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Sustainable Governance
Transforming our Governance Model
A transparent governance structure helps to improve decision making, plays a key role in shaping our corporate culture, business practices and regulatory compliance, and fosters better relations with stakeholders through improved transparency and better quality disclosures. Within our governance structure, we have a robust risk management framework that helps us manage risks associated with the breakdown of an entire system. We also have stringent requirements for protecting client privacy and handling personal information entrusted to the bank.
Governance Structure
Anti-Money Laundering and Anti-Corruption
We prioritise providing our customers with safe and secure banking experiences, invest and prioritise crime prevention strategies to proactively combat fraud, corruption, money laundering and other criminal activity. We seek to be open and transparent and commit to conducting our global business with integrity.
Anti-Fraud
Our global financial crime unit is responsible for fraud identification and management through risk assessments, reviewing of products, mystery shopping, spot checks and employee education. The unit works closely with law enforcement and other financial institutions to coordinate efforts and share intelligence at a wider level. Our Group Vulnerability Assessment and Penetration Testing Policy identifies possible vulnerabilities on all bank assets and infrastructure. We use advanced analytics to improve insights and real-time data to discover and act on possible threats.
Anti-Bribery & Corruption
We have zero tolerance on anti-bribery and corruption (AB&C) breaches. AB&C related controls are ingrained into the relevant business and support functions to alleviate any bribery and corruption risks. Certain functions with heightened bribery & corruption risks receive specific training along with the mandatory AB&C e-learning programme.
Employee Training
Our Anti-Money Laundering (AML) and Sanctions e-learning programme is a mandatory course for all staff and requires a minimum pass rate of 80%. At FAB, we train our people on how to manage financial crime and provide risk assessment tools and models.
Customer Screening
Our due diligence process, Know Your Customer (KYC) and other client identification requirements verifies legitimate customers during the onboarding process. Our deterrence and detection infrastructure include advanced tools to record, trace and report criminals and any suspicious transaction activity across channels. Regular screening of customers and counterparties occurs against listed terrorist organisations and sanctioned names issued by the UN, US, EU, UK and UAE.
Key Highlights
- Amount of fraudulent transaction activity (total value of account holder transactions refunded to account holders due to fraud) - AED 35,579,180. The rise in this figure from 2019 can be attributed to a significant increase in e commerce/online related transactions in context of the pandemic
- Amount refunded to Customers based on court orders/out of court settlement AED 25,296,890
- Fraud Amount Disputed and refunded to Customers after full Recovery AED 10,093,174
- Fraud Amount Disputed and refunded to Customers with no Recovery AED 189,658.99
- Percentage of activity from card-not-present fraud - 97.17%