AML Policy

Al Ansari Exchange has joined hands with Central Bank of the UAE, the Organization of American States and other major international organizations to fight money laundering and terrorist funding activities. Keeping this mind, we have implemented the best AML practices in all our branches. Our state-of-the-art infrastructure and AML-compliant software further complements the requirements of KYC principles.

Anti-Money Laundering Compliance Policy Declarations

Al Ansari Exchange is fully committed to adhering to local laws and regulations which reflect the relevant recommendations issued by the Financial Action Task Force (FATF) and the Basel Statement of Principles on preventing the utilization of the banking system for criminal purposes, issued by the Basel Committee.

Accordingly, we have taken the necessary procedural and control measures to provide our support in the fight against money laundering and the financing of terrorism.

Al Ansari Exchange is also committed to continuously fulfilling its Anti-Money Laundering obligations to its foreign correspondent banks who may from time to time require due diligence information, on transactions covered under the guidelines and recommendations of the FATF.

Al Ansari Exchange is also committed to examining and maintaining its Anti-Money Laundering procedures and control on an on-going basis.

To ensure continuity of the high standards of Anti-Money Laundering Compliance, our internal audit team will monitor and test the compliance program through random examinations of the relevant processes and controls on a monthly, quarterly and every six months, reporting their findings directly to the Managing Director.

Ascertainment of Customer Identity

Customer identity is being verified before accepting a customer’s transaction for AED 2,000 and above, or the equivalent in any foreign currency. Customer identity is also being verified for unusual or suspicious transactions regardless of the amount. “Know Your Customer” or “Customer Due Diligence” procedures and guidelines’ are scrupulously adhered to.

Establishment of Ultimate Beneficial Ownership of Funds

True and ultimate ownership of remittance money is being established before accepting a customer’s request, in cases where a customer acts on behalf of another person or entity. In such cases, the employee handling the transaction obtains the identification details from the customer at our counters. In case the employee doubts that a transaction might be meant for terrorism, terrorist organizations, or for terrorist purposes, Al Ansari Exchange will freeze the transaction and inform the financial intelligence unit at the Central Bank, in writing, immediately.

Enhanced “Know Your Customer” or “Customer Due Diligence”

Enhanced due diligence is conducted when transactions appear to be potentially suspicious on the basis of suspicious transaction indicators. The customer service staff ensures to ask for additional identification documents or documentary proof for the source of funds as they deem appropriate. The compliance team conducts in-depth due diligence when an unusual or potentially suspicious transaction, report #UPS 1 is received from branches or operations, and also when the regular surveillance of remittances reveals potentially suspicious activities.

Internal Reporting of Unusual or Potentially Suspicious Transactions

All staff handling remittances are required to report any potentially suspicious or unusual transactions, to the Compliance Officer, using our internal reporting system.

Reporting of Unusual or Suspicious Transactions

All Staff are required to detect and report unusual or potentially suspicious transactions to the Compliance Officer, who will in turn, conduct an in-depth investigation and take the appropriate action before reporting such transactions to the Anti-Money Laundering Suspicious Case Unit (AMLSCU), at the Central bank of the UAE.

Staff Training

Training on Anti-Money Laundering procedures is being provided, within a maximum of two months after the employee has joined Al Ansari Exchange, with follow-up training for all employees every two years. This training covers employees that are in contact with customers or those authorized to handle and complete cash and non-cash transactions.

The training is also provided to those who are:

  • Currently not engaged in customer service, but provide relief duties in branches during the vacation period of customer service staff.
  • Members of compliance team i.e. Area Compliance officers and Branch Compliance Officers in line with their Anti-Money Laundering responsibilities.

Internal Security Measures – Know Your Staff

The HR department confirms and documents the reliability of employees first when a person is employed and again within a period of twenty-four (24) months thereafter. The latter documentation consists of an attestation by an appropriate supervisor stating that there is no reason to believe the person is not reliable, in terms of the UAE Anti-Money Laundering laws and regulations.

Record Keeping

All records including the customer’s identification documents, related data, transaction data, and any other related documents are maintained and retained for a minimum of five years.

Confidentiality of Records and Suspicious Transactions

All the customer and transaction information is kept confidential at all times, and in addition to that, customers are not advised that their transactions are considered suspicious and are being reported to Compliance Officer internally, or to the Central Bank of the UAE . Non-Compliance invites criminal charges against Al Ansari Exchange, its Chairman, Director, Management, and the employees at fault.

Internal Audit’s Role

Internal Audit tests the activities of the compliance team and performs random checks on key responsibilities. All findings and observations are being discussed with the Manager of the Compliance team, and are being reported to the Managing Director.