UAE Banks Federation and its Fraud Prevention Committee arrange a “Corporate Fraud Awareness Workshop”
Abu Dhabi, 6th May, 2021: UBF arranged a knowledge-sharing workshop, with support from its Fraud Prevention Committee, where experts from UAE banking industry shared information about fraud risks that are associated with different Trade Finance categories (Import/Export letters of credit, and Guarantees) as well as tips of fraud prevention and detection. The Workshop was interactive, where members discussed examples of trade finance frauds and means to combat the same. More than 150 participants from various UBF members UAE bank attended the workshop.
Mr. Jamal Saleh, Director General of UBF, stressed on the importance of similar presentations and discussions to combat fraud in the banking sector, which has a direct impact on financial institutions. Mr. Saleh also confirmed that UBF will continue to organize such workshops to strengthen fraud prevention and detection capabilities of UBF members UAE banks, more importantly during current critical COVID-19 environment.
Mr. Charanjeet Singh, Chairperson of UBF Fraud Prevention Committee and FAB's Head of Fraud Prevention, said: “In the recent past, many corporate fraud incidents have come to light. The modus operandi used in these fraud incidents were not new, however; the lack at some financial institutions of having the necessary and most effective anti-fraud frameworks created a risk. Therefore, UBF Fraud Prevention Committee wanted to highlight the key corporate fraud typologies related to trade finance, through this series of workshops/presentations, and to document best practise risk mitigation controls for all financial institution to consider”.
This workshop was the second session that has been arranged by UBF and its Fraud Prevention Committee during this quarter, and more sessions are to come until the end of this year.