ANTI-MONEY LAUNDERING (AML) SEND EXCHANGE EST....

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SEND EXCHANGE EST. Head Office Address: Liwa Street, Hamdan Centre Near Al Ahlia Hospital, Abu Dhabi, UAE Tel: 02-6277272 Email: [email protected] Web: www.ersalexchange.com ANTI-MONEY LAUNDERING (AML) POLICY & PROCEDURES

Transcript of ANTI-MONEY LAUNDERING (AML) SEND EXCHANGE EST....

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SEND EXCHANGE EST.

Profile for SEND Exchange Est.

SEND EXCHANGE EST.

Head Office

Address: Liwa Street, Hamdan Centre

Near Al Ahlia Hospital, Abu Dhabi, UAE

Tel: 02-6277272

Email: [email protected]

Web: www.ersalexchange.com

ANTI-MONEY LAUNDERING (AML)

POLICY & PROCEDURES

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Table of Contents

SECTION A- POLICY STATEMENT ....................................................................................... 3

SECTION B- PROCEDURES .................................................................................................... 3

1. Know Your Customer ........................................................................................................... 3 2. Registration ........................................................................................................................... 4 3. Identification of the Customer ............................................................................................. 4 4. Bank Account ........................................................................................................................ 6 5. Large Value Transactions .................................................................................................... 6 6. Watch List .............................................................................................................................. 7 7. Reporting of Suspicious Transactions ................................................................................. 8 8. Monitoring and Control ....................................................................................................... 8 9. Record Keeping ................................................................................................................... 10 10. New Staff Recruiting Procedures ...................................................................................... 10 11. Training & Record .............................................................................................................. 10 12. Correspondent Relationship .............................................................................................. 11 13. Agency Relationship ........................................................................................................... 11 14. Privacy Policy ...................................................................................................................... 11

SECTION C- GUIDELINES FOR IDENTIFYING SUSPICIOUS CUSTOMERS ................... 11

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Anti-Money Laundering

Policies, Procedures and

Controls

Based on Regulation Concerning Procedures for

Anti-Money Laundering Circular No. 24/2000

Dated 14.11.2000, its Amendment dated

13.06.2006 & Addendum vide Notice

No.2922/2008 dated 17.06.2008 Of The Central

Bank of UAE

SECTION A- POLICY STATEMENT

The combat against Money Laundering is a priority for SEND Exchange. We recognize that the

combat against Money Laundering is a challenge, which has to be continuously addressed by

relentless team effort.

In line with Central Bank of UAE’s revised Regulation, we at SEND Exchange support the major

international organizations, which collectively set and enforce standards for Anti-Money Laundering

policies and programs such as Financial Action Task Force (FATF) established by countries of the

group of seven (G7), UN, The EU, The Organization of American States - The Office of Foreign

Assets Control (OFAC) and the Local Regulatory Authority. These organizations are increasingly

insistent that compliance be assessed in terms of implementation and not simply concurrence with the

policies standards or guidelines established.

Our cooperation to our regulators is in its entirety, wherein we aim to maintain the highest operating

standards to safeguard the interest of our customers, our staff and the communities where we operate.

In conducting business with due skill, care and diligence, SEND Exchange seeks always to comply

with both the letter and spirit of relevant laws, rules, regulation, codes and standards of good practice.

We aim to promptly address any irregularities that may arise, as we believe in transparency in our

financial and regulatory reporting with prompt disclosure of any breaches.

SECTION B- PROCEDURES

The Following is a List of Procedures, which should strictly be followed:

1. Know Your Customer

1.1 SEND Exchange will deal with customers with acceptable IDs. (Emirates ID,

Labour Card, Passport, Trade License) Customer Registration/card creation in our

Symex system is mandatory for all transactions of AED 2,000/- and above (equivalent

in other currencies). No transaction shall be undertaken before completion of the

registration process.

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1.2 The History of Transactions done by the customers can be accessed at any point of

time.

1.3 The customer’s name should be recorded exactly as detailed on the original

identification document.

2. Registration

2.1 Individual Customer shall fill in Form No.1 request slip for Wire Transfer/FC purchase

and sale with Original ID and the staff should attach a copy of ID as proof of identity.

