{"id":3082,"date":"2023-08-02T17:10:26","date_gmt":"2023-08-02T13:10:26","guid":{"rendered":"https:\/\/sharafexchange.ae\/engine\/?page_id=3082"},"modified":"2025-01-10T16:12:33","modified_gmt":"2025-01-10T12:12:33","slug":"aml-cft","status":"publish","type":"page","link":"https:\/\/sharafexchange.ae\/engine\/aml-cft\/","title":{"rendered":"AML &#038; CFT Policy"},"content":{"rendered":"<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">Sharaf Exchange LLC is fully dedicated in preventing money laundering and terrorist financing in strict compliance with the regulations issued by the Central Bank of the United Arab Emirates. Our paramount objective is to conduct business with utmost security and integrity, adhering to all applicable laws and regulations.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">To achieve this, we have implemented robust anti-money laundering (AML) and Combatting the Financing of Terrorism (CFT) compliance practices across all our branches. Leveraging cutting-edge information technology infrastructure and advanced AML solutions, we consistently maintain full compliance.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">At Sharaf Exchange LLC, we are unwavering in our commitment to adhere to laws and regulations that align with the relevant recommendations issued by the Financial Action Task Force (FATF) and the Basel Statement of Principles. These guidelines aim to prevent the misuse of the banking system for criminal purposes, as set forth by the Basel Committee.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">We continuously evaluate and uphold our AML&amp;CFT policies, procedures, and controls through an ongoing internal and external audit program. Our comprehensive compliance framework revolves around the following key pillars of an effective AML program:<\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">Establishment of internal policies, procedures, and associated controls.<\/span><\/span><\/li>\n<li><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">Appointment of a dedicated compliance officer \/ money laundering reporting officer.<\/span><\/span><\/li>\n<li><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">Implementation of ongoing and comprehensive training initiatives.<\/span><\/span><\/li>\n<li><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">Conducting independent assessments to ensure compliance.<\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\"><strong>Know Your Customer (KYC):<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">Sharaf Exchange LLC maintains a robust identity verification process for all customers, strictly adhering to local and international AML\/CTF regulations. Our KYC policies are integrated at all levels of the organization, emphasizing the importance of conducting Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) where necessary to detect any indications of money laundering and or terrorism financing<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\"><strong>Customer Due Diligence (CDD):<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">Our CDD process involves acquiring relevant customer details to ensure that their transactions align with their personal profiles or business activities. We prioritize verifying the legitimacy of the source of funds and the purpose of the transaction.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\"><strong>Enhanced Due Diligence (EDD):<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">EDD encompasses additional measures beyond standard CDD, allowing us to gather more information about customers and their sources of funds. Through stringent verification of authentic and genuine documents, we confirm that transactions are within the means of customers, ensuring funds are legitimate and free from any association with criminal proceeds. Our risk-based approach mandates mandatory EDD for all high-risk accounts.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\"><strong>Sanctions Screening:<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">To ensure compliance with applicable sanctions against individuals and entities, Sharaf Exchange LLC employs an automated system to screen customer names against sanctions lists issued by the Central Bank of the UAE, UN Security Council (UNSC), Office of Foreign Assets Control (OFAC) of the US Department of the Treasury, European Union (EU) list, and the local terrorist list issued by the UAE Supreme Council for National Security. Our comprehensive screening also extends to all parties involved in transactions, ensuring our fulfillment of sanctions obligations.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\"><strong>Transaction Monitoring:<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">Sharaf Exchange LLC conducts ongoing transaction monitoring to identify any unusual or potentially suspicious transactions based on customer profiles and behavior. Our front-line agents act as the first line of defense, empowered to report any suspicious behavior or transactions through internal channels. Additionally, we conduct thorough reviews of transactions as part of our second line of defense, further monitoring customer transactions and behavior.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\"><strong>Risk-Based Approach:<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">Sharaf Exchange LLC follows a Risk-Based Approach (RBA) in accordance with FATF initiatives. Due diligence is conducted based on risk levels, considering factors such as location, type of business, ownership, customer base, regulatory status, and AML controls. This approach enables us to allocate resources effectively and focus on higher-risk areas.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\"><strong>Reporting of Unusual or Suspicious Transactions:<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">Our well-trained staff members are equipped to identify and report any unusual or potentially suspicious transactions through our internal channels to the compliance officer. Following an in-depth investigation, the compliance officer takes appropriate action and reports such transactions to the Financial Intelligence Unit (FIU) at the Central Bank of the UAE.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\"><strong>Staff Training:<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">At Sharaf Exchange LLC, we strongly emphasize the empowerment of our employees at all levels. We prioritize effective AML&amp;CFT trainings to cultivate a culture of AML\/CTF governance throughout the organization. New employees receive comprehensive AML policy and procedure training within 30 days of joining Sharaf Exchange, with subsequent training sessions conducted annually to keep them updated on the latest developments.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\"><strong>Record Keeping &amp; Confidentiality:<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">In accordance with regulatory requirements outlined by the Central Bank of the UAE, Sharaf Exchange LLC diligently maintains and retains all records, including customer identification documents, related data, transaction data, and other relevant documents, for a minimum period of five years. We consistently ensure the utmost confidentiality of customer information and transaction records.<\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\"><strong>Independent Review of the Compliance &amp; AML Department:<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size: 11pt;\"><span style=\"font-family: Calibri,sans-serif;\">The Compliance &amp; AML function at Sharaf Exchange LLC undergoes regular reviews conducted by Internal Audit, examiners from the Central Bank of the UAE, and independent external auditors. These reviews ensure that our compliance program remains up-to-date and effectively meets all regulatory requirements.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sharaf Exchange LLC is fully dedicated in preventing money laundering and terrorist financing in strict compliance with the regulations issued by the Central Bank of the United Arab Emirates. Our paramount objective is to conduct business with utmost security and integrity, adhering to all applicable laws and regulations. To achieve this, we have implemented robust [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":3136,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"terms-and-conditions.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-3082","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AML &amp; CFT Policy | Sharaf Exchange<\/title>\n<meta name=\"description\" content=\"Discover Sharaf Exchange&#039;s AML &amp; CFT policy. 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