regulations set by the Central Bank of the UAE, aiming to strengthen the leadership position of the banking and financial sectors.
The General Director urged summit participants to continually advance systems, programs, and solutions that enhance the protection of digital banking and financial infrastructures.
He pointed out the significant evolution in financial crime methods that exploit technology and cross-border networks, highlighting the need for strengthened collaboration among banks, regulatory bodies, law enforcement agencies, and international partners. He emphasized the importance of sharing information and experiences, especially concerning regulatory frameworks for detecting and combating illicit activities to safeguard economies and communities.
Saleh affirmed that the initiatives of the Central Bank of the UAE underscore its commitment to global standards and its desire to position the country as a reliable financial center aligned with best international practices. Additionally, the Emirates Banking Association supports these initiatives through awareness campaigns, capacity-building programs, and joint initiatives that enhance the readiness of local banks. The Association’s efforts also contribute to bolstering cybersecurity and adopting advanced technologies to improve capabilities and develop solutions for combating fraud and financial crimes while ensuring compliance with national and international laws and regulations.
He noted that the national anti-fraud campaign, launched in 2020, contributes to increasing awareness of fraud methods while supporting customers, the community, and the economy by providing a safe banking and financial system. The focus remains on enhancing cybersecurity and improving the protection levels of digital infrastructures.
Saleh mentioned that various activities, such as “cyber drills,” are organized annually to develop the banking sector and protect its digital infrastructure, ensuring a seamless and secure banking experience for all clients.
He highlighted that the UAE has made significant strides in detecting and mitigating fraud, implementing numerous initiatives and measures, including the adoption of advanced technologies such as artificial intelligence, machine learning, and biometrics to enhance fraud detection capabilities.
The Emirates Banking Association has established a collaborative platform for monitoring fraud and information exchange, enabling banks to share information and work together in combating financial fraud. This platform helps identify and track fraudulent activities by sharing information about scams and fraudulent activity patterns.
The Financial Crime and Compliance Summit in the Middle East and North Africa was attended by a distinguished group of government officials, business leaders, and experts from the financial, banking, and fintech sectors.
The summit featured discussions on the challenges facing the banking and financial industries amid the rapid growth of technologies and regulatory developments aimed at maintaining the integrity of the financial system, the future of financial crime prevention, the key risks facing the banking and financial sectors, strategic actions needed to address those risks and challenges, and how to leverage artificial intelligence capabilities to enhance decision-making processes. Specialized presentations were also made on money laundering through local and global trade channels and methods to combat it.