AML Policy

AML Policy

Dinar Exchange is committed to preventing money laundering and terrorist financing, in accordance with the Central Bank’s regulations and the best international practices in AML-CTF. To this effect, we are fully prepared to detect suspicious activities associated with money laundering, including tax evasion, fraud and terrorism financing, and report them to the Central Bank, as per regulations. We at Dinar Exchange are attuned to conducting business with integrity, within the scope of the law, with security and in compliance with all applicable laws and regulations.

In view of the foregoing, we have implemented robust AML & compliance practices in all our branches. Our state-of-the-art infrastructure and AML software further enable us to be fully compliant at all times.

Anti-Money Laundering Compliance Policy Declarations

Dinar Exchange is fully committed to adhering to local laws and regulations which reflect the relevant recommendations issued by the Financial Action Task Force (FATF) and the Basel Statement of Principles on preventing the utilization of the banking system for criminal purposes, issued by the Basel Committee.

Dinar Exchange is also determined to examine and uphold its Anti-Money Laundering procedures and control, on an on-going basis, by applying befitting internal and external audit programs.

Dinar Exchange adheres to the four pillars of an effective AML program:

  • Development of internal policies, procedures, and related controls
  • Designation of a compliance officer
  • A thorough and ongoing training program
  • Independent review for compliance.
  • Know Your Customer – KYC

We follow a strong identity verification procedure for customers, as per local and international AML/CFT regulations, irrespective of the amount involved in the transaction.

Robust KYC (Know Your Customer) and KYCC (Know your Customer’s Customer) policies are adhered at all levels. Identifying and conducting Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) wherever required is a normal process at Dinar Exchange for identifying any sign of money laundering.

Customer Due Diligence (CDD)

IIn our Customer Due Diligence (CDD) process, we obtain relevant details of the customer to ensure that they perform the transactions in line with their profile / business activities. Our focus has always been on ensuring the legitimacy of the source of a customer’s funds and the purpose of their transaction.

Enhance Due Diligence (EDD)

Enhanced Due Diligence is to perform additional measures, besides the usual Customer Due Diligence. To know more about a customer and his source of funds and to confirm that the transactions are within their means. To verify that funds are legitimate and not related to any criminal proceeds by obtaining authentic and genuine documents which must support both the underlying and stated purpose.

Risk Based Approach (RBA) is the base at Dinar Exchange to identify and eliminate potential risks. Hence EDD is compulsorily performed on all high-risk accounts.

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