Objectives and Purpose
Gulf Exchange is based on a clear and explicit policy to control all of financial operations whereby a clear plan is placed in the fight against money laundering and the financing of terrorism based on local laws, Instructions of Qatar Central Bank, Law No (20) of 2019 on Combating Money Laundering and Terrorism Financing and international law/standards like Financial Action Task Force (FATF) recommendation and Office of Foreign Assets Control (OFAC), United Nations, European Union and many others.
Gulf Exchange adheres to the six pillars of an effective AML program:
Know Your Customer – KYC
KYC POLICY is one of the most important regulatory requirements in Gulf Exchange’s day-to-day business practices as per QCB instruction. It is therefore compulsory to know the walk-in customers as well as online customer who conduct their personal or business transactions involving money with Gulf Exchange. Identity of the customer (an individual or company) must be verified before accepting any transactions for any amount.
CDD (Customer 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.
EDD (Enhanced Due Diligence)
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.
Risk-based Approach is the policy in Gulf Exchange to identify and eliminate potential risks and it's a methodology that allows to prioritize activities based on a previous analysis of data and identifying potential high risks of money laundering and terrorist financing and develop strategies to mitigate them.
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 company including senior management and board of directors attend AML/CFT training. Effective AML training helps the company develop a good AML-CTF governance at different levels within the company.
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 ten (10) 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 Gulf Exchange’s customer due diligence practices.