Foreign Exchange and Remittance Group: Message from the Chairman
Making a significant contribution to the UAE economy
The Foreign Exchange & Remittance Group (FERG) has existed for over 12 years and in its short span, achieved a distinction of being recognised as the voice of the exchange industry. FERG has been successful in highlighting the contributions made by the exchange industry both within the UAE and worldwide. Today, regulators, government bodies, banks and institutions both within the UAE and globally, acknowledge the vital role played by the exchange companies in transferring millions of dollars across the world through official channels, in a safe, secure and cost-effective way.
Exchange companies are licensed and regulated by the Central Bank of the UAE and cater to the financial needs of both the multi-national resident community in the UAE, as well as the millions of tourists visiting this beautiful Country.
One of FERG’s main goals is to make sure our members strictly abide by the regulations of UAE’s Central Bank and other major international organisations, to fight money laundering and suspicious funding activities, and implement the best AML practices. Our regular AML workshops help our members’ employees to improve the skills needed to identify all threats and challenges and manage risks.
FERG endeavours to work for the benefit of the UAE’s exchange industry by ensuring there is a productive business environment to help them grow and flourish within the legal and regulatory framework, and make a significant contribution to the economy of the UAE. It is our vision to make the UAE the leader in the exchange and remittance business with the support and guidance of the Central Bank and Government of the UAE.