Al-Mal Investment Company is committed to cooperate and comply with law enforcement and regulatory agencies to fight against money laundering and terrorist financing. As such, the company has developed an Anti-Money Laundering and Terrorism Financing Policy and put it in place along with processes, systems and controls to identify manage and mitigate the risk of money laundering and terrorist financing.
The Board of Directors and Senior Management of the company have ongoing oversight of the company’s Anti-Money Laundering and Terrorism Financing policy and procedures. All employees must comply with these, attend specific trainings to their role and awareness sessions on new AML/CTF trends, and report suspicious transactions or behaviors.
Our AML/CTF Policy covers various pillars, including:
Customer Identification (KYC)
Monitoring Transactions and Customers
Identifying and Reporting of suspicious or unusual transactions
Continuous Training on AML/CTF
Risk based approach.
Being a financial institution, Al-Mal Investment Company is subject to the FATCA regulations set by the IRS; hence, to protect our clients and preserve our shareholders’ interests, we are committed to comply with FATCA regulations.
FATCA reflects a global trend to increase tax transparency and affects all U.S. persons (individuals, entities, or entities which are substantially owned by U.S. person(s)) transacting with financial institutions around the globe.
If you are a U.S. person, please visit our head office and fill out the required documents to ensure your compliance with FATCA.