OUR AML/KYC POLICY
We are committed to the Local Regulatory and best acceptable Standards of Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) Compliance requirements. Our Management and Employees adhere to these Regulations & Standards so as to prevent the Exchange’s Products and Services being used for any ML/FT Purpose.
REMIT EXCHANGE examines it’s AML/CFT Policies & Procedures on an ongoing basis, in order to maintain an effective AML/CFT Program that reflects its best practices as a Global Financial Services Provider.
The Remit Exchange Program includes appropriate KYC and Customer Acceptance Policies, including establishing the Identity of the True Beneficial Owners. Remit Exchange adheres to all Internationally imposed Sanctions and complies with all Legal and Regulatory Requirements issued by the competent Authorities where it transacts.
Remit Exchange AML Policy’s General Principles are as follows:
- Maintain appropriate Policies & Procedures and Controls.
- Establishing an independent Compliance Function with the appointment of an experienced Compliance Officer
- Apply appropriate Customer Due Diligence (CDD) by Verifying and identifying its Customers either its regular Clients or customers performing a one-off transaction.
- Identify the Ultimate Beneficial Owner(s), before executing any transaction.
- Building KYC Profile for its Corporate Customers, by obtaining all the relevant information and supporting documents.
- Ensuring the full implementation of its Customer Acceptance Policy.
- Undertaking Enhanced Due Diligence (EDD) measures when dealing with High-Risk Customers, or High-Risk Transactions.
- Performing regular reviews of Customers profile, especially Corporate clients, as defined in its Due Diligence Program, and update their data and information regularly in our Systems.
- Implementing Transaction Monitoring procedures to identify Suspicious Transactions and maintain a strict policy for reporting them to the Competent Authorities (FIUs), after due investigation.
- Comply with the applicable, up-to-date Sanctions Programs (UN, EU, OFAC, UK, the Local sanctions) and regularly Screen its Customers (Individual and Corporates).
- Maintain all Customer/Transactions related records for at least 5 years, or for longer period if the Regulatory Authorities requires.
- Cooperate with all the Competent Authorities, to the extent that is permitted by applicable Laws.
- Conducting regular Training of Exchange staff to update their knowledge of AML/CFT regulations and standards, and internal policies and procedures.
- Independent audit of Compliance function to ensure adherence to the regulations, standards and internal policies and procedures.
Regulatory Compliance/ Anti-Money Laundering
Our robust Anti-Money Laundering (AML) and Counter-Terrorist Financing Policies and Procedures drive efficiency and ensure strict Control Mechanisms that meets the Local & International Regulatory Guidelines. Key features of our AML Policy are:
- Strict Control procedures through strong Risk Management and Internal Audit Functionsthat identify & track different types of Risk, that support Compliance Officers, standardize procedures across departments, and adopt immediate corrective measures. This ensures strict quality control and maintains corporate integrity across the organization.
- Strong adherence to AML and Counter-Terrorist Financing laws and regulations including the 40 recommendations of the Financial Action Task Force (FATF)
- Stringent AML Compliance Policies, Due Diligence and Know Your Customer (KYC) Standards in line with AML regulations of Sudan and International Standards
- Robust IT systems with advanced AML capabilities that Analyses, Monitor Transactions and Reporting to the FIU.
Backed up by a strong Corporate Governance Structure, we focus on creating value through entrepreneurship, innovation, development and exploration and by ensuring accountability through robust systems that track and control risks.