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Money Laundering & Terrorist Financing – An Overview

Money Laundering is the process of making dirty money to look clean. It is by concealing or camouflaging its unlawful root or of helping any individual who is engaged with the commission of the wrongdoing to dodge the lawful results of his or her activities.

Terrorist Funding or Terrorist Financing alludes to exercises that give financing or monetary help to individual terrorist or terrorist groups.

Money laundering and the financing of terrorism are financial crimes with economic effects. They can undermine the security of a country’s financial sector or its outer steadiness more generally. Effective administrations to combat these threats are essential to protect the integrity of markets and of the global financial framework as they help avert money related misuse. Action against money laundering and terrorist financing thus responds not only to a moral imperative but also to an economic need.

Anti-Money Laundering – Policy Statement

The combat against Money Laundering and Terrorist Financing is a priority for AL BADER EXCHANGE. We recognize that the combat against Money Laundering and Terrorist Financing is a challenge, which has to be continuously addressed by relentless team effort.

United Arab Emirates (UAE) is a member country of Financial Action Task Force (FATF) and United Nations (UN) which set standards and policies that are mandated to follow by all the entities in their territories. Therefore, AL BADER EXCHANGE follows the rules, regulations and standards for Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF) set by CBUAE, FATF, UN, The European Union (EU), The Organization of American States – The Office of the Foreign Assets Control (OFAC) and the Local Regulatory.

Our AML Policy and Statement based on the following laws regulations.

UAE Central Bank Regulations

  • Circular No. 24/2000 dated 14/11/2000 “Regulations Concerning Procedures for Anti-Money Laundering” and subsequent amendments UAE Central Bank Regulations

UAE Federal Law

  • Law No. 4/2002 regarding Criminalization of Money Laundering
  • Law no.1 / 2004 Combating terrorism offences UAE Federal Law

International Standards

  • Financial Action Task Force (FATF) recommendations
  • Wolfsberg Group Principles

Our cooperation to our regulators is in its entirety, wherein we aim to maintain the most elevated working benchmarks to protect the interests of our clients, staffs, management, and the communities we work for.

Conducting business with due expertise, care and diligence, AL BADER EXCHANGE seeks always to comply with both the letter and spirit of relevant laws, rules, regulation, codes and standards of good practice.

We aim to promptly address any irregularities that may arise, as AL BADER EXCHANGE believes in transparency in our financial and regulatory reporting with prompt disclosure of any breaches.

Know your customer (KYC) – Policy

AL BADER Exchange practice KYC before establishing business relationship and making individual transaction of its clients. We ensure that we have updated system and gadget to be able to capture key information of our customers such as name, address, phone number, ID details, and source of funds. It is supported by Remittance/Receiving form and AL BADER Exchange KYC Form (if necessary). Supplementary documents are requested if necessary for the transaction.

KYC Standards

The objective of KYC guidelines is to prevent exchange house from being used, intentionally or unintentionally, by criminal elements for money laundering activities. Related procedures also enable exchange house to better understand their customers and their financial dealings. This helps them manage their risks prudently. Al Bader Exchange usually frames their KYC policies incorporating the following four key elements:

  • Customer Identification Procedures;
  • Customer Acceptance Policy;
  • Monitoring of Transactions; and
  • Risk management

“AL BADER EXCHANGE is committed to fight illegal activities at all cost. “

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