Anti Money Laundering Policy

Fast Unlocking FZCO
is committed to prevent money laundering and terrorist financing
in accordance with the Central Bank of the United Arab Emirate’s
regulations and international best practices in Anti-Money
Laundering (AML) & Counter Terrorist Financing (CTF). To this
effect, we are fully geared to detect suspicious activities
associated with money laundering, fraud, terrorist financing &
financing of illicit organizations, and report them to the Central
Bank of the UAE, as per the regulations. We are dedicated to
conduct business securely with integrity and in compliance with
all applicable laws and regulations.
We have therefore implemented robust AML and compliance
practices in all our branches. Our state-of-the-art information
technology infrastructure and AML solutions enable us to be fully
compliant at all times.
Anti-Money Laundering Compliance Policy Declarations
We are fully committed to adhering to the laws and regulations
which reflect the relevant recommendations issued by the
Financial Action Task Force (FATF) and the Basel Statement of
Principles on preventing the utilization of the banking system for
criminal purposes, issued by the Basel Committee.
We are also determined to constantly evaluate and uphold its AML
policies, procedures and controls on an on-going basis by
ensuring befitting internal and external audit program.
We adheres 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.
Customer Due Diligence (CDD)
In our CDD process, we obtain relevant details of every customer
to ensure that the transactions they perform are in line with their
profile or business activities. Our focus has always been to ensure
the legitimacy of the source of funds and purpose of transaction.
Enhance Due Diligence (EDD)
EDD is to perform additional measures, besides the usual CDD, to
know more about the customer, his source of funds and to
confirm that the 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. We adopt a risk-based
approach to identify and eliminate potential risks. Hence EDD is
compulsorily performed on all high-risk accounts.
Transaction Monitoring
We ensure that an ongoing ‘Transaction Monitoring’ is conducted
to detect transactions which are unusual or potentially suspicious
based on the customer profile/ behaviour. This process is
supplemented by an extensive review of the transactions at the
second line of defense including increased monitoring of the
customer’s transactions and behaviour.
Reporting of Unusual or Suspicious Transactions
All our staff are trained and equipped to report unusual or
potentially suspicious transactions to the compliance officer. The
compliance officer, conducts an in-depth investigation and takes
appropriate action before reporting such transactions to the
Financial Intelligence Unit (FIU), at the Central Bank of the UAE.
Record Keeping & Confidentiality
All records including the customer’s identification documents,
related data, transaction data and any other relevant document
are maintained and retained for a minimum of three years. This is
in line with the regulations of the Central Bank of the UAE. We shall
always maintain the confidentiality of information provided by its
customers and their transaction records.
Independent Review of the Compliance & AML Department
Compliance & AML function is subject to reviews by Internal Audit,
the Central Bank of the UAE examiners as well as independent
external auditors. This ensures that the compliance program is
always up-to-date and is meeting all the regulatory
Date: 28/09/202