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AML & CFT Compliance

Company Policy

Al Fardan Exchange LLC is committed to comply with all applicable laws and regulations regarding Anti-Money Laundering and Combating Terrorism Financing. We support Central Bank UAE and other major international organizations in the fight against Money Laundering and Terrorism Financing.
We are committed to the following AML/CFT local laws and regulations as well as international laws and standards including: –

  • Federal Law No. (4) of 2002 Criminalization of Money Laundering
  • Decree by Federal Law No. (1) of 2004 On Combating Terrorism Offences
  • Federal Law No. (7) of 2014 Combating Terrorism Offences
  • Federal Law No. (9) of 2014 Amending Certain Provisions of Federal Law No. (4) of 2002 Concerning the Combating of Money Laundering Crimes
  • CBUAE Regulation No. 24/2000 Regulation Concerning Procedures for Anti-Money Laundering
  •  CBUAE Notice No. 2922/2008 Addendum to Circular No. 24/2000 – Regulation concerning Procedures for Anti-Money Laundering
  • CBUAE 2017 Standards of the Regulations Regarding Licensing and Monitoring of Exchange Business
  • Cabinet Resolution No. (38) of 2014 Concerning the Implementation Regulations of Federal Law No. (4) of 2002 International laws, regulations and industry standards, including:
  • Financial Action Task Force (FATF) Recommendations
  • Middle East & North Africa Financial Action Task Force (MENAFATF)
  • Bank Secrecy Act
  • USA Patriot Act
  • Office of Foreign Assets Control (OFAC) of the US Department of the Treasury
  • United Nations Security Council (UNSC)


“Anti-Money Laundering & Combating Terrorism Financing Compliance Declaration Policy”
We, at Al Fardan Exchange LLC, are committed to operate the business with integrity, within the scope of law and with security. Al Fardan Exchange LLC has implemented the comprehensive AML & CTF policies and procedure, robust Sanction screening and AML Monitoring system to detect, prevent and report any Money Laundering and Terrorist Financing associated risks.
The company also engaged the Compliance Risk Management Solutions, like “World-Check”, most comprehensive Sanctions and Politically Exposed Persons database for sanction screening, single source look up tool like “Word-Check Online” and “Accuity Online Compliance (powered by World Compliance, a LexisNexis company), research tool for conducting Due Diligence and further investigation. We also use AML Solution provided Infrasoft Technologies Ltd for end-end AML Monitoring and it is also integrated with our in-house developed system for real-time sanctions screening.
Al Fardan Exchange LLC’s policies against Money Laundering and Terrorism Financing ensures highest standards of due diligence in relation to “Know Your Customer (KYC) principles”. We consistently update our policies and systems to comply with the regulatory framework and appropriate guidelines issued by the regulator from time to time.
Mission of Compliance Department – Al Fardan Exchange LLC
“Compliance is a journey and not a destination”
“Our mission is to ensure implementation of the most effective compliance program within the organization”
Appointment of Compliance Team:
The Board of Directors of Al Fardan Exchange LLC has appointed a complete team CAMS Certified who is responsible for coordinating & overseeing the AML framework within the organization. The company has also appointed an Alternative Compliance Manager and team of well-experienced & specialized Compliance officers to support the Compliance Departments functions. The Compliance Team reports directly to the Managing Director and he is the sole coordinator on compliance matters to Central Bank of the UAE and UAE Law Enforcement Authorities.

Know Your Customer – KYC

“Al Fardan Exchange LLC’s policies against Money Laundering and Terrorism Financing are to ensure that all reasonable and practical measures are taken to identify customers.
We have a clear identity verification procedure for customers as per local and international AML/CFT regulations.
“”All identity documents required will be physically checked and copied whenever required. Validity of the documents will be checked before acceptance.

Customer Due Diligence (CDD)

Customer Due Diligence (CDD) is a process of obtaining relevant details of the customer to ensure that they conducts the transactions in line with their personal profile / business activities; thus, ensuring source of fund and purpose are legitimate as well as to ensure that the transaction is in any way not related to Money Laundering and Terrorist Financing.

Enhance Due Diligence (EDD)

Enhanced Due Diligence is to take additional measures, besides usual Customer Due Diligence, to know more about a customer and to confirm that his/her transactions and funds are legitimate and free from any criminal link. We at Al Fardan Exchange LLC follow the CDD & EDD procedure in order to mitigate, detect and report any ML & TF associated risks.

Risk Based Approach

“Risk Based Approach (RBA) is one of the FATF initiatives and is followed in Al Fardan Exchange LLC. Due Diligence should be risk-based, depending on the location, type of business, ownership, customer base, regulatory status and AML controls of the financial institution or correspondent banking client or business.
RBA assists the financial institutions to make the best use of their limited resources to focus on matters where the money laundering risks are on the higher side.
The risk-based nature of the program recognizes that not all aspects of an institution’s business present the same level of risk.

Staff Training

“Al Fardan Exchange LLC has implemented the comprehensive AML & CFT training program to all employees including to the Senior Management and Board of Directors. The top management of the company strongly believes that effective AML Training will help the company to develop a good corporate governance within the Organization.
Al Fardan Exchange LLC’s AML/CFT training materials includes:

  • Overview of Money Laundering / Combating Financing of Terrorism
  • Definition of ML, TF and typologies as well as recent trends
  • Central Bank of UAE’s AML / CFT Requirements
  • Risk associated with the products and services offered by the company.
  • KYC / KYCC policies, EDD and RBA
  • How to identify suspicious activities and transactions
  • Record-keeping and reporting requirements
  • Familiarity with Anti-Money Laundering forms
  • Employees legal obligation and responsibilities

Anti-Money Laundering and Combating Financing of Terrorism training is part of the compliance program and training is provided to all new staff and existing staff regarding updates in AML/CFT policies & procedures.

Suspicious Transactions Reporting

Al Fardan Exchange LLC outlines procedures to help employees detect and report suspicious transactions. In the case of a suspected transaction, staff members should be vigilant and provide information to the Branch Manager or Compliance Department for further action without jeopardizing the reputation of customers or the company.


“Record-Keeping ensures that the company is able to provide basic information about its customers at the request of relevant authorities. Al Fardan Exchange LLC shall immediately make available any or all of its books and records upon request by Central Bank or any other regulatory agencies.
“”All the records / documents of transfers should be kept for a minimum period of 5 years from the date of transaction.
Al Fardan Exchange LLC shall at all times maintain the confidentiality of information indicated in the transaction records.

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