AML Policy

Al Ansari Exchange Co. WLL -Kuwait is regulated under the supervision of Central Bank of the Kuwait since 2003. All our activities are monitored and supervised by CBK.Al Ansari Exchange Co. WLL -Kuwait is committed to prevent money laundering and terrorist financing in accordance with the Central Bank of the Kuwait’s regulations (e.g. law106/2013 and its executive directives, law 35/2019 and issued ministerial resolutions on AML & CFT)and international best practises. To this effect, we are fully geared to detect suspicious activities associated with money laundering, including tax evasion, fraud, and terrorist financing, and report them to the concerned authorities, as per regulations. We at Al Ansari Exchange Co. WLL -Kuwaitare attuned to conduct business with integrity, within the scope of law and with security and complying with all applicable laws and regulations.

In view of the above-mentioned, we have implemented a robust AML & Compliance practices in all our branches. Our state-of-the-art infrastructure and AML software further enable us to be fully complied at all times.

Anti-Money Laundering Compliance Policy Declarations

Al Ansari Exchange Co. WLL -Kuwait is fully committed to adhering to local laws and regulations which reflect the relevant recommendations and laws issued by the Central Bank of Kuwait, local governmental sides, united nations security council and Financial Action Task Force (FATF).

Al Ansari Exchange’s adhere to the four pillars of an effective AML program:

  • Development of internal policies, procedures, and related controls
  • Designation of a compliance officer
  • A thorough and ongoing training program
  • Independent review for compliance.

Know Your Customer – KYC

We follow a strong identity verification procedure for customers as per local and international AML/CFT regulations irrespective of the amount involved in the transaction.

Robust KYC (Know Your Customer) and KYCC (Know your Customer’s Customer) policies are adhered at all levels. Identifying and Conducting Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) wherever required is a normal process at Al Ansari Exchange Co. WLL -Kuwaitfor identifying any sign of money laundering.

Customer Due Diligence (CDD)

In our Customer Due Diligence (CDD) process we obtain relevant details of the customer to ensure that they perform the transactions in line with their profile / business activities. Our focus has always been to ensure the legitimacy of the source of fund and purpose of transaction.

Enhance Due Diligence (EDD)

Enhanced Due Diligence is to perform additional measures, besides usual Customer Due Diligence, to know more about a customer and his source of funds and to confirm that its transactions are within its means. To verify that funds are legitimate and not related to any criminal proceeds by obtaining authentic and genuine documents which must support both the underlying and stated purpose.

Risk Based Approach (RBA) is the base at Al Ansari Exchange Co. WLL –Kuwait to identify and eliminate potential risks. Hence EDD is compulsorily performed on all high-risk accounts.

Reporting of Unusual or Suspicious Transactions

All Staff are trained and equipped to report unusual or potentially suspicious transactions through well-developed internal channels to the Compliance Officer. The compliance Officer who in turn, conducts an in-depth investigation and takes appropriate action before reporting such transactions to the KFIU.

Staff Training

We at Al Ansari Exchange Co. WLL -Kuwait strongly believe in empowering our employees at every level. Effective AML Trainings help the company to develop a good AML-CTF governance at different levels within the Organization.

Internal Security Measures – Know Your Employee

The HR department confirms and documents the reliability of employees first when a person is employed. The staff on-boarding process has been made tighter with multiple level of scrutiny before hiring.

Record Keeping & Confidentiality

All records including the customer’s identification documents, related data, transaction data, and any other relevant documents are maintained and retained for a minimum of five years.

Al Ansari Exchange shall always maintain the confidentiality of information provided by its customers and their transaction records.

Independent Review of the Compliance & AML Department

Compliance & AML department is subject to independent reviews by the Internal Audit from the 3 Line of Defence perspective, by the Central Bank of Kuwait examiners as well as independent external auditors. This ensure the compliance program is always up-to-date and fit for management of regulatory risk.