Anti-Money Laundering , Know Your Customer, and Combating the Financing of Terrorism Policy.
( AML, KYC and CFT Policy)
Money Laundering Overview
Money laundering is the process by which unscrupulous elements attempt to conceal the true source and ownership of the funds of their unlawful activities. The perpetrator(s) also tries to maintain control of those proceeds and ultimately, providing a seemingly legitimate facade for such funds.
SMART EXCHANGE is firmly committed not to get involved in money laundering and terrorist financing activities in whatsoever manner.
Our procedures comply with the AML regulations of The Central Bank of the UAE. We also monitor and adhere to other major international anti-money laundering recommendations and programs such as the Financial Action Task Force (FATF), the United Nations and European Union sanctions and the Officer of Foreign Asset Control (OFAC).
Smart Exchange commits to maintain the highest operating standards at all times by undertaking regular reviews of the processes and controls to ensure compliance with the relevant laws, regulations and highest standards of fair practice. In order to achieve full compliance with the Regulation the company has in place the following:
- An appointed Principal Officer.
- Anti-money laundering policies and procedures.
- Staff training program on money laundering awareness and their criminal liabilities.
- Know Your Customer (KYC) policy guidelines.
- Clear reporting lines for suspected money laundering.
- Suspicious activity reporting to the authorities.
- Record keeping for five years after completion of the transactions.