AEC 
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AML POLICY
AML Compliance Policy Statement
Alamoudi Exchange Company declares its firm commitment to comply with all aspects of the Saudi Arabian Monetary Agency's (SAMA) AML/CTF Rules and its other relevant Regulations. Alamoudi Exchange, therefore, has made these rules and regulations the basis of its AML Policy. SAMA, the central bank of Saudi Arabia and the Regulatory and Supervisory body over banks and money exchangers, issued these rules in support of its efforts to combat money laundering, terrorist financing and other financial crime activities with the core objective of:
- Ensuring banks and money exchangers in Saudi Arabia comply with the Saudi AML Law and Bylaws.
- Helping banks and money exchangers operating in Saudi Arabia to comply with the Banking Control Law, AML Law, SAMA Regulations, and all relevant United Nations Security Council Resolutions.
- Implementing policies, standards, procedures and systems for the prevention, detection, control and reporting of money laundering and terrorist financing activities in accordance with Basel Committee Principles and FATF 40+9 Recommendations on AML/CTF.
- Protecting banks and money exchangers operating in Saudi Arabia from being exploited as channels for passing illegal transactions arising from money laundering, terrorist financing and any other financial crime activities.
- Maintaining, enhancing and protecting the credibility, integrity and reputation of the Saudi Arabian banking and financial systems.
- Providing security and appropriate degree of protection to customers.
Alamoudi Exchange enjoys sound and highly-respected reputation because of the quality and reliability of the services it offers. It expects to protect its reputation by putting in place sound policies covering Know Your Customer (KYC) procedures, firm requirements procedures and controls for the detection and reporting of money laundering activities, compliance training including reporting and record keeping requirements of the regulations that create a paper trail for law enforcement to investigate money laundering schemes and other illegal activities.
Alamoudi Exchange Company is committed to developing policies that comply with the international standards and the best practices in the industry, and to reviewing the procedures and control on a regular basis.
Internal and external auditors regularly test the practical implementation of the aml & ctf rules and regulations and submit their factual findings to the MD.
Definition of Money Laundering and Terrorist Financing
Money Laundering
The Saudi AML Law defines money laundering as any actual or attempted act aimed at concealing or camouflaging the nature of illegally or illegitimately earned property to make it look as proceeds from legal sources. The concealment or disguise of the true nature, source, location, disposition, movement or ownership of, or rights with respect to property, knowing that such property is the proceeds of crime.Regardless of the crime, money launderers resort to placement, layering, and integration in the process of turning illicit proceeds into apparently legal monies or goods. This involves dividing the money into smaller amounts that don’t raise suspicions, movement of funds by wire transfer, purchases of real estate, shares, luxury goods and investments in business ventures.