Dubai:The Foreign Exchange and Remittance Group (FERG) held its 14th Annual Financial Crime Compliance Summit (AFCCS 2026) at the Shangri-La Hotel in Dubai. The event gathered industry leaders, compliance professionals, and key stakeholders from across the UAE's exchange, remittance, and broader financial services sector.
According to Wam, the summit provided a platform to explore developments in financial crime compliance and their effects on exchange and remittance businesses in an increasingly complex financial environment. Discussions at the summit aligned with the UAE's regulatory authorities' broader direction to enhance the resilience, integrity, and competitiveness of the country's financial ecosystem. Government initiatives aiming to advance regulatory frameworks, foster responsible innovation, and strengthen financial crime prevention are foundational to the sector's growth and its ability to tackle emerging risks and evolving market demands.
Osama Al Rahma, Chairman of FERG, emphasized the transformation within the exchange and remittance sector as digital channels, new payment models, and artificial intelligence become more integrated into financial services. He noted that while these developments offer significant opportunities, they also introduce new risks and threats that necessitate continuous enhancement of compliance, governance, and risk management capabilities.
The summit sessions addressed how digital and branchless financial services are altering the risk landscape for exchange and remittance providers. During the panel discussion, 'Shaping the Future of Exchange Houses in a Digital and Regulated Era,' industry leaders discussed how exchange houses can evolve their business and operating models in response to changing customer expectations, technological advances, and regulatory requirements.
Another session, 'Digital Transformation Building the Branchless, Paperless Financial Ecosystem,' focused on the rapid digitization of financial services and the growing role of technology in reshaping how payments and remittance services are delivered. It also highlighted the necessity for compliance and risk management capabilities to evolve with digital channels, especially as institutions increasingly adopt artificial intelligence and technology-enabled financial services.
The summit also featured a panel on 'Innovating with Integrity Evolving UAE Regulatory and Compliance Landscape,' which explored how organizations can continue to innovate while maintaining strong governance, accountability, and financial crime compliance frameworks as the regulatory environment evolves alongside new technologies and business models.
FERG continues to support its members by promoting industry collaboration, facilitating dialogue on regulatory and operational developments, and encouraging strong standards across the exchange and remittance sector. The annual summit is a part of these efforts, providing a forum for stakeholders to stay informed about industry developments and share expertise on areas of shared importance.