Gulf Exchange is one of the leading money exchange companies in Qatar and the Middle East as it has extended its services to 1.4 million retail and business customers since its foundation in 1977. Under the leadership of its founder and managing director, Mr. Ali Jaafar Al-Sarraf, the company has grown over the years to become the first choice for foreign currency exchange, gold purchase and sale, and international money transfer to and from all over the world.
While customer experience is an aspiration for other businesses, at Gulf Exchange it is a reality. We provide personalized services to 200,000 customers monthly in our 8 branches and in 20 languages. Through our extensive network of partners across the globe, we are well positioned to provide the most competitive exchange rates for our customers. In addition, we pride ourselves as a pioneer financial institution in implementing financial technologies since 1991.
We always ensure that our customers enjoy unparalleled experience by investing in our human capital, growing our global outreach, and developing our distribution channels to ensure that we are with our customers wherever they are.
MESSAGE FROM MANAGEMENT
Jaafar Ali Al-Sarraf
Gulf Exchange prides itself as a people-oriented company. We believe that employee engagement, customer satisfaction, and community wellbeing are the pillars for any successful and sustainable business.
At Gulf Exchange, we constantly strive to provide service ‘par excellence’ to our valued customers. We realize this responsibility and we accordingly provide world-class services to our customers by dedicated, experienced, and multilingual professionals at our 8 branches and alternative channels.
We enjoy the trust and confidence of our customers that have positioned Gulf Exchange as a leading exchange company serving 200,000 customers monthly. In order to achieve this, we continuously explore, create, and adopt innovative solutions to achieve outstanding service excellence for our valued customers.
We are always thankful and grateful to our dedicated employees and partners for their enthusiasm and commitment to support our customers across the globe.
Welcome to Gulf Exchange and thank you for visiting our website!!
- Jaafar Ali Al-Sarraf
- To do Money Exchange business with integrity, commitment and passion and create a better workplace for the employees.
- Connecting People through innovative financial solutions and unique service experience
- Customer Excellence
Ahmad Ali Al-Sarraf
Deputy General Manager
Sohail Ashiq Hussain
Public Relations & Treasury Manager
Business Support & Planning Manager
AML and CFT Compliance policy
GULF EXCHANGE is one of the premier Exchange House in the State of Qatar established in 1977 and licensed by The Qatar Central Bank under License No: MS 2/82.
As per the Law No: 36, of 1995 regulating the exchange activities, company is permitted by the Qatar Central Bank to carry out exchange activities like remittances including foreign currency Demand Drafts, Telegraphic and Electronic Global funds transfers, buying and selling Bank Notes and gold bullion. The Board of Director of Gulf Exchange has appointed a Compliance Manager completed with an experienced & specialized team who is responsible for coordinating & overseeing the AML framework within the organization. The company engaged the Compliance Risk Management Solutions, like “World-Check”, most comprehensive Sanctions and Politically Exposed Persons database for sanction screening, single source lookup tool like “Word-Check Online.
What Is Money Laundering
The concealment or disguise of the true nature, source, locations, disposition, movement ownership of or right with respect to funds by any person who knows, should have known or suspects that such funds are the proceeds of crime. There are three stages to Money Laundering: Placement, Layering, and Integration
1.Objectives and Purpose
Having perused decree Law, no 4 of 2010 on Anti-Money Laundering and Terrorism Financing and the circular issued by Qatar Central Bank dated June 15, 2010, with regard to regulations governing Anti-Money Laundering and Combating Terrorist Financing for Financial Institutions, GECO has decided to issue this policies and procedures.
GECO is based on a clear and explicit policy to control all of the financial operations whereby a clear plan is placed in the fight against money laundering and the financing of terrorism based on the instructions of Qatar Central Bank, local law as we as international law and standards like Financial Action Task Force (FATF) recommendation and Office of Foreign Assets Control (OFAC), United Nations, European Union and many others.
To protect GECO from being a mediator in the money laundering and financing of terrorism or any other illicit activities.
To confirm that GECO is working on a clear policy for prevention, detection, controlling and reporting of money laundering and terrorist financing, in accordance with FATF recommendations.
2.Know Your Customer – KYC
KYC POLICY is one of the most important regulatory requirements in GECO’s day-to-day business practices at QCB instruction. It is therefore compulsory to know the regular as well as walk-in customers who conduct their personal or business transactions involving money with GECO. The identity of the customer (an individual or company) must be verified before accepting any transactions for any amount.
3.CDD (Customer Due Diligence) – EDD (Enhanced Due Diligence)
Customer Due diligence is describing the processes and procedures used by a business to qualify a potential customer before the establishment of a working relationship and is also used to continue qualifying that relationship once it is established.
Enhanced Due Diligence is to take additional measures, besides usual Customer Due Diligence, to know more about a customer and to confirm that his/her transactions and funds are legitimate and free from any criminal link. We at GECO follow the CDD & EDD procedure in order to mitigate, detect and report any ML & TF associated risks.
Risk-based Approach is one of the processes that is being followed in GECO and it’s a methodology that allows to priorities activities based on a previous analysis of data and identifies potential high risks of money laundering and terrorist financing and develops strategies to mitigate them. Existing obligations, such as client identification, will be maintained as a minimum baseline requirement.
Anti-Money Laundering Training is intended to familiarize employees with the process of money laundering and the laws that make it a crime. All staff of Gulf Exchange including senior management and board of director attend AML/CFT training, and that’s will help the company to develop a good corporate governance within the Organization.
All records including, customer’s identification documents and related data, transaction data, and any other related documents must be maintained and retained for a minimum period of fifteen (15) years from the date of financial transactions,Including Internal / external reporting of unusual /potentially suspicious transaction and retaining relevant training materials used and staff attendance documents.
It is Gulf Exchange’s responsibility to protect the confidentiality of all customer transactions including any important and sensitive information, personal business and financial transactions information that has been obtained from customers as part of GECO’s customer due-diligence practices.