OUR AML/KYC POLICY
WE committed to the highest standards of anti-money laundering (AML) and terrorism financing (CFT) compliance, and requires management and employees to adhere to these standards so as to prevent the use of its products and services for any AML/CFT purpose.
DUBAI REMIT examines its AML/CFT strategies and objectives on an ongoing basis, and maintains an effective AML/CFT program that reflects its best practices as a global financial services provider.
The Dubai Remit program includes appropriate KYC and Customer Acceptance policies, including establishing the identity of the true beneficial owners, adherence to all internationally imposed sanctions, and all legal and regulatory requirements imposed by the countries it operates in.
Dubai Remit AML Policy’s general principles are the following:
- Maintain appropriate Standard Operations Procedures Manual and controls for implementing the Group Policy.
- Apply appropriate Customer Due Diligence (CDD) by:
- Validating the identification of a person before registering it in the IT system, or making a one-off transaction.
- Establishing the ultimate beneficial owner(s) of any registered customer, and proceed with their registration, before executing any transaction for or on their behalf.
- Building an economic profile for corporate customers, by obtaining all the relevant information and supporting documents.
- Ensuring the full implementation of a separate Customer Acceptance Policy.
- Undertaking Enhanced Customer Due Diligence (ECDD) measures when dealing with high risk customers, or transactions.
- Performing regular reviews for customers, especially corporates, as defined in the Customer Monitoring Program, and update their data and information in our systems.
- Take reasonable steps to recognize suspicious transactions, and maintain a rigid procedure for reporting them to the competent authorities (FIUs).
- Comply with the applicable, up-to-date sanctions on persons (individual and corporates), organizations, or countries imposed by UN, EU, USA, UK, the Central Bank of the country Dubai Remit is operating in etc.
- Maintain all customer/transactions related records for at least 10 years, or for longer period if the Law in the country a Group Entity is operating in requires.
- Cooperate with all the authorities, to the extent that is permitted by applicable Laws in every country the Group Entity operates in, so as to help them in their efforts to prevent or fight money laundering, and the financing of terrorism and proliferation.
Regulatory Compliance/ Anti-Money Laundering
We are working after getting license from Central Bank of UAE. Our robust anti-money laundering (AML) and counter-terrorist financing policies and procedures drive efficiency and ensure strict control mechanisms that meet international regulatory guidelines. Key features of our AML policy are:
- Strict quality control through strong risk management and internal audit functions that track different types of risk, support compliance officers, standardize procedures across departments, and adopt immediate corrective measures. This ensures strict quality control and maintains corporate integrity across the organization.
- Strong adherence to AML and counter-terrorist financing laws and regulations that include the 40 recommendations of the Financial Action Task Force (FATF)
- Stringent AML compliance policies, due diligence and Know Your Customer (KYC) standards in line with AML regulations of UAE as well as those of all the countries we operate in
- Robust IT systems with advanced AML capabilities that analyses, monitor and control transactions as well with generate reports to the Central Bank of UAE to track and prevent illegal activities.
Backed by a strong corporate governance structure, we focus on creating value through entrepreneurism, innovation, development and exploration and by ensuring accountability through robust systems that track and control risk.