Foreign Exchange and Remittance Group signs MoU with Kuwait Union Exchange Company

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The Foreign Exchange and Remittance Group (FERG) announced today that it has signed a Memorandum of Understanding (MoU) with Kuwait Union Exchange Company to further strengthen the collaboration between the two entities.

The MoU was signed by Mohamed A. Al Ansari, Chairman of FERG, and Abdullah AlMulla, Chairman of the Board of Kuwait Union Exchange Company. The signing ceremony was attended by Adeeb Ahamed, Vice President of FERG, alongside a number of senior officials from both parties.

Under the MoU, the two organizations will leverage their respective experiences to achieve common milestones and share best practices in the foreign exchange and remittance industry to help advance inclusive and sustainable development. .

This includes holding vital discussions about current market conditions, exploring opportunities, and resolving industry challenges. It will also be designed as a platform to consolidate and simplify operational strategies, compare market analysis and trends, share global compliance regulations and exchange best practices in the fight against fraud, the management of risks and the fight against money laundering.

Mohamed A. Al Ansari commented, “We are delighted to sign the MoU with Kuwait Union Exchange Company and are confident that this partnership will have a positive impact on the foreign exchange and money transfer industry in both countries. We look forward to working together to exchange best practices and discuss issues of common interest. »

In addition, and within the framework of this partnership, joint workshops will be organized on topics such as anti-money laundering and countering the financing of terrorism (basic and advanced), counterfeiting of currency and the prevention fraud, risk management, ethics and integrity.

The Foreign Exchange and Remittance Group (FERG) is a non-profit organization that was established on the initiative of the Central Bank of the United Arab Emirates. The group includes companies active in the foreign exchange and remittance sector.

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