Privacy Policy
Anti-Money Laundering (AML) & Combating the Financing of Terrorism (CFT) Policy Statement
Precious Standard FZCo, operating as a dealer in precious metals and stones, is firmly committed to preventing money laundering, terrorist financing, and other forms of financial crime. We have implemented an AML-CFT Policy in accordance with Cabinet Decision No. (10) of 2019, which provides the Implementing Regulation of Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.
Our AML-CFT framework includes the following key measures across all areas of our business:
- Appointment of a Money Laundering Reporting Officer (MLRO) with responsibility for overseeing compliance with all applicable laws, regulations, and industry best practices.
- Implementation of a risk-based Customer Due Diligence (CDD) framework, including identity verification and Know Your Customer (KYC) procedures. This includes Enhanced Due Diligence (EDD) for higher-risk customers, such as Politically Exposed Persons (PEPs).
- Establishment of systems and procedures for continuous monitoring of customer accounts and transactions based on assessed risk.
- Processes for internal and external reporting of Suspicious Transaction Reports (STRs) and sector-specific reports to the appropriate regulatory authority, including the UAE Financial Intelligence Unit (FIU).
- Maintenance of appropriate records and documentation in accordance with the minimum periods prescribed by UAE law.
- Mandatory AML training and awareness programs for all relevant employees to ensure understanding and compliance.
- Regular management reporting and oversight, ensuring that senior leadership is informed of all relevant AML matters.
- A strict policy of non-engagement with individuals or entities that could result in a breach of AML-CFT regulations.
- Screening of all existing, new, and potential clients against global sanctions lists using Idenfo Direct to ensure regulatory compliance.
Precious Standard FZCo remains fully committed to upholding the highest standards of integrity and transparency in all our operations, in line with both UAE and international AML-CFT requirements.
