Last updated: 2024-01-15T10:00:00Z • Draft — not legal advice.

KYC/AML Statement

1. Regulatory Compliance

CarVault is fully committed to compliance with UAE Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism, and all related regulations and guidelines issued by the UAE Central Bank and other relevant authorities.

Compliance Statement: Full compliance with UAE Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism

2. Customer Due Diligence (CDD)

We implement comprehensive Customer Due Diligence procedures to verify the identity of our customers and understand the nature of their business relationship with us.

2.1 Verification Steps

Our KYC process includes the following verification steps:

3. Enhanced Due Diligence (EDD)

For high-risk customers or transactions, we implement Enhanced Due Diligence procedures, which may include additional verification steps and ongoing monitoring.

3.1 Politically Exposed Persons (PEPs)

Politically Exposed Persons screening

3.2 Sanctions Screening

OFAC, UN, and UAE sanctions list screening

3.3 Watchlist Screening

Enhanced due diligence for flagged individuals

4. Transaction Monitoring

We continuously monitor transactions for suspicious activity and maintain comprehensive records of all customer interactions and transactions.

5. Reporting Obligations

5.1 Threshold Reporting

Transactions over AED 55,000 reported to UAE FIU

5.2 Suspicious Transaction Reporting

Suspicious transaction reporting as required

5.3 Reporting Timeframes

Reports filed