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Gulf Express Exchange is subject to Anti Money Laundering laws of the Federation of United Arab Emirates. At the time of mutual Anti Money laundering evaluation with Financial Action Task Force (FATF), which took place in February 2001, the Government of U.A.E. had developed and significantly implemented the frame work for Anti Money laundering system. The Ministry of Finance, Industry, Interior, Justice and Commerce along with the U.A.E. Central Bank and Customers Council were the primary force behind the U.A.E. government’s efforts to combat money laundering in the country. Through Article 407 of the penal code, the U.A.E. Government has criminalized money laundering. A National Anti Money laundering committee has been formed under the Chairmanship of the Governor of U.A.E. Central Bank.

Gulf Express Exchange has developed a proper in-house Procedures & Policies to implement Know Your Customer (“KYC”) and Anti Money Laundering rules. We check and clear each client from the list of Anti Money Laundering and Suspicious Cases Unit, provided and updated by the U.A.E. Central Bank. We have also subscribed and installed Dow Jones & Co. Risk and Compliance system to screen all clients, both remitter and beneficiary, from the lists of OFAC, EU etc.