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aml policy

AML Compliance & Due-Diligence:


GCC Exchange is committed to participate in International efforts to counter money laundering and terrorist financing, for which GCC Exchange has implemented an effective Anti-Money Laundering System to protect financial sector from suspected money laundering offenses. We are equipped with the highest standards of Anti Money laundering (AML) compliance and requires all our employees to adhere to these standards to prevent use of our products and services for money laundering purpose and to safe guard the interest of our customers. 

We follow the AML compliance policies and procedures set by the Central Bank of the UAE and other regulatory bodies like OFAC, EU, UN etc. we have a well-documented Anti-Money Laundering policy and procedures in place, which are updated periodically. We have also indigenously set up certain IT procedures to check and control financial transactions at various tiers and continuously hold internal training sessions to keep the staff abreast of development on Anti Money Laundering guidelines issued from Central Bank of the UAE from time to time. All employees in GCC Exchange have been adequately trained in KYC/AML guidelines of the country. The company’s AML policy and procedures applies to all currencies & remittances. A complete KYC and Due-Diligence process is mandatory before dealing with any customer.

GCC Exchange uses different screening systems like World Check, WYNYARD, OFAC Analyzer etc. The core software supports to screen the details of transactions with the Blacklist Master at the time of generating a transaction. The company’s AML policy and procedures are framed, mainly based on the guidelines of Central Bank of the UAE.

Enhanced due-diligence is conducted when transactions appear to be suspicious on the basis of transaction indicators. Customer service staff ensures to ask for additional identification documents or documentary proof of source of funds as per guidelines. All staff handling remittances are required to report any potentially suspicious or unusual transactions, to our AML Compliance Officer, who will in turn conduct an in-depth investigation, and take an appropriate action.

All records including, customer's identification documents and related data are maintained and retained for five years with utmost care for further reference and audit trail. All customer and transactional information are kept confidential. Internal Audit tests the activities of the compliance regime, and performs random checks on key responsibilities. All findings and observations are being discussed with compliance department, and reported to the Management. GCC Exchange is always committed to continually fulfill its Anti-Money Laundering obligations on regular basis.

GCC Exchange is committed in working closely with the Central Bank of the UAE and other major International Organizations to fight money laundering, terrorist financing and other suspicious funding activities. Keeping this in mind, we have implemented the best AML practices at all our branches. We are also committed to continually observe the Anti-Money Laundering requirements by providing our foreign correspondent banks and agents due-diligence information on transactions in line with the guidelines and recommendations of the Financial Action Task Force (FATF) as and when required.

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