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AML Compliance & Due-Diligence:

The fight against Money Laundering is a priority for Goodwill Exchange. We recognize that the fight against Money Laundering and Terrorist Financing is a team effort.

We support the major International Organizations, which collectively set and enforce standards for Anti-Money Laundering and Counter-Terrorist financing policies and programs such as FATF, UN, The EU, OFAC and the Local Central Bank of UAE.

We have a well-documented Anti-Money Laundering policies 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 the subject. All staffs in Goodwill Exchange are gone to strict AML training on a regular basis. 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.

To ensure continuity of high standards of Anti-Money Laundering Compliance, our Internal Audit Group will monitor and test the Compliance Program through random examination of the relevant processes and controls on a monthly, quarterly and six monthly basis, and report its findings directly to the Managing Director. All staff handling remittances are required to report any potentially suspicious or unusual transactions, to Compliance Officer, using our internal reporting system. It is also mandatory to detect and report unusual/ potentially suspicious transactions to Compliance Officer who will in turn, conduct in-depth investigation, and take an appropriate action before reporting such transactions to Financial Intelligence Unit(FIU) at the UAE Central Bank.

Adherence to the Goodwill Exchange, Anti-Money Laundering Program is the responsibility of all employees. The program is formulated and directed by the Compliance department of the organisation. The program includes client screening and transaction monitoring through World Check, OFAC Analyzer, Biz4x etc. We have implemented the best AML practices in our branch. 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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