ANTI-MONEY LAUNDERING
Company Policy:

The Al Fardan Exchange LLC is committed to full compliance with all laws and regulations regarding anti money laundering and combating terrorism financing.
Al Fardan Exchange LLC support with Central Bank UAE and other major international organization to fight against money laundering and terrorism financing.
Al Fardan Exchange LLC is committed to adhering folloiwng AML/CFT local Laws and Regulations as well as international laws and standards including:-

  • Federal Law No. (4) of 2002 Regarding Criminalization of Money Laundering
  • Federal Law No. (1) of 2004 on Combating Terrorism Offenses
  • CBUAE issued Regulations Concerning Procedures for Anti-Money Laundering Ref: 24/2000 on 24/11/2000 reflecting 40+9 Recommendations of FATF
  • Notice No.2922/2008 dated 17/06/2008 as Addendum to the Circular 24/2000
  • FATF Recommendations
  • Patriot Act
  • Bank Secrecy Act
  • United Nation’s sanctions policies
  • Other local and international standards related to Anti Money Laundering & Terrorism Financing

Anti Money Laundering & Combating Terrorism Financing Compliance Declaration Policy
Al Fardan Exchange LLC align itself with worldwide efforts on anti money laundering and combating financing terrorism. It is the policy of Al Fardan Exchange LLC to actively prevent any money laundering and/or the funding of terrorist or criminal activities by implementing good management practices and internationally accepted AML/CFT standards.
Al Fardan Exchange LLC aim to prevent, detect, and not knowingly facilitate money laundering and terrorism financing. Al Fardan Exchange LLC adopts the policies contained in the AMP/CFT Policies to protect its reputation, to comply with relevant laws and to be good corporate citizen.
Al Fardan Exchange LLC’s anti money laundering/combatting financing terrorism policy is to ensure that highest standards of due diligence apply in relation to “Know Your Customer principles”. It will consistently comply with the requirements of legislation and appropriate guidelines in all the areas it will operate.
Mission Statement of Compliance Department of Al Fardan Exchange LLC
“Compliance is a journey, not a destination. Our mission is to ensure implementation of the most effective compliance program within the organization”


ANTI-MONEY LAUNDERING
Appointment of Compliance Officer:
Al Fardan Exchange LLC has a dedicated Compliance Department headed by Chief Compliance Officer with team of well experienced Branch Compliance Officers. CCO is reporting to the Managing Director and he is a sole coordinator on compliance matters to Central Bank of the UAE and UAE Law Enforcement Authorities.

Know Your Customer – KYC
Al Fardan Exchange LLC’s anti money laundering and combating financing terrorism policies and procedures are to ensure that all reasonable and practical measures are taken to identify the customers.
Al Fardan Exchange LLC has clear identity verification procedures for customers as per local and international AML/CFT Regulations.
All identity documents required must be physically checked and copied where required. Validity of the documents should checked before acceptance.

Customer Due Diligence (CDD)
Strict customer identification and verification policies and procedures are a company’s most effective weapon against money laundering/terrorism financing. Customer due diligence (CDD), also known as KYC (Know Your Customer) rule is most closely associated with fight against money laundering and terrorism financing; and necessary in order to comply with anti money laundering/combating terrorism financing legal requirements and is prerequisite for identification of transactions related to money laundering/terrorism financing. Adequate due diligence on new and existing customers is a key part of KYC policies.

Enhance Due Diligence (EDD) – Risk Based Approach
Enhanced Due Diligence is to take additional measures, besides usual Customer Due Diligence, to know more about customer and his transactions to confirm that his transactions and funds are legitimate and free from any criminal link.
Al Fardan Exchange LLC uses a risk based approach to enhanced customer due diligence. A risk assessment is an analysis of potential threats and vulnerabilities to money laundering and terrorist financing to which Al Fardan Exchange LLC’s business is exposed. A risk based approach is a process that allows Al Fardan Exchange LLC to identify potential high risks of money laundering and terrorist financing and develop strategies to mitigate them.

Staff Training
One of the key components of an effective compliance program is employee training. Al Fardan Exchange LLC’s AML/CFT training include-
Overview of money laundering/combating terrorism financing
KYC/KYCC policies
How to identify suspicious activities and transactions
Recordkeeping and reporting requirements
Verifying customer identification
Familiarity with anti-money laundering forms
Anti Money Laundering and Combating Terrorism Financing training is part of Compliance program and training is provided to all new staff and existing staff for any update in AML/CFT Policies & procedures.

Suspicious Transactions Reporting
Al Fardan Exchange LLC outlines procedures which help its employees to detect and report suspicious transactions. In the case of a suspected transaction, staff members should vigilant, investigates without jeopardizing the customers or company’s repute and provide information to the Branch Manager or Compliance Department for further action.

Record Keeping
The purpose of recordkeeping is to ensure that the company is able to provide basic information on its customers at the request of relevant authorities. Al Fardan Exchange LLC shall immediately make available any or all of its books and records upon request by Central Bank or any other regulatory agencies. All the records / documents of transfers should be kept for a minimum period of 5 years from the date of transaction.
Al Fardan Exchange LLC shall at all times maintain the confidentiality of information indicated in the transaction records.