FERG Midyear General Meeting puts e-crime training on agenda

PWC and Paramount called in to deliver expert security and e-crime intelligence during Meeting proceedings

Dubai May 24, 2015: The Foreign Exchange and Remittance Group (FERG), comprising of businesses engaged in money exchange and remittances, has held its scheduled Midyear General Meeting (MGM) on during this month  at the Shangri La Hotel, Dubai. 

“Our Midyear General Meeting helps our members to network and participate in FERG’s strategy formation and initiatives. But in this instance, we took advantage of the occasion to add a knowledge and training component to proceedings. We wanted to give our members the benefit of insights from industry experts on e-crime and security,” said FERG Chairman Mr Osama Al Rahma.

The evening event, which kicked off by a welcome speech by Al Rahma, followed by presentations by external parties on topics of common interest to the industry.

E-crime awareness building and security were high on the MGM agenda, with experts from PricewaterhouseCoopers delivering a presentation on e-crime trends, detection and counter strategies. Also a detailed presentation on Security Awareness and staff responsibilities by Paramount.

“Training and the exchange of knowledge is an essential part of FERG. We want all our members to be able to benefit from world-class expertise in security, AML, cybercrime and anti-fraud strategies. Our aim is to help create a robust and transparent exchange and remittance industry in the UAE. Towards this end, it is useful for all our members to work with common blueprints and procedures while taking advantage of the very latest industry knowledge. We regularly arrange training and information sessions on industry trends, AML, and anti-fraud procedures, and decided to bring that element to the MGM as well,” Al Rahma added. 

Event proceedings included a Q&A session where members were apprised of FERG’s accomplishments in previous months, and goals for the latter half of the year. FERG Vice Chairman Mr Sudhir Kumar Shetty delivered closing remarks and a vote of thanks to round off official proceedings before dinner. 

Created in collaboration with the UAE Central Bank, FERG works towards representing the concerns of its members while advocating the transfer remittances through official, legal channels that protect consumers while bolstering the UAE economy. It holds two general meetings every year.