Al Fuad Exchange Compliance Program. defines core principles to combat money laundering and terrorist financing activities and provides protection to against exploitation by perpetrators. This policy was adopted to achieve compliance with the following:

• Chapter 16 of the Standards for the Regulations Regarding Licensing and Monitoring for Exchange Business, Version 1.20 of November 2021 amending Version 1.10 of February 2018 (issued by Notice No. CBUAE/BSD/N/2021/5271 dated 17/11/2021).
• Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (“the AML-CFT Law”) and its amendment (Federal Decree Law No. (26) of 2021 amending certain provisions of Federal Decree Law No. 20 for 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations).
• Cabinet Decision No. (10) of 2019 concerning the Implementing Regulation of Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (“the AML-CFT Decision”).
• Cabinet Decision No. (74) of 2020 regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combatting of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing and Relevant Resolutions;
• Central Bank Notice No. CBUAE/BSD/N/2021/3090 dated 09th Jun 2021 on Updated Guidelines on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations for Financial Institutions
• Central Bank Notice No. CBUAE/BSD/N/2021/3091 dated 09th Jun 2021 on Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organizations: (a) "Guidance for Licensed Financial Institutions on Suspicious Transaction Reporting" and (b) "Guidance for Licensed Financial Institutions providing services to Legal Persons and Arrangements"

• Know Your Customer (KYC)

  • Al Fuad Exchange follow a strong identity verification process for all customers as per local and international AML/CTF regulations irrespective of the amount of the transaction.
  • KYC is an acronym for “Know Your Customer”. The foremost tool of AML/CTF policy and procedures is to know your customers before executing any transactions. It involves making reasonable efforts to determine true identity and beneficial ownership of accounts, source of funds, the nature of customer’s business and more. Beyond matching names, a key aspect of KYC controls is to monitor transactions of a customer against their recorded profile, history of the customer transactions and so on.

• Customer Due Diligence (CDD)

  • Al Fuad Exchange in CDD process obtain relevant details of all customers to ensure that the transactions they perform are in line with their profile or business activities. And ensure the legitimacy of the source of funds and purpose of transaction.

• Enhance Due Diligence (EDD)

  • EDD is to perform additional measures, besides, to know more about the customer, his source of funds and to confirm that the transactions are within its means. To verify that funds are legitimate and not related to any criminal proceeds. Al Fuad Exchange adopts a risk-based approach to identify and eliminate potential risks.

• Employee Training

  • In Al Fuad Exchange AML and Compliance training is an integral element of the Compliance Program. An induction training session is provided for new joiners, within a month of the joining date. Al Fuad Exchange ensures, by way of AML and Compliance training that the employees are aware of all laws, standard and AML / CFT policy and procedures.

• Record Keeping

  • Al Fuad Exchange maintain all records, documents data and statistics for all financial transactions and local or international commercial and cash transactions for a period of no less than five years from the date of completion of the transaction or termination of the business relationship with the customer.