We are committed to the highest standards of Anti-Money Laundering (AML) Compliance with not just the letter, but also the spirit of the law. Our Policy is designed to ensure compliance with the requirements and obligations set out by UAE Federal Government, Central Bank and other international standards such as Financial Action Task Force (FATF) and Wolfsburg Group Principles.
Our AML Policy lays down the following guiding principles:
- Mandatory identification and verification of all customers, including beneficial ownership;
- Risk-intelligent approach for Customer Due Diligence;
- Timely identification, assessment and reporting of suspicious transactions;
- Compliance with Sanction requirements prescribed by UAE Central Bank and United Nations;
- Periodic training for all employees with emphasis on incorporating a "regulatory compliance culture"
Adherence to our AML Program is the responsibility of every employee and our commitment towards Anti-Money Laundering efforts is supported and led by Board of Directors and Management. We believe that no customer relationship is worth compromising our commitment to combating money laundering.
A Board Level Compliance Committee ("Committee") has been tasked by our Board of Directors to oversee implementation of NBC's AML Policy. In accordance with the requirements of UAE Central Bank, the Committee has designated our Executive Director - Risk & Compliance as the "Compliance Officer". The Compliance Officer, independently reports to the Committee and has the overall responsibility of maintaining AML Policies, Procedures and Systems effectively and thereby ensuring achievement of NBC's Compliance Obligations.
We implemented a state-of-the-art automated system to assist in its efforts to combat money laundering and terrorist financing attempts. The automated system facilitates NBC in risk rating customers, watch-list filtering, configure transaction monitoring rules and facilitate resolution of alerts.
We incorporated a comprehensive AML Training Program, whereby all employees joining the Organization undergo a mandatory AML training followed by periodic trainings at regular intervals.
NBC management, employees and partners shall strictly adhere to the requirements of the approved Anti-Money Laundering and combating the financing of terrorism policy statement to prevent misuse of NBC's products and services for money laundering purposes.
