Latest UAE and US banking industry trends highlighted

UBF and US Treasury officials after meeting in Dubai.

The United Arab Emirates Banks Federation (UBF), the apex body representing banks operating in the UAE and the unified voice of the UAE banking industry, hosted a roundtable dinner with the Deputy Secretary of the Treasury Department of the United States, Wally Adeyemo, on June 21, 2022 .

The roundtable discussed the latest developments in the financial sector and far-reaching measures taken by the UAE banking sector.

The round table was organized in the presence of Jamal Saleh, Managing Director of the United Arab Emirates Banking Federation, and chaired by Ms. Hana Al-Rostamani, Group CEO of First Abu Dhabi Bank. Alongside Ms. Rostamani, the meeting was attended by the CEOs of some major UAE banks, including Emirates-NBD Group CEO Shayne Nelson; Ms. Rola Abu Manneh, CEO of Standard Chartered Bank; Ms. Elissar Antonios, CEO of Citi Bank UAE; Dr. Bernd Van Linder, CEO of Commercial Bank of Dubai; and Vince Cook, CEO of National Bank of Fujairah.

Deputy Adeyemo was joined by his accompanying delegation from the US Treasury Department as well as the US Consulate/Embassy in the United Arab Emirates.

During the meeting, the two sides discussed the most important developments in the banking and financial services sector in the United Arab Emirates and the United States. Adeyemo noted that financial institutions need to remain cautious in managing risk and exercise enhanced due diligence sufficient to ensure compliance with KYC (know your customer) requirements, as well as to overcome the threats and challenges they were faced with. confronted.

“This round table allowed us to discuss with Deputy Secretary Adeyemo the measures and solutions adopted by UBF member banks to combat fraudulent activities, as well as convey to him the support and advice provided to all member banks. by the Central Bank of the United Arab Emirates to maintain strong compliance processes. We work continuously with our Central Bank of the United Arab Emirates to strengthen the effectiveness of anti-money laundering systems and reduce the risks to which faced by UBF member banks,” said Hana Al-Rostamani.

Hailing the efforts of the UAE, Adeyemo thanked the UBF for organizing this opportunity to bring the two groups together to exchange views. At its recent second meeting for the year 2022, the UAE Banks Federation (UBF) CEO Advisory Board discussed the latest developments in the global banking and financial sector for the last quarter (April to June 2022). The virtual meeting also discussed UBF’s implementation of the resolutions passed at the March 2022 CEO Advisory Council meeting. UBF President Abdulaziz Al Ghurair announced the formation of a second council appointed the CEO Advisory Council, which includes CEOs of banks that were not members of the CEO Advisory Council; the new Board was created in order to have a much broader view of the CEOs of its member banks. At the same time, a few members of the Advisory Council, established more than 10 years ago, have been transferred to the “Advisory Council” with the aim of helping the President of the Council to pave the way with their expertise acquired in the service of the Advisory Council. Meanwhile, a few CEOs have been added to the CEO Advisory Council to ensure that both boards maintain sufficient diversification of representation.

During the meeting, the Advisory Board discussed many important topics and developments, in particular the continued cooperation with the Central Bank of the United Arab Emirates. Members then discussed meetings of UBF’s specialized technical committees tasked with strengthening the banking sector by adopting best practices and improving bank policies.

Members of the CEO Advisory Board also commended the continued and coordinated efforts of the UAE Central Bank, with the full support of UBF and its members, to accelerate the pace of emiratization in the sector by improving the skills and qualifications of Emirati youth and the future bank. leaders.

Established in 1982, the United Arab Emirates Banking Federation (UBF) is a professional representative body comprised of 54 members from banks and organizations operating in the United Arab Emirates. The UBF defends the interests of all its members and strengthens cooperation and coordination among them in order to elevate the UAE banking ecosystem for the benefit of members, customers and the overall UAE economy.

The mission and objectives of the UBF are centered on the representation of its members and the defense of their rights and interests. The UBF provides a platform for cooperation and exchange of ideas and expertise among its members, and plays a major role in raising public awareness of the contributions of the UAE banking sector to the economic and social development of the country.

UBF has a 22-member Advisory Board comprised of CEOs and Managing Directors of member banks and institutions, which oversees the implementation of UBF’s policies and activities. The CEO Council also makes directional decisions through the UBF General Secretariat for the 25 Technical Committees and 3 UBF Advisory Committees, which in turn are responsible for discussing all matters relating to the UAE banking and financial services ecosystem.

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