The UAE Banks Union organized the fourth edition of the Regulatory Compliance Conference, as part of the Union's ongoing efforts to ensure that all its members comply with laws, regulations, supervisory guidelines, and adhere to the highest standards of governance, transparency, and risk management, in line with the directives of the Central Bank of the UAE and its initiatives to develop appropriate frameworks to enhance the UAE's leading position as a global financial hub.
The annual conference on regulatory compliance witnessed the participation of a distinguished group of officials and experts from the central bank, member banks of the union, and the banking and financial sector, to discuss key trends and initiatives aimed at enhancing customer trust, improving financial infrastructure, and developing adequate frameworks to provide a seamless, advanced, and secure banking experience.
Jamal Saleh, the General Manager of the UAE Banks Union, stated that rapid technological developments are unprecedentedly changing the landscape of financial and banking services, driving the need to develop innovative solutions that achieve the necessary balance between meeting the growing demands of customers on one hand and ensuring compliance with the highest international standards, laws, regulations, and regulatory frameworks that provide a stable foundation for the banking and financial sector, which is considered the dynamo of economic and social development.
He added that, in light of the visionary outlook and proactive approach of the central bank, the UAE continues to develop its financial system to keep pace with the latest technological developments through ambitious strategies aimed at maintaining its leading position as a global financial center. The UAE Banks Union is committed to improving the frameworks and procedures necessary to develop measures and steps that ensure compliance with all legislative and regulatory controls, enhance the effectiveness of the banking and financial system in risk management, promote transparency and governance, and combat fraud and financial crimes.
He explained that the UAE adopts a multi-faceted approach in developing policies, procedures, processes, systems, and controls to address a wide range of risks while maintaining financial stability and the integrity of the banking system. Improving regulatory frameworks accommodates and utilizes new and emerging technologies while ensuring collaboration with strategic partners to enhance a strong and effective infrastructure for the financial and banking system. He praised the central bank's initiatives in leading and managing efforts to enhance cooperation, knowledge sharing, best practices, and innovation, contributing to the formulation of a regulatory framework that supports financial stability and promotes growth while keeping pace with various developments to provide advanced and secure services for different customers.
