In order to comply with the applicable laws and regulations, Bank of Sharjah has put in place procedures for fighting money laundering, terrorism financing and ensuring adherence to KYC (Know Your Customer) policies and procedures.
Hereafter is a brief statement that answers all your queries in this regard.
The United Arab Emirates (UAE) is endowed with laws and regulations relative to anti-money laundering (AML).
UAE is a member of the MENAFATF through the Co-operation Council for the Gulf Cooperation Council (GCC).
Central Bank of the UAE (CBUAE) requires the institution of AML policies and procedures in the Bank. Financial Intelligence Department at CBUAE is the Financial Intelligence Unit (FIU) of the UAE, and is the sole national centre for receiving, analysing and disseminating suspicious transaction reports filed by banks, other financial institutions and designated non-financial businesses and professions (DNFBPs).
Bank of Sharjah, its branches and subsidiaries:
Set up written procedures concerning AML, inclusive of KYC rules
Establish KYC procedures at the inception of the relationship with a new customer
Carry out checks, using official documents, on the true identity of our clients. Moreover, we do not accept to enter in a relation with clients not acting on their own
Ascertain the source and destination of the funds that are handled and processed in order to detect any sums that may derive from drug trafficking, organised criminal activities; or linked to terrorism financing
Clarify the purpose and the object of the transactions executed; the identity of the parties involved and, specially, of the beneficiaries, for large unitary transactions or for any transaction which may appear unusual or complicated or which does not appear justified commercially or legally
Make sure, when a transaction is carried out for or on behalf of a trust or any other wealth management vehicles, the identity of the real settlors and beneficiaries by means of official evidential documents
Prohibit accounts and relationships with shell banks
Consequently, all transactions carried out through Bank of Sharjah, its branches or subsidiaries such as documentary credits, other instruments and guarantees that may be issued to other financial institutions, would have cleared these verification criteria.
We certify that our Bank and our subsidiaries cannot be deemed a shell bank within the meaning given to these terms under US legislation (USA PATRIOT Act) and those relationships with other banks comply with this legislation.
Bank of Sharjah
1) For the purpose of this text, the term “subsidiary” refers to any company or entity in which the bank holds more than 50% of the voting rights. You will find attached to the USA Patriot Act information about our related affiliates.
2) A shell bank is a bank incorporated in a jurisdiction in which it has no physical presence and which is not affiliated with a regulated financial group.