AML & CFT POLICY.
An anti-money laundering program is an essential component of a financial institution’s compliance regime.The primary goal of every good program is to protect the organization against money laundering and to ensure that the organization is in full compliance with relevant laws and regulations. For that reason,designing, structuring and implementing these programs should be the top priorities of any institution. In this guide, you will learn about Anti-Money Laundering (AML) rules that apply to anyone who sends or receives money transfers.
To ensure that Dinar Exchange and its staff NOT assist anyone to Finance the Terrorism OR enrichment
of Weapons of Mass Destruction OR to Launder the proceeds of illegally derived money including
(but not limited to) smuggling, drug sales, kidnapping or human trafficking, piracy, illicit dealing in
fire-arms, bribery, fraud, embezzlement or breach of trust or other illegal activities or acts prohibited
by (local or international) law and /or
- To effectively meet the requirements of ‘Know Your Customer’, ‘Customer Due Diligence’, ‘Enhanced
Due Diligence’ and ‘Ongoing Due Diligence’ processes.
To abide by the rules and regulations promulgated and circulated by the Central Bank of UAE and the
international regulators, to assist the authorities in Combating Money Laundering.
UAE Laws & Regulations preventing money laundering & combating financing of terrorism:
UAE is very proactive in Anti-Money Laundering where it started to combat money laundering since 1987 vide Federal Law No. (3) of 1987, concerning Promulgating Penal Code. Since then Central Bank of UAE (CB UAE) has released a number of Circulars / Notices regarding the prevention and criminalization of the Money Laundering and Terrorism Financing.
The important CB UAE regulations is given here under: -
1. Union Law No. 10 of 1980, Circular No/Regulation No. 24/2000 Regarding Procedure for Anti- Money Laundering and Combatting of Terrorist Financing. (along with amendments of June 3 and Nov. 4, 2001)
2. Circular No.24/2000 dated 14/11/2000(Regulation containing procedures for Anti Money
Laundering) including the amendments.
3. Federal Law No. 4/2002 –Criminalization of Money Laundering.
4. Notice No.2922 dated 17/6/2008(Addendum to Circular 24/2000)
5. Regarding Financial Remittances -Cautionary Notice (by The National Committee for Anti-Money Laundering
6. Regulations on Outgoing transfers from moneychangers – Notice No. 1815/2001 dated 03/10/2001
7. CB UAE Amendment Notice 3258/2006 Dated 12/07/2006
8. Confrontation of Money Laundering Offences and Combating the Financing of Terrorism by Federal Law No. 9 of 2014
9. Executive regulations Article 8 issued by the Cabinet by virtue of the Decree no. (38) of 2014
10. FATF 40 recommendations and 9 special recommendations on Combating of Terrorism Financing Regulatory / Predefined formats:
11. “The Standards for the Regulations Regarding Licensing and Monitoring Exchange Business in the
UAE” (Version 1.10) dated February- 2018.
Central Bank of UAE Regulations and applicable amendments (Federal Law No 4/2002, Notice-1815/2001,
1400/2002, 2922/2008, 1045/2001, Circular 24/2000,1401/2010) and “The Standards for the Regulations Regarding Licensing and Monitoring Exchange Business in the UAE” (Version 1.10) dated February- 2018.