Al-Zubairi Exchange Company is committed to combating money laundering, fraud and terrorist financing. Its policy is based on complying with the instructions of the Central Bank of Yemen and the recommendations of the Financial Action Task Force on Money Laundering (FATF) (www.fatf-gafi.org) regarding methods based on the principles of risk minimization in order to mitigate the potential risks of misuse of the company’s products and services by criminals. Al-Zubairi Exchange Company knows very well its role in working with all sectors and regulatory bodies to stop money laundering, terrorist financing, and fraud. Therefore, all transactions are monitored; Any suspicious transaction will be dealt with according to international standards. Al-Zubairi Exchange Company's commitment to laws and instructions for Know Your Customer requirements and combating money laundering and terrorist financing stems from the company's culture of promoting the values of transparency and integrity in all its activities.Where the company has developed a comprehensive set of written policies and procedures manuals that include all the rules of Know Your Customer, Anti-Money Laundering and Combating the Financing of Terrorism that are required to be implemented. Al-Zubairi Exchange Company established the Compliance and Risk Department and gave it an official status that enjoys complete independence and responsibilities for implementing policies and procedures related to compliance requirements, combating money laundering and combating terrorist financing. The mission of the Compliance Department is to ensure that the company complies with laws, regulations, rules, policies, procedures, internal controls, and the company's charter of values and principles. Al-Zubairi Exchange Company implements a comprehensive policy for updating customer data. The policy is based on the consideration that the update process is a continuous, permanent and necessary process in mitigating customer risks. Al-Zubairi Exchange Company prohibits any relations with fictitious banks and does not open "accounts for fictitious banks" without the actual presence. Al-Zubairi Exchange Company has a policy that covers relations with politically exposed persons, their families and close associates, and it is based on the fact that all customers without exception are fully subject to the principle of knowing your customer and enhanced due diligence procedures. Al-Zubairi Exchange Company has an official policy for maintaining and retrieving documents and documents, as this policy stipulates the need to keep records of customer identities, data of their accounts and records of their operations, in accordance with the laws, regulations and instructions in force in the Republic of Yemen. Al-Zubairi Exchange Company has a policy that covers the mechanism for submitting reports of suspicion from employees. This policy allows employees to send reports of suspected cases confidentially and directly to the Compliance Department specialists, who in turn verify the reports in accordance with the requirements of laws and instructions. Al-Zubairi Exchange Company regularly implements training programs on procedures, systems, and initiatives to combat money laundering, the principle of knowing your customer, and combating terrorist financing, for all the company's employees, new employees, and all its agents. The company is keen to ensure that the impact of the training is measured. Al-Zubairi Exchange Company also participates in anti-money laundering activities and programs in partnership with the Central Bank of Yemen.

 

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