AML / CFT Compliance Policy
Gulf Exchange operates on a clear and explicit policy to control all financial operations, under which a defined plan is in place to combat money laundering and the financing of terrorism.
The Six Pillars
Responsibility of the Board and top management
A risk-based approach
Know your customer
Effective reporting
High-standard screening and appropriate training
Evidence of compliance
Know Your Customer (KYC)
KYC policy is one of the most important regulatory requirements in Gulf Exchange’s day-to-day business practices, as instructed by Qatar Central Bank. It is therefore compulsory to know both walk-in customers and online customers who conduct personal or business transactions involving money with Gulf Exchange.
The identity of the customer, whether an individual or a company, must be verified before accepting any transaction of any amount.
Customer & Enhanced Due Diligence
Customer due diligence (CDD) describes the processes and procedures used by a business to qualify a potential customer. Enhanced due diligence (EDD) means taking additional measures to confirm that transactions and funds are legitimate and free from any criminal link.
Additional due diligence may be required for customers, transactions or relationships presenting higher money laundering, terrorist financing, proliferation financing or other financial crime risks.
Transaction Monitoring & Financial Crime Controls
Gulf Exchange maintains risk-based transaction monitoring and financial crime controls to identify unusual or potentially suspicious activity and to support compliance with applicable AML/CFT and other financial crime requirements.
Politically Exposed Persons
Gulf Exchange applies appropriate measures in relation to politically exposed persons and other higher-risk relationships in accordance with applicable regulatory requirements.
Beneficial Ownership
For corporate and other applicable customers, Gulf Exchange may identify and verify beneficial owners and persons exercising ownership or control and may request supporting information or documentation.
Sanctions & Targeted Financial Sanctions
Gulf Exchange maintains controls to identify and manage applicable sanctions and targeted financial sanctions risks. Transactions may be subject to screening and may be delayed, rejected, restricted or otherwise handled where required by applicable laws, regulations or regulatory requirements.
Proliferation Financing
Gulf Exchange maintains controls designed to identify and mitigate proliferation-financing risks in accordance with applicable regulatory requirements.
Risk-based Approach & Staff Training
The risk-based approach is the methodology for identifying and eliminating potential risks. All staff of Gulf Exchange, including senior management and the board of directors, attend AML/CFT training to develop good governance at every level.
Active governance and rigorous training programs aligned with global regulatory protocols.
Record Keeping & Privacy
All records are maintained for a minimum of ten years. It is Gulf Exchange’s responsibility to protect the confidentiality of all customer transactions and personal information obtained as part of our due diligence practices.
Questions about this policy?
Our Customer Care team can direct compliance enquiries to the right people.