Earlier this week, H.E AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation, a expert representative body making up 48 member financial institutions operating in the UAE, hosted the U.S. Treasury Secretary, Steven T. Mnuchin, at a supper meeting held in Abu Dhabi. The conference, which was additionally participated in by the United States Ambassador to the UAE, Barbara A. Fallen Leave, and various other delegates from both the United States Division of the Treasury and the United States Consular office, stressed on the solid bi-lateral ties between the UAE and the USA.
The meeting was gone to by Chairman of UBF together with CEOs and Chairmen of other representative member banks.
Headed by the U.S. Treasury Secretary, Steven T. Mnuchin, the American delegate consisted of Sigal Mandelker, Under Secretary for Terrorism and Financial Knowledge; Eli Miller, Chief of Team of the U.S. Department of the Treasury; Julie Mills, Senior Advisor to the Under Assistant, William Rich, Treasury Attaché.
H.E. Al Ghurair highlighted numerous initiatives carried out by the UBF to aid the UAE banking industry. Among the key accomplishments in partnership with the Reserve bank of UAE was the setting up of industry standards for the "Independent Evaluation of AML & Sanctions Compliance Framework" for financial institutions in the UAE, which was additionally crucial in creating a white paper on "Exchange Company Framework & Controls".
On top of that, H.E. Al Ghurair highlighted the UBF “Information Sharing and Analysis Center” initiative that is dedicated to aggregating, examining and sharing cyber-threat knowledge from multiple resources in real-time, in order to support protective activities to safeguard the UAE banking landscape. He stressed on the significance of this platform in improving abilities to react effectively to the growing range of such hazards and showcasing the worth of purposeful partnership amongst financial institutions to reduce such risks. This platform will certainly also be prolonged in the future to include fraud trends.
It is hoped that these measures will certainly advertise worldwide self-confidence in the UAE banking market and promote multi-lateral discussion in between respective regulators and firms to reduce the negative impacts of "De-Risking" as experienced through current patterns, consequently allowing legitimate business to proceed without limitation with the suitable reconstruction of USD clearing capacities for member banks.