AU JEWELLERY LLC Anti-Money Laundering (AML) Policy

AU JEWELLERY LLC is fully dedicated to complying with all local and international regulations aimed at preventing Money Laundering (ML) and the financing of terrorism. We have implemented robust procedural and control measures to support these efforts and are committed to regularly reviewing and updating our AML procedures to ensure they remain effective and aligned with the latest legal requirements.

Account Opening and Customer Identification

We have established a stringent system for onboarding new customers and suppliers. Transactions are only conducted with entities that have been onboarded in strict compliance with our procedures. Our Know Your Customer (KYC) and Customer Due Diligence (CDD) guidelines are rigorously followed prior to the creation of any account. The compliance department meticulously reviews all documentation submitted by the parties, and their approval is mandatory before account activation. However, small cash transactions involving small investment bars may be processed without the formal account opening process.

Establishing Ultimate Beneficial Ownership

To ensure transparency, we identify and verify the ultimate beneficial ownership of corporations and other legal entities we transact with. This process involves obtaining and validating key documents such as trade licenses, company incorporation documents, export/import licenses, passport copies, and any other relevant documents deemed necessary.

Enhanced Due Diligence (EDD)

Enhanced Due Diligence is applied to transactions that appear suspicious or involve higher risk. In such cases, the concerned staff requests additional identification or supporting documents to ensure compliance. This helps us mitigate potential risks and maintain transparency.

Internal Reporting Mechanism

Suspicious transactions are reported promptly to the compliance department under AU JEWELLERY LLC’s internal reporting system. The compliance team conducts a thorough investigation into these cases and, if necessary, reports them to the Anti-Money Laundering Suspicious Cases Unit (AMLSCU) at the UAE Central Bank.

Staff Recruitment and Training

The Human Resources (HR) department performs due diligence during the recruitment process, including obtaining references from previous employers or institutions. Upon hiring, employees receive comprehensive training on AML rules and company policies. Employees are required to strictly adhere to the established AML protocols, and regular refresher training sessions are conducted to keep them updated on regulatory changes and best practices.

Record Retention

AU JEWELLERY LLC maintains all records, including customer identification documents, transaction data, and other relevant information, for a minimum of five years. This ensures compliance with legal requirements and facilitates audits or investigations when necessary.