AML Policy

Al Ansari Exchange is committed to preventing money laundering and terrorist financing, in accordance with the Central Bank’s regulations and the best international practices in AML-CTF. To this effect, we are fully prepared to detect suspicious activities associated with money laundering, including tax evasion, fraud and terrorism financing, and report them to the Central Bank, as per regulations. We at Al Ansari Exchange are attuned to conducting business with integrity, within the scope of the law, with security and in compliance with all applicable laws and regulations.

In view of the foregoing, we have implemented robust AML & compliance practices in all our branches. Our state-of-the-art infrastructure and AML software further enable us to be fully compliant at all times.

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.

Al Ansari Exchange is also determined to examine and uphold its Anti-Money Laundering procedures and control, on an on-going basis, by applying befitting internal and external audit programs.

Al Ansari Exchange adheres to the four pillars of an effective AML program:

  • Development of internal policies, procedures and related controls
  • Designation of a compliance officer
  • A thorough and ongoing training program
  • Independent review for compliance.

Know Your Customer – KYC

We follow a strong identity verification procedure for customers, as per local and international AML/CFT regulations, irrespective of the amount involved in the transaction.

Robust KYC (Know Your Customer) and KYCC (Know your Customer’s Customer) policies are adhered at all levels. Identifying and conducting Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) wherever required is a normal process at Al Ansari Exchange for identifying any sign of money laundering.

Customer Due Diligence (CDD)

In our Customer Due Diligence (CDD) process, we obtain relevant details of the customer to ensure that they perform the transactions in line with their profile / business activities. Our focus has always been on ensuring the legitimacy of the source of a customer’s funds and the purpose of their transaction.

Enhance Due Diligence (EDD)

Enhanced Due Diligence is to perform additional measures, besides the usual Customer Due Diligence. To know more about a customer and his source of funds and to confirm that the transactions are within their means. To verify that funds are legitimate and not related to any criminal proceeds by obtaining authentic and genuine documents which must support both the underlying and stated purpose.

Risk Based Approach (RBA) is the base at Al Ansari Exchange to identify and eliminate potential risks. Hence EDD is compulsorily performed on all high-risk accounts.

Reporting of Unusual or Suspicious Transactions

All our staff are trained and equipped to report unusual or potentially suspicious transactions through well-developed internal channels to the compliance officer. The compliance officer, who in turn conducts an in-depth investigation and takes the appropriate action before reporting such transactions to the FIU, at the Central Bank of the UAE.

Staff Training

We, at Al Ansari Exchange, strongly believe in empowering our employees at every level. Effective AML training helps the company develop a good AML-CTF governance at different levels within the Organization.

Employees are trained on Anti-Money Laundering procedures within 30 days of joining Al Ansari Exchange, with follow-up training every year. This training covers all employees who are in contact with customers or those authorized to handle and complete cash and non-cash transactions.

Internal Security Measures – Know Your Employee

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 staff on-boarding process has been made tighter with multiple level of scrutiny before hiring.

Record Keeping & Confidentiality

All records including the customer’s identification documents, related data, transaction data and any other relevant documents are maintained and retained for a minimum of five years. This is in line with the regulations of Central bank of the UAE.

Al Ansari Exchange shall always maintain the confidentiality of the information provided by its customers and their transaction records.

Independent Review of the Compliance & AML Department

The compliance & AML department is subject to independent reviews by the internal audit team from the 3rd line of defense perspective, by the Central Bank of the UAE examiners, as well as independent external auditors. This ensures the compliance program is always up-to-date and fit for the management of regulatory risk.