Initiative helps bring down money exchange and bank theft in the UAE by 90%
Dubai. UAE – May 5, 2018: The Foreign Exchange and Remittance Group (FERJ), a consortium of businesses engaged in the foreign exchange and remittance industry, attended the 3rd edition of Awareness Training by Dubai Police, held on 25th April at Dubai Police Officers Club. The initiative by Dubai Police works on training employees of banks and exchange houses to avoid falling victims of swindling and deception.
Thanks to such awareness sessions and other security initiatives taken by Dubai Police, there has been a 90 per cent drop in crimes in banks and money exchange houses last year compared to 2016.
FERG has been working closely with Dubai Police to combat financial crimes related to foreign exchange and money transfers. Wednesday’s training session was aimed at preparing the staff of financial institutions in the UAE, the first line of defence against financial crimes, with intelligent and smart solutions to anticipate and prevent the crimes even before they occur. The various sessions covered a vast array of security and threat assessment techniques related to different types of crimes.
The forum opened with a session on security procedures in case of suspicion, which was followed by a detailed training on how to fight e-crimes. The attendees also received information on procedures related to filing a criminal case, which was followed by a session on Frauds and Forgery Crimes.
FERG Treasurer- Rajiv Raipancholia said, “At FERG, we have always stressed on the importance of cooperation between the authorities and employees of exchange houses in creating a more secure environment. Our partnership with Dubai Police helps in training the employees of over 75 exchange houses to avoid deception or forgery. The awareness training by Dubai Police also gives employees a chance to have their questions and doubts answered. We are committed to always stand behind this initiative with the dream of bringing down the rate of financial crimes in exchange houses to zero.”
Creating a secure foreign exchange and money transfer eco-system is one of the top priorities of FERG. The organization has also laid out the AML Manual, which was updated in January 2018, with the aim of keeping exchange houses in the UAE steps ahead of money laundering and other financial criminals.