Abu Dhabi, UAEWednesday 13 November 2019

UAE and US lenders to strengthen financial and banking relations

UAE Banks Federation hosts US Treasury Undersecretary as part of ongoing bilateral collaboration

AbdulAziz Al Ghurair, chairman of UAE Banks Federation (UBF), instructed UBF to prepare to receive a high-level delegation led by Sigal P. Mandelker, Treasury Under Secretary. Satish Kumar / The National
AbdulAziz Al Ghurair, chairman of UAE Banks Federation (UBF), instructed UBF to prepare to receive a high-level delegation led by Sigal P. Mandelker, Treasury Under Secretary. Satish Kumar / The National

UAE and US lenders are set to further strengthen financial and banking relations as the Gulf nation ensures that its banks continue strong compliance with global regulations, the UAE Banks Federation (UBF) said.

The Federation (UBF), a body representing 52 member banks operating in the UAE, is currently hosting a high-level delegation in Abu Dhabi led by US Treasury undersecretary Sigal Mandelker to discuss key financial issues impacting both countries. The talks have touched on cybercrime, fraud and anti-money laundering (AML), as well as areas of collaboration to address key challenges within the banking sector, the UBF said in a statement on Monday.

"A critical focus for us is tackling growing global threats such as money laundering and illicit financing, in order to effectively help create a fair, transparent and sustainable operating financial system," Abdulaziz Al Ghurair, chairman of UBF, said.

The meetings come amid changes within the banking industry as FinTech disrupts the way services are delivered and lenders embark on digital transformation.

“The banking and finance industry continues to experience ongoing disruption and transformational change. It has therefore become more important than ever for regulatory bodies to strike an important balance between cultivating innovation and mitigating risk," Mr Al Ghurair said.

"With this in mind, we continue to work closely with our international partners to ensure that all UAE-based banks operate in strong compliance with global regulations."

Executives that attended the meeting included the federation's director-general, Jamal Saleh; Ala’a Eraiqat, chief executive of Abu Dhabi Commercial Bank; André Sayegh, deputy group chief executive of FAB; Bernd Van Linder, chief executive of Commercial Bank of Dubai; Vince Cook, chief executive of National Bank of Fujairah; Peter England, chief executive of RAKBANK and Ahmed Abdelaal, executive vice president at Mashreq Bank.

The US delegation included the US Treasury's deputy assistant secretary for public affairs, Seth Unger; senior adviser Ari Redbord; office Katherine Amlin; section chief Miad Maleki; senior counsellor Jessica Renier and the financial attaché to the UAE and Oman, Paul Khuri.

Updated: September 9, 2019 01:39 PM

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