The UAE Banks Federation (UBF) has strongly emphasized that compliance with banking laws and regulations is essential for the stability, sustainable development, and trust within the UAE’s banking and financial sector.
Key Compliance Focus and Role
In his keynote address at the MENA Financial Crimes and Compliance Conclave 2025, Jamal Saleh, Director-General of UBF, stated that compliance goes beyond just following rules; it’s about “fostering a culture of integrity and accountability.” He stressed that the industry is built on trust, and a commitment to transparency, governance, and strict compliance is vital for maintaining a secure banking environment. The UBF’s efforts, including the successful National Fraud Awareness Campaign (launched in 2020), have helped position the UAE banking sector as the most trusted in the country.
Combating Financial Crime
Saleh urged the industry to boost its systems and collaboration to combat the rapid evolution of financial crimes, which increasingly exploit technology and cross-border networks. He highlighted the need for stronger partnerships between banks, regulators (like the Central Bank of the UAE – CBUAE), law enforcement, and international partners for information and expertise sharing.
The UBF is actively supporting national anti-financial crime efforts through:
Awareness campaigns and capacity-building programs.
Enhancing cybersecurity through initiatives like the annual Cyber Wargaming.
Adopting advanced technologies (like AI, machine learning, and biometrics) for fraud detection.
Establishing a shared fraud monitoring and information exchange platform to enable collaboration among member banks.
The Conclave itself brought together government officials, business leaders, and experts to discuss the future of financial crime prevention, risk mitigation, and leveraging AI, along with addressing issues like trade-based money laundering.
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