Forex and Remittance Group Signs Memorandum of Understanding with Kuwait Union Exchange Company

To strengthen relations and cooperation in the foreign exchange and remittance sectors between the United Arab Emirates and Kuwait.

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

The Memorandum of Understanding was signed by FERG Chairman Mohamed A. Al-Ansari and Kuwait Union Exchange Company Chairman of the Board Abdullah Al-Mulah. The signing ceremony was attended by FERG Vice Chairman Adib Ahmed and many high-ranking officials from both parties.

Under the MoU, both organizations will leverage each other’s experience to achieve common milestones and share best practices in the forex and remittances industry to help promote inclusive and sustainable development. This includes holding key discussions on current market conditions, exploring opportunities and addressing challenges within the sector. It also serves as a platform for consolidating and simplifying operational strategies, comparing analysis and market trends, sharing global compliance regulations, and exchanging best practices in tackling fraud, risk management and anti-money laundering issues. is also devised.

Mohamed A. Al Ansari commented: We look forward to working together to exchange best practices and discuss issues of mutual interest. ”

Kuwait Union Exchange Company Statement

Additionally, as part of this partnership, joint workshops will be held on topics such as anti-money laundering and combating the financing of terrorism (basic and advanced), counterfeit currency and fraud prevention, risk management, and ethics and integrity.

Foreign Exchange and Remittances Group (FERG) is a non-profit organization established under the initiative of the Central Bank of the United Arab Emirates. This group consists of companies engaged in the foreign exchange and remittance sectors.