The Baniyas Exchange AML-CFT Policy supersedes the “Baniyas Exchange Anti-Money Laundering and Combating the Financing of Terrorism Framework” and “Targeted Financial Sanctions” (TFS) applies when establishing a business relationship, as well as to all new or renewed operations where Baniyas Exchange provide professional activities, as detailed in the implementing procedures. The organization is regulated by the Central Bank of the UAE with fully abided standard of regulation and its guidelines as per AML-CFT and TFS.

As a licensed financial services provider, we are fully dedicated to preventing money laundering and combating the financing of terrorism. Our utmost priority is to safeguard our reputation, protect our valued customers and employees, and ensure compliance with all legal and regulatory obligations. Baniyas Exchange has been meticulously crafted with a strong compliance system in place, supported by a dedicated team of compliance professionals. This ensures that we maintain constant vigilance against any potential vulnerabilities while delivering our range of products and services.

policies set out expectations, standards, and behaviours in a business.

procedures are more detailed and set out day-to-day operations.

controls are tools that management use to ensure the business complies with policies and procedures.

Internal controls

Designated AML Compliance Officer

Ongoing Employee Training

Independent testing of the AML Compliance Program

Design an appropriate AML/FT Compliance program to remain compliant with applicable AML/FT Laws, Regulations, Standards, and international best practice at all times

Develop and execute AML/CFT training programs regarding all relevant risks of ML/FT and financing illicit organizations and TFS including the ways/means for addressing them Performs automated real‐ time screening of all parties involved in transactions against the world check database and the following lists, UN, UAE Local Terrorist List, OFAC, EU, UK and Internally through Acuris Risk Intelligence (KYC6).

Regularly provide reports to the Owner/Partners regarding all AML/CFT matters, ensuring timely updates and effective implementation.

Arrange to maintain all necessary supporting documents for transactions, Due Diligence, monitoring, suspicious transaction reporting and AML training for the minimum retention period

Monitor the implementation and execution of the regulations issued by local regulatory authorities and internal policies and procedures throughout the organization

It is crucial to guarantee that the appropriate stakeholders are actively addressing internal/external audit findings and regulatory compliance issues, including AML compliance, promptly and consistently. This involves continuously evaluating the efficiency, effectiveness, and sufficiency of internal policies, procedures, systems, and controls related to combating ML/FT and TFS.

Baniyas Exchange and its employees are dedicated to collaborating with regulators and law enforcement agencies in the UAE to establish effective measures for preventing money laundering, terrorist financing, and the funding of illegal organizations and TFS in compliance with relevant laws, regulations, guidelines, and industry norms.