UBF workshop on blockchain and crypto compliance

A few days ago, the UAE Banks Federation organized a Blockchain and Cryptocurrency briefing session focused on risk and compliance. The session covered a variety of topics, including the limitations and obstacles that are faced while conducting cryptocurrency investigations, a case study on how an investigation can be supervised, and a look at the regulatory landscape as well as the pragmatic solutions to help alleviate challenges.

With more than 135 guests, two experts were entrusted to carry out the presentation to help attendees build corporations that are secure, adaptable, and resilient in an age of altering risks and connectivity. The first co-presenter was Mr. John Kim, who is a Principal in Control Risks’ Compliance, Forensics, and Intelligence in the western region, member of the Data Analytics Group, based in Washington, DC. Kim completed his undergraduate degree at the Carnegie Mellon University’s School of Computer Science prior to continuing to earn a Master’s in Public Policy from Harvard University’s John F. Kennedy School of Government. He also accomplished his MBA from Carnegie Mellon University’s Tepper School of Business. Kim has over 15 years of experience in consulting and forensic analysis with both public sector federal agencies which includes the FBI as well as private sector clients across many diverse industries.

The UAE Banks Federation (UBF) workshop on “Blockchain and Cryptocurrency Challenges in the Banking Industry”, was held at Abu Dhabi Global Market (ADGM). The workshop, which was attended by senior representatives from all of UBF’s member banks, focused on the impact of emerging technologies such as Blockchain and Cryptocurrencies, in addition to the challenges and opportunities that are presented by the same. Jamal Saleh, Director General, UAE Banks Federation, stated that as part of their efforts that are aimed at constructing and sustaining a thriving UAE banking ecosphere, they have undertaken a number of initiatives and new ventures to discuss Blockchain and Cryptocurrency challenges in the banking industry. With modernization in technologies continuing to shape consumer needs and expectations, it has become very important for the banking industry to be at the forefront of innovation. The inception of technologies also presents new opportunities for our UBF member banks to generate new revenue streams, which will in turn drive sustained business expansion.

The session/workshop covered essential areas that will benefit attendees, such as the significance and meaning of Blockchain and Cryptocurrency, Cryptocurrency Investigations, in addition to a Case Study to diminish challenges and restraints. This could point out that the banking sector in the UAE is getting ready to work with cryptocurrencies. This came after Dubai made recent virtual assets regulations public.

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