For the second time in 2017 to discuss the latest developments and challenges in the banking sector, the CEOs Advisory Council of the UAE Banks Federation (UBF), a professional representative body comprising 48 member banks operating in the UAE, met.

CEOs

Namely the Ethical Selling Code of Conduct as well as the Customers Complaint Framework, the council also reviewed progress on current initiatives.

Abdul Aziz Al Ghurair, chairman of the UBF, said in a statement: “We had a fruitful meeting looking at a number of proposals and initiatives of our technical committees, which aim to raise the standards in line with the best international practices in the banking sector. In line with [the] UBF and [the] banks’ mandate to promote innovation, we were able to explore potential digitization standard for the blockchain, which will identify new rooms for improvement of efficiency and customer experience,”

To digitize various processes within the banks, the CEOs council has also adopted the UBF Digital Banking Committee initiative to conduct a feasibility study for blockchain technology and explore opportunities for creating an industry standard.

The council outlining the measures that will enable banks in the UAE to enhance their AML (anti-money laundering) and sanctions compliance as addressed by Daniel Glaser, a principal with the Financial Integrity Network during the meeting.

Scheduled to take place on November 22 this year, the council also discussed key topics to be addressed during the fifth edition of the Middle East Banking Forum, a leading banking forum.

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Petros Stathis

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