Successful Conclusion of CBUAE’s National Summit on Financial Crime Compliance

UAE, 11 October, 2024 : The National Summit on Financial Crime Compliance, held under the patronage of His Highness Sheikh Mansour Bin Zayed Al Nahyan, concluded successfully in Abu Dhabi on 10 October. The two-day event, organized by the Central Bank of the UAE (CBUAE), brought together local and international experts to discuss critical issues in financial crime compliance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

In his keynote address, H.E. Khaled Mohamed Balama, Governor of CBUAE, highlighted the UAE's commitment to strengthening the global financial system through enhanced legal and regulatory frameworks. He also announced the launch of a regional-first Supervisory Technology (SupTech) initiative for early risk detection in financial institutions.

H.E. Fatma Al Jabri, Assistant Governor for Financial Crime, praised CBUAE's efforts in leveraging technology to enhance supervision processes and international cooperation against financial crime.

The summit covered topics such as managing financial crime risks, AI’s role in AML controls, and FATF recommendations. Experts from government, local banks, and international bodies discussed key trends, including artificial intelligence in crime detection, data protection challenges, and the need for robust security measures.

The event concluded with H.E. Al Jabri emphasizing the importance of AI in combating financial crime and reaffirming the UAE's dedication to international cooperation ahead of the 2026 FATF evaluation.

Source : www.centralbank.ae