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Policy Statement
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Al Jazira Exchange is committed to comply with all applicable laws and regulations in accordance with the\\r\\n Central Bank of the UAE international best practices in Anti-Money Laundering (AML) & Counter Terrorist\\r\\n Financing (CTF). Al Jazira Exchange has implemented an effective Anti-Money Laundering/CFT System to protect\\r\\n financial sector from suspected ML/FT offence. We are equipped with the latest technology to identify,\\r\\n monitor, investigate and report such cases. We are committed to conduct business securely with integrity and\\r\\n in compliance with all applicable laws and regulations.
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Risk Based Approach
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Al Jazira Exchange follows “Risk Based Approach (RBA). “RBA” is one of the FATF initiatives which explain\\r\\n that Due Diligence should be risk-based, depending on the location, type of business, ownership, customer\\r\\n base, and regulatory status and AML controls of the financial institution or correspondent banking client or\\r\\n business. We have a well-documented AML/CFT policy and procedures in place, which are updated periodically.\\r\\n We are determined to constantly evaluate and uphold its AML policies, procedures and controls on an on-going\\r\\n basis by ensuring befitting internal and external audit programs.
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Know Your Customer (KYC)
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We follow a strong identity verification process for all our customers as per local and international AML/CTF\\r\\n regulations irrespective of the amount of the transaction. Strong KYC (Know Your Customer) and KYCC (Know\\r\\n your Customer’s Customer) policies are adhered to at all levels of the organization.
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Customer Identification Diligence (CID)
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In our CID process, we identity and verify all the necessary documents required and also physically check\\r\\n validity of the documents before on boarding the customer. All KYC and customer identification documents are\\r\\n stored as per our record retention policy.
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Customer Due Diligence (CDD)
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Customer Due diligence (CDD) is applied before processing a customer transaction or on boarding a customer.\\r\\n It is the process of obtaining additional relevant details of and information about the customer, to ensure\\r\\n that he conducts transactions in line with his personal profile and business activities. CDD assists Al\\r\\n Jazira Exchange in ensuring that the source of funds and transaction purpose are legitimate and that the\\r\\n transaction is not related to money laundering or terrorist financing.
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Enhance Due Diligence (EDD)
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Enhanced Due Diligence is to take additional measures, besides usual Customer Due Diligence, to know more\\r\\n about a customer and to confirm that his/her transactions and funds are legitimate and not related to any\\r\\n criminal proceeds by obtaining authentic and genuine documents which must support both the underlying and\\r\\n stated purpose. We at Al Jazira Exchange follow the CDD & EDD procedure in order to mitigate, detect and\\r\\n report any ML & TF associated risks.\\r\\n
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AML/CFT Risk Management
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Al Jazira Exchange also engaged the Compliance Risk Management Solutions, most comprehensive Sanctions and\\r\\n Politically Exposed Persons database for sanction screening. We also use research tools for conducting Due\\r\\n Diligence and further investigation. Our Compliance software for end to end AML Monitoring is also\\r\\n integrated with our Core system software for real-time sanctions screening. It supports us to provide\\r\\n content and information for Compliance monitoring, risk assessment and management and enhanced due diligence\\r\\n for Know your Customer (KYC) norms.
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Transaction Monitoring
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Al Jazira Exchange ensures that an ongoing monitoring of all transactions is conducted to detect transactions\\r\\n which are unusual or potentially suspicious based on the customer profile and/or behavior, transaction\\r\\n pattern etc. The front line staff of Al Jazira Exchange are the first line of defense and they are enabled\\r\\n to escalate any unusual behavior and/or transaction patterns through our internal system. The second line of\\r\\n defense will conduct and broad review of the transactions including increased monitoring of the customer’s\\r\\n transactions and behavior and further actions in line with the regulations of the Central Bank of UAE.
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Sanctions Screening
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Al Jazira Exchange has a robust and automated system to ensure compliance with the applicable sanctions\\r\\n against persons and entities, against the sanctions lists issued by the Central Bank of the UAE, the UN\\r\\n Security Council (UNSC), The Office of Foreign Assets Control (OFAC), European Union (EU) as well as the\\r\\n local terrorist list issued by the UAE Supreme Council for National Security.
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Reporting of Unusual or Suspicious Transactions/Activities
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All our front line staff handling remittances and foreign exchange are equipped to report any potentially\\r\\n suspicious or unusual transactions/activities, to Compliance Team, using our internal system. Then\\r\\n Compliance Department who will in turn, conduct in-depth investigation, and take an appropriate action\\r\\n before reporting such transactions to the Financial Intelligence Unit (FIU) at the UAE Central Bank.
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Know your Employee
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Al Jazira Exchange HR policy clearly states that each staff member of Al Jazira Exchange has to provide\\r\\n legal, valid, and attested documents to confirm that they are reliable and has no reason to not employ them\\r\\n in line with MOL guidelines. We undertake the necessary background and other checks on the candidate before\\r\\n the on boarding of the candidate as official employee of Al Jazira Exchange.
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Employee Training
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The AML/CFT compliance training is provided to all new joiners within thirty (30) calendar days from the date\\r\\n of joining. The new joiners are not allowed to serve any customer independently until they have successfully\\r\\n completed such training. Employees who deal directly with customers, products or services are trained at\\r\\n least annually at a minimum. Follow-up and refresher trainings are conducted regularly, as we believe in\\r\\n empowering our employees at every level.
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Record Keeping
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Al Jazira Exchange maintains all records, documents and data for all financial transactions and local or\\r\\n international commercial and cash transactions for a period of five years from the date of completion of the\\r\\n transaction or termination of the business relationship with the Customer. This is in line with the\\r\\n regulations of the Central Bank of the UAE.
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Confidentiality
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Al Jazira Exchange is committed to and shall always maintain the confidentiality of information provided by\\r\\n its customers and their transaction records.
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Independent Review of the Compliance & AML Department
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Compliance & AML function is subject to reviews by Internal Audit, the Central Bank of the UAE examiners as\\r\\n well as independent External Auditors. This is in line with the regulations of the Central Bank of the UAE\\r\\n and to ensure that Al Jazira Exchange is always up-to-date and is meeting all the applicable laws, rules and\\r\\n regulatory requirements.
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