Effiya is happy to participate in FERG – 10th annual financial crime summit in Dubai, UAE.
Effiya Technologies was a strategic partner for the 10th annual financial crime summit held in Shangri-La Hotel, UAE on 21st June 2022. The event was organized by Foreign Exchange and Remittance Group, UAE
The Foreign Exchange and Remittance Group [FERG] is a non-profit organization based on the initiative of the Central Bank of UAE. FERG comprises of companies engaged in the business of money exchange and remittances, from large sized companies with over 100 branches, to single-branch outlets to join a common platform and work towards mutual benefits.
Money remittance and currency exchange sector has always been exposed to AML risks due to the nature of business and thus poses a number of regulatory and enforcement challenges. The money laundering and terror financing threat in the sector not only results from direct penetration of launderers into operations but also due to the lack of implementation and existence of AML/CFT standards and related policies.
Hence the objective of the summit was to identify approach and ways towards more governed and regulated compliance. The topics of discussion included –
- The changing landscape of compliance
- Identifying and measuring the enterprise-wide risks and controls
- AML/CFT challenges of exchange houses
- The pros and cons of digital era in compliance
The future of financial institutions will be in AI and ML based decision making, monitoring and regulatory compliance. Effiya’s Financial Crime Compliance and Exchange core solution is extremely flexible, modular, business intuitive and one stop shop solution for all exchange business needs.