AML & Compliance Policy
This AML/CFT policy outlines DAR Exchange commitment to Combat Money Laundering and Terrorism Financing (ML/TF) threats in its business. The Central Bank of UAE has also issued revised anti-money laundering and combating financing of terrorism laws and regulations under “The Standards for the Regulations Regarding Licensing and Monitoring of Exchange Business” in Feb. 2018, which takes into consideration special recommendations issued by Financial Action Task Force (FATF).
With our commitment to strive to the rules set by Central Bank of the UAE and our agent partners, we develop this manual of Anti-Money Laundering and Combating Financing of Terrorism, to equip all the staff working at Dar Exchange with the set uniform guidelines aimed at ensuring that Dar Exchange preserves the integrity of industry and the UAE by conducting clean commercial businesses in line with the highest AML/CFT standards set in the financial community both locally and internationally.
This policy also outlines the key principles of KYC i.e. CID, CDD, EDD and other enhanced tools including screening and transaction monitoring of customers transaction to ensure a robust process of Compliance is followed within the organization.
Establish and implement Risk-Based Policies, Procedures, and Processes to adequately comply with the laws of the United Arab Emirates, as well as, safeguard.
AML & Sanctions Compliance Department strives to be considered in the prevention of money laundering, terrorist financing, and consumer fraud as well as an industry example in compliance with consumer protection laws, the crucial role of the Compliance functions within the business and has shown their commitment and supports the Compliance Departments efforts. The Compliance Department is not viewed as just another cost center; instead, the Compliance Department is viewed as a department that is vital to the overall success of the Company.
Dar Exchange plays an Vital role in Combating Money Laundering/ terrorist financing and adopts the recommendations and guidelines of international bodies such as, OFAC, UN, UK, EU, HMT, and FATF, which collectively set and enforce standards for Anti–Money Laundering policies and procedures. In conducting business with due skill, care and diligence, Dar Exchange seeks always to comply with spirit of relevant laws, rules, regulations and standards set by the local and international regulatory authorities.
Dar Exchange is an organization, which believes in fair management and operational practices. Hence, we continually strive to meet our regulators, customers’ and society’s high expectations and standards.
Cancel & Return Policy
- Refund against cancellation of Remittance or any payment orders returned unpaid for whatsoever reason will be refund only with prevailing market rate.
- If the funds are not received / credited after four working days a complaint can be logged by the remitter.
- The company will not be responsible for any delay, mistake or omission caused in the transmission and liability is limited for emendation at shortest time on notices.
- Bank-end charges if any for all Remittances will be deducted from the proceed of the remittance, if the remitter is willing to pay backend charges here then same should be specified accordingly.
- Count your money before leaving the counter and take a receipt on your transaction. Neither Dar Exchange nor its Employees might be held accountable for any claims or shortages thereafter.
Risk Management Policy
Dar Exchange risk management policy aims to identify, assess and understand the money laundering risks associated with its business. Dar Exchange implements Risk Assessment methodology as appropriate to its nature to assess the risk.
Dar Exchange creates Risk profiling and evaluation of individuals and Corporates is carried out by system screening and CDD and EDD measures to verify the identity of the customer /Beneficial Owner.
Dar Exchange are for stopping and deterring corruption, fraud, collusion, coercion, obstruction, money laundering and terrorist financing activities. The steps that are taken are internal the pointers of Central Bank of UAE and terrific practices in the market. It applies to partners, directors, employees, and every man or woman associated with Dar Exchange who commits fraud, theft or any different dishonesty, or who turns into conscious of it and does now not document it.