2.2 Modifications, additions and deletions to Form No.2 shall be done through a separate

form

3. Identification of the Customer

3.1 While conducting a transaction the staff shall identify the customer with any one of the

valid ID mentioned in (1.1)

a) the date of birth and legal name by taking a copy of current valid official

original identification document (e.g. Passport, Labour Card, Driving License,

Emirates ID)

b) the permanent residential address by taking a copy of recent utility bill, bank

statement or similar statement from another licensee or financial institution, or

some form of official correspondence or official documentation card, such as

CPR, from a public / governmental authority, or a tenancy agreement or record

of home visit by an official from the Exchange.

c) Where appropriate, direct contact with the customer by phone, letter or email to

confirm relevant information like residential address.

3.2 If a customer gives his passport as ID, the staff shall also note down the visa details of

the customer.

3.3 The Staff should sight the above document in original and should stamp “True Copy of

the Original” on the photocopy with the initial of the concerned staff.

3.4 Inspection of all documents should be carefully done. The photo, name, signature,

expiry date, etc., given in all the documents and papers should be carefully tallied.

3.5 Every time the staff should sight the original identity of the customer and counter check

the same with the information available in the customer database.

3.6 The staff should not be satisfied with vague information about the identity of the

customer for whom they carry out the transaction, but should attempt to determine the

beneficial owner(s) of the transaction. In case the customer is acting on the behalf of a

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third party, an undertaking to that effect must be obtained from him prior to conducting

any transactions. (Form No.3)

3.7 If the customer is on transit / visit visa, extra caution should be taken and should only

be approved by the Branch Compliance Officer / Manager. Apart from a valid ID and

Visa copy, customer has to declare the details like Purpose of Transaction and Source of

Fund.

3.8 Individual bring Cash from other country above AED 100,000/-(or equivalent in other

currency) please take copy of Customs Cash Declaration made at Airport.

3.9 Tourists should show proof of temporary residence in U.A.E (e.g Hotel key or

Confirmation) where required. For transactions above AED 40,000/- proof of permanent

Residential address is required. If the tourist cannot show such proof, then refuse the

Transaction.

3.10 Before accepting a “POLITICALLY EXPOSED PERSON” (PEP) as a customer,

prior approval of the Senior Management must be taken. When an existing customer is

PEP or subsequently becomes PEP, it must be immediately brought to the notice of the

Senior Management.

3.11 While dealing with corporate entities, the following details should be obtained,

recorded and attached with Form:

a) Entity Name

b) Legal Form

c) Full Registered address

d) Type of business activity

e) Trade License details

f) Names of Directors/Partners/Proprietor

g) Names of authorized signatories of cheques (if other than the above.

h) Name of the representative

The details given must be verified by obtaining copies of the following documents which

shall be attached with the form.

Trade License / certificate of incorporation and / or C.R. or trust deed

Identities of the Directors/Partners/Proprietor

Identities Identification documentation of the authorized signatories, if

any (other than the above).

Letter of representation authorizing the representative to act on behalf of

the company

Identity of the representative

Memorandum & Articles of Association

Partnership agreement

3.12 The customer, the concerned staff and the cashier are required to sign (Full Signature)

the application to execute any transaction. “No Signature No Transaction”.

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3.13 All payments and transfers performed on behalf of CHARITIES registered in UAE

must be brought to the notice of the Compliance Officer who will in turn report the

matter to Central Bank of the UAE’s AML Compliance Unit. Payments will always be

made by a cheque drawn on a bank licensed in UAE, to Charities without calling for any

certificate.

3.14 Mode of receipt is recorded in all the transfers for above AED 40,000/- (Cash, Foreign

Currency, Bank Cheque) and wire transfers for USD 1000/- and above.

3.15 Obtain updated copies of the identification documents at least every 2 years.

4. Bank Account

4.1 Our Correspondent Bank account numbers and details should not be disclosed to

anyone without the written confirmation of the Chief Compliance Officer.

4.2 Unauthorized inward wire transfers directly from the customers shall not be accepted.

Any unauthorized credit to our account shall be returned back to the originator’s bank

after deduction of charges.

5. Large Value Transactions

5.1 Apart from a valid ID, customer has to declare the details like Purpose of Remittance

and Source of Fund.

5.2 Exchange of Foreign Currency for above AED 40,000- shall be done by collecting

copy of the customer identity and other details like address, nationality, purpose of

transaction and source of fund.

5.3 While dealing in wholesale foreign currency market, SEND Exchange shall deal only

with financial institutions regulated by their respective Central banks / monetary

authorities.

5.4 Copies of their trade license / C.R. & Central Bank license shall be collected from the

financial institutions.

