AML Policy & Procedure
Money laundering is a threat to the good functioning of a financial system, When a criminal activity generates substantial profits. The individual or group involved must find a way to control the funds, without attracting attention to the underlying activity or the persons involved. Criminals do this by disguising the sources, changing the form, moving the funds to a place where they are less likely to attract attention. The fight against money laundering and terrorist financing is a priority for Mesrkanloo International Exchange. We maintain a sound regulatory environment, and ample resources have been embarked for ensuring responsible corporate governance. We have inculcated the local AML laws and regulations and world's best AML practices into our AML policies and procedures, which have been rigorously, implemented at our location. Moreover, we also have taken strong initiatives to streamline its operations perfectly with the requirements of Know Your Customer principles. Mesrkanloo International Exchange has a written policy and procedures to combat of Money Laundering and Terrorist Finance.
Mesrkanloo International Exchange as a responsible member of the Money Exchange Industry in the United Arab Emirates. Also, committed to the task of proactively preventing, detecting instances and attempts of Money Laundering through our operating office in the UAE; enable the larger interests of safeguarding our reputation as well as operations. Strict compliance with the procedure's documentation is mandatory to our exchange. Such compliance would automatically and reasonably ensure the exchange and/or its staffs are not exposed to the risks of violation of the anti-money laundering laws. All staffs are well-trained as well as well-versed with AML policy and procedures, also paying more attention to the Anti-Money Laundering Laws on each transaction taking place.
We are circulating Anti Money Laundering Questionnaire to our worldwide correspondents. Our co-operation with our regulators is in its entirety. We aim to maintain the highest standards to safeguard the interests of our customers, regulators, employees and the communities where we operate. The main role of the Mesrkanloo International Exchange systems is combating money laundering and terrorist finance as:
Streamlined internal policies and procedures.
Mesrkanloo International Exchange is committed to the highest standards of anti-money laundering (AML) and Combating terrorist financing (CTF) compliance, to report Central Bank of UAE to fight against Money Laundering.
AML & CTF Procedure, Appointment of Compliance Officer, KYC Policy, Customer Registration, Identification of the Customer, High Value Transactions, Customer Due Diligence, Blacklisted Entities and Individuals , AML Training for Employees, Retention of Records, Suspicious Transactions Report (STR).
Mesrkanloo International Exchange has both legal and moral obligation to out-rightly deny the use of our business for criminals in financial crime.
Identify customer through KYC Policy and Procedure.
Undertaking Enhanced Customer Due Diligence (ECDD) measures when dealing with high risk customers, or transactions which include not only identification and verification but also the full details of the beneficiary.
Performing regular reviews for customers, especially Corporates, and update their data and information in our systems and we shall apply (ECDD) before establishing a correspondent relationship with our bank and agents.
Maintain all customer profile / transactions related records for at least 5 years.
Liaisons with all Government Authorities/International Regulators to combat money laundering and terrorist financing.
Compliance with the local laws, regulations and best practices.
Regular monitoring of OFAC/ Central Bank blocked list.
Prompt reporting of suspicious transactions to the Central Bank of UAE.
Our Information Technology Network designed using the best system and implemented high sophisticated software to protect and prevent money suspected parties to fully comply with the rules and regulations of Anti-Money Laundering and Terrorist Financing procedures.
Our Network system is competent to trace/protect any financial transaction taking place of any blocked names forwarded to us by our regulator, FATF, and OFAC U.N. and other competent authority.
Registration is mandatory as per regulatory requirements.
Cross checking all bulk transactions and ensuring these transactions are not taking place for criminal activities.
Determine/ analyze the risky customers, their source of fund and purpose.
Established regular training program to the employees to combat Terrorist Financing.
Enhanced due diligence & customer personal wealth and its characteristics.
Fully compliance with 40 Recommendations of FATF.
Monitoring third parties introduced payment orders.
Non- opening of account with Shell Bank.
Monitoring high Political Exposed Person’s (PEP’s) transactions.