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, the company is permitted by the Qatar Central Bank to carry out exchange activities like remittances including foreign currency, electronic global funds transfers, buying and selling banknotes 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 rights 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, Gulf Exchange has decided to issue this policies and procedures.
Gulf Exchange 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 Gulf Exchange from being a mediator in the money laundering and financing of terrorism or any other illicit activities.
To confirm that Gulf Exchange 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 Gulf Exchange’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 Gulf Exchange. 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 Gulf Exchange follow the CDD & EDD procedure in order to mitigate, detect and report any ML & TF associated risks.
4. Risk-based Approach
Risk-based Approach is one of the processes that is being followed in Gulf Exchange 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.
5. Staff Training
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 attends AML/CFT training, and that’s will help the company to develop good corporate governance within the Organization.
6. Record Keeping
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 Gulf Exchange’s customer due-diligence practices.