5.5 All Remittance transactions of AED 40,000/- and above conducted across the counter

shall be approved by the Compliance Officer/ Branch Manager.

5.6 While dealing in wholesale foreign currency market, SEND Exchange shall deal only

with financial institutions regulated by their respective Central banks / monetary

authorities.

5.7 Copies of their trade license / C.R. and Central Bank license shall be collected from the

financial institutions.

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5.8 Large Remittances to NCCT Countries (Refer Exhibit – (B)) shall be handled with extra

caution.

6. Watch List

6.1 The Manager/Compliance Officer will continually obtain information of Black Listed

Entities and Individuals from the Central Bank of U.A.E

6.2 Names of the Black Listed Entities / Individuals and Charitable / Religious

Organizations are available at the teller stations and with the Manager.

6.3 The Compliance Department shall furnish available details to the Central Bank of U.A.E

or any other regulatory authority against any request for information within a reasonable

period of time.

6.4 The exchange house, its directors, officers and employees shall not under any

circumstances disclose or warn (tipping off) their customers, the beneficial owner or

other subjects of STR when information relating to them is reported to the Enforcement

Unit / Regulatory Authority.

6.5 The FATF (Financial Action Task Force) recommends that we should give special

attention to business relations and transactions with persons including companies and

financial institutions from the Non Cooperative Countries and Territories (NCCT)

6.6 High Risk Countries

For the countries below, it shall be forbidden to accept and transactions with the

destination or origin being from the countries listed below. In case of commercial

transactions, any transaction in direct or indirect support of any commercial trade

with these countries shall be rejected and the customer shall be blacklisted by

addition to the internal watch list.

Iran

Democratic People’s Republic of Korea (DPRK)North Korea

Algeria

Ecuador

Myanmar

Syria

Sudan

AML and Compliance approval for all transactions related directly or indirectly to the countries

listed below. Enhanced due diligence shall be mandatory and all supporting documents along

with the clear purpose of payment shall be obtained

Albania

Belarus

Bosnia and Herzegovina

British Virgin Island (BVI)

Burma (Myanmar)

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Congo

Cote D’lvoire (Ivory Coast)

Cuba

Eritrea

Iraq

Kosovo

Lebanon

Liberia (former Regime of Charles Taylor)

Libya

Macedonia

Montenegro

North Korea

Serbia

Somalia

Yemen

Zimbabwe

7. Reporting of Suspicious Transactions

7.1 It is the duty of all staff / officers to report suspicious and unusual transactions to the

Compliance Officer/Manager.

7.2 When an employee suspects a transaction to be suspicious, he/she should report his

suspicions to their Compliance Officer/Manager, who will investigate and if found

suspicious, will report the case in STR to the Central Bank of UAE.

7.3 The Exchange shall maintain records for five years relating to Suspicious Transaction

Reports made to or by the Compliance Officer and records of consideration of those

reports and of any action taken as a consequence.

7.4 Failure to report suspicious and unusual transaction to the Compliance shall attract

legal and disciplinary action.

7.5 The Compliance Officer shall investigate and forward the “STR” (Suspicious

Transaction Report) to relevant authorities.

8. Monitoring and Control

8.1 The Compliance Officer shall be appointed by the Management. The Compliance

Officer shall report to the General Manager on all matters relating to compliance. The

responsibilities of the Compliance Officer are:

a) Monitoring the execution and implementation of the AML / CFT regulations issued

by the Central Bank of UAE and our internal policies and procedures throughout the

organization.

b) Prepare internal Suspicious Transaction Reports (STR) and investigate and report

to the regulatory authority, if required.

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c) To take reasonable steps to establish and maintain adequate arrangements for awareness

and training of employees.

d) Coordinate with the local regulatory authorities in money laundering issues.

e) Respond promptly to any reasonable request for information made by the Enforcement

Unit or regulatory authority.

f) Record keeping as required by our policy.

g) Reporting any suspicious transaction directly to the branch Manager.

h) Monitoring continuously on an on-going basis transactions of PEP and high risk customer

accounts if any.

i) For transactions above AED 40,000/-, verify the source, background and the purpose and

document the findings. In case of one-off transaction where there is no ongoing account

relationship, a STR must be filed. He shall take instructions from the branch Manager and

shall report to him on all matters regarding compliance.

8.2 The Exchange’s directors, officers and employees must not warn or inform their

customers when information relating to them are being reported to / investigated by the

relevant authorities.

External Auditor shall audit annually the adequacy and the compliance of the policies, procedures and control and shall report to the Management and the Central Bank of the UAE.

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9. Record Keeping

9.1 The objective of record keeping is to ensure that we are able to provide the basic

information about customer and to reconstruct the individual transactions undertaken at

the request of the relevant authorities at any given time.

9.2 Transaction records, STR and staff training records should be kept for a minimum

period of five years, unlimited for all cases under police, Courts, Central Bank or any

other investigations and made available to the relevant authorities as and when

demanded.

9.3 The documents may be retained in original or stored on microfilm or in the computer

as electronic media.

10. New Staff Recruiting Procedures

The Human Resource Department will scrutinize all new employees by checking their

references. Perform background checks on all (past and present) SEND Exchange Employees.

All future and current employees will sign a Form consenting for the company to investigate

into the background of the employees if needed.

11. Training & Record

11.1 Training program for all SEND Exchange staff shall be conducted regularly. The

training shall include the following:

a) Responsibility of the employees under Central Bank of the UAE regulations for obtaining

sufficient evidence of identity (KYC), recognizing and reporting knowledge or suspicion

of money laundering.

b) Duties and responsibilities of the Compliance Officer.

c) Procedure for reporting of suspicious transactions.

d) Potential effect on the company, on its employees and customers if there is any breach of

law or regulation.

e) Ways to identify suspicious transactions.

f) Storing records.

11.2 The Head Office is also required to maintain records showing the dates when Anti-

Money Laundering training was given, the nature of the training and the names of the

staff who received the training.

11.3 Relevant new employees will be given AML / CFT training within 3 months of

joining the organization.

11.4 A meeting of staff members will be held once or alternate month to discuss training

methods, procedures and policies as well as current key issues.

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12. Correspondent Relationship

The Company should gather sufficient information about the correspondent banks’ with whom

they are going into relationship. The Company should pay attention to the quality of supervision

by the relevant supervisory authorities when establishing correspondent relationships with foreign

banks. Particular attention should be paid when entering into or continue a correspondent banking

relationship with a bank incorporated in a jurisdiction in which it has no physical presence or

located in jurisdictions that have been identified by FATF as being “non-co-operative”. The

Company should establish that the banks have due diligence standards and employ due diligence

procedures with respect to transactions carried out through the accounts. The Company will not

enter into Correspondent relationship with shell banks.

13. Agency Relationship

When entering into an agency relationship, the Company should ensure that the agent is properly

regulated and is subject to Anti-Money Laundering laws and regulations of his regulatory

authority. An undertaking to the effect that it is abiding by the AML / CFT regulations and

procedures of its regulatory authority should be obtained.

Particular attention should be paid when entering into or renewing an agency relationship

with an agent located in jurisdictions that have been identified by FATF as being “non co-

operative”.

14. Privacy Policy

SEND Exchange is committed to respecting and protecting the information furnished by its

Customers having great regard to maintaining their privacy. The information collected is meant

strictly for completion of transactions and shall not be shared with any internal or external

agencies except as may be required or solicited by the regulatory authorities.

SECTION C- GUIDELINES FOR IDENTIFYING SUSPICIOUS CUSTOMERS

“Suspicious activity” is a difficult concept to define because it can vary from one transaction

to another based upon on all the circumstances surrounding the transaction. For example,

transaction by one customer may be normal because of the knowledge of that customer, while similar transactions by another customer may be suspicious. Many factors are involved in determining

whether transactions are suspicious, including the amount, the location of the business, comments

made by the customer, the customer’s behaviour, etc. Customers like those mentioned below may warrant attention. Just because a customer appears on the

list does not mean that he/she is involved in illegal activity. It only means that the transaction of the

customer requires closer scrutiny.

- Customers sending or receiving frequent amounts that are much greater than what would

be expected for the customer.

- Customers avoiding thresholds.

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- Customers transferring money repeatedly in order to make each transaction unnoticed;

but the total of the transfers together form a large amount.

- Customers trying to change large quantities of small value currency into large value

currency.

- Repeated exchange of cash from one currency to another while the nature of the

customer’s activity does not require such transfers.

- Customers conducting suspicious transactions may appear nervous, rushed or defensive to

questioning about his remittance.

- Customers who may be reluctant to show ID.

- Customers concealing the beneficial owner of funds.

- Two customers coming together but sending money transfer separately to the same

beneficiary or coming together for receiving money transfer from the same remitter.

- Large number of individuals transferring money to the same beneficiary without

appropriate reasons or explanations.

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Form No. 1

(Ref. Clause 2.1 of AML Policy & Procedures)

SEND Exchange

Details Entry Form

(For Individual Customer Only)

Date:

Customer's Details:

Customer's Name:

Nationality: Date of Birth :

House /P. O. Box No.: Street: Emirates:

Mobile Tel. No.: Office Tel. No.: Res. Tel. No.

ID Type: ID No.: ID Issued By:

ID Issued At: ID Issue Date: ID Expiry Date:

Beneficiary's Account No. 1 (Bank):

Account Name: Account No.:

Bank Name: Branch Name :

Bank Address ………………………………………….…… Pin Code:

Drawn on Bank Name: Drawn on Branch Name:

Beneficiary's Account No. 2 (Residence):

Receiver’s Name: Door No.: Street Name:

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Place Name: District Name: State Name:

Country Name: Pin Code: Zip Code:

Residence Tel. No.: Mobile Tel. No.:

I hereby undertake to intimate the Company if there are any changes in my above details provided.

Customer’s Signature

Staff’s Signature Branch Manager’s Signature

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Form No. 2

(Ref. Clause 2.2 of AML Policy & Procedures)

SEND Exchange

Details Correction Request Form

(For Updating / addition / deletion of Form No. 1 & 2)

From

Customer Name: …………………………………..

Address and Tel ……………………….

Place ……………………………………

To:

The Manager

SEND Exchange

Branch Name ……………..

Dear Sir,

Kindly correct the following Customer’s Details in the system:

1. ………………………………………………………..

2. ………………………………………………………..

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3. ………………………………………………………..

4. ………………………………………………………...

5. …………………………………………………………

Kindly amend / add / delete the following Customer’s Account Details in the system:

Customer's Account No. ………….

Account Name: Account No.:

Bank Name: Branch Name:

Bank Address:………………………………………………………………………………

……………………………………………………… Pin Code:

Drawn Bank Name: Drawn Branch Name: Currency:

Customer’s Signature Staff’s Signature Branch Manager’s Signature

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Form No. 3

(Ref. Clause 3.6 of AML Policy & Procedures)

Letter of Representation

(For Individual Customer Only)

From

Name Mr. / Ms. …………………………………………….

Employer Name ……………………………………………………….

P. O. Box No. & Place ……………………………………………………….

Contact Telephone Numbers ……………………………………………………….

To

The Manager,

SEND Exchange

Branch …….…………………….

Dear Sir,

Reg.: Undertaking for Inward / Outward Remittance Transactions

I hereby authorize Mr. / Ms. …………………………………., bearer of this letter, holding Passport /

Labor Card / Driving License No. …………………………, to send / receive money on behalf of me

and sign the necessary transaction vouchers. His / her original identity will also be produced by him /

her along with the copy of my passport / ID.

I, hereby confirm that this transaction is for …………………………………. purpose only.

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The bearer of this letter will sign as: ………………………………

Thanking you,

Yours faithfully,

Signature: ……………………….

Name: ………………………………………

Date: ………………………….

Enclosed:

Copy of the Remitter’s ID. b) Copy of the Representative’s ID

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Form No. 3

(Ref. Clause 3.6 of AML Policy & Procedures)

Letter of Representation

(For Corporate Customer Only)

From

Company Name M/S. …………………………………………….

P. O. Box No. & Place …………………………………………………..

Telephone and Fax Numbers …………………………………………………..

To

The Manager,

SEND Exchange,

Branch………………………..

Dear Sir,

Reg.: Undertaking for Business Transactions

We hereby authorise Mr. / Ms. …………………………………., bearer of this letter, holding

Passport / Labour Card / Driving License No. …………………………, to send / receive / exchange

money on behalf of our company and sign the necessary transaction vouchers. His / her original

identity will also be produced by him / her along with the copy of our Trade License and the copy of

my Passport.

We are engaged in the …………….…………………………… business and we hereby confirm that

the amount sending / receiving / exchanging through your company are for our normal business

purposes only.

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Any change in the status of our above representative, if any, will be intimated to you in writing

immediately.

The bearer of this letter will sign as: …………………………………

Thanking you,

Yours truly,

For M/S. …….………………………………………………..

Signature: ………………………………

Name & Designation: ………………………………………………...…

Date: …………………………..

Enclosed: 1. Copy of the Trade License Company Stamp

2. Copy of the Partner / Manager’s ID

3. Copy of the Representative’s ID