UAE Banks Federation, the representative body and voice of UAE banks, highlighted the effectiveness of the UAE’s efforts in combating financial fraud supported by the many initiatives and measures being implemented by the sector under the guidance and supervision of the Central Bank of the UAE, which is taking proactive steps to combat financial fraud, at the 2023 ACFE Fraud Conference Middle East. The Central Bank of the UAE is constantly taking proactive steps to combat financial fraud and is developing laws and regulations and employing advanced technology to prevent and detect fraud.
The conference hosted by the Association of Certified Fraud Examiners (ACFE), with support from strategic partners, including UAE Banks Federation, took place in Dubai on 8-9 May and was attended by more than 300 experts and professionals in the field. Participation in this important annual conference is part of the Federation’s efforts to help member banks build and develop competitive and sustainable business models that benefit customers and economic and social development by combating fraud and providing a secure and streamlined banking and financial system.
The conference discussed the key challenges and topics in dealing with fraud, especially in the digital age, which is witnessing a remarkable rise in fraud cases that threatens the security of financial and banking institutions as well as individual and institutional customers.
The UAE has been proactively improving compliance and fraud-related laws and regulations, raising awareness of fraud risks, and providing training and support to all banking employees to enhance their knowledge and skills in fraud prevention and detection.
Mr. Jamal Saleh, Director General of UAE Banks Federation, delivered the opening address and said: “Our participation in the ACFE Fraud Conference Middle East is part of our continuous efforts to create and maintain the safety and security of the thriving banking system in the UAE. The conference discussed the latest trends in combating and monitoring financial fraud and ways to collaborate with stakeholders in the region and the rest of the world.”.
He explained that the UAE’s focus on digital transformation and innovation in adopting advanced technologies such as artificial intelligence, machine learning and biometrics is helping to enhance fraud detection and control capabilities and that the “Tasharuk” information sharing and analysis platform, established by UAE Banks Federation and the first of its kind in the country, is playing an influential role in helping to detect cyber risks through the exchange of critical information.
The Director General of UAE Banks Federation added: “The UAE is well positioned to further strengthen its leadership in combating fraud, with continued investment in technology, training and collaboration. Besides, the National Cybersecurity Strategy contributes to enhancing the integrated system by implementing many initiatives, evaluating their results and evolving them in line with global changes.”
The conference was attended by experts and high-ranking officials in the regional banking and finance sector, including H.E. Mariam Mohammed Al Amiri, Assistant Undersecretary for Financial Management at the Ministry of Finance, who delivered the keynote address. Other key speakers were Hala Bou Alwan, an expert in compliance, financial crime, governance consulting and training, and Nina Schick, an entrepreneur, a writer specialising in artificial intelligence and author of the book “deepfakes”, published last year (2022), which deals with the staggering crimes based on cutting-edge technologies.
Panel discussions on the first day of the conference included ‘Changes in Operations and its Implications for the Banking Industry’, ‘Fraud Risk Management in Sustainability Initiatives’ and ‘The Evolution of Fraud in Global Financial Markets’. The second day covered various topics, including “Leveraging the power of Technology in combating fraud”, “Compliance challenges and ethical standards related to fraud”, and “The behavioural pattern of fraudsters – the difference between traditional and cyber fraud”.
Participants stressed the importance of continuously improving systems and technologies to create a safe and secure banking environment. They lauded the UAE banking sector’s experience in continuously developing its legal and regulatory framework in line with The Central Bank of the UAE guidelines to ensure compliance and implementation of fraud prevention measures by financial institutions.
UAE Banks Federation, under the guidance and supervision of the Central Bank of the UAE, has launched several initiatives to combat fraud and financial crime and organises the National Fraud Prevention Campaign to educate customers on the best ways to protect their transactions, as well as continuous training and skills development programmes for employees in the banking and financial sector. The Federation raises awareness and promotes the development and implementation of advanced and innovative technical solutions to combat fraud and financial crime, such as the use of artificial intelligence techniques to improve fraud detection.
UAE Banks Federation has developed an effective framework to ensure compliance for banks by identifying key elements and controls and assessing the effectiveness of compliance units in banks in the UAE. Under the supervision of the Central Bank of the UAE and in cooperation with the relevant authorities, the Federation works to ensure that banks comply with anti-fraud laws and regulations. UAE Banks Federation is also committed to ensuring that member banks align with best practices and international anti-fraud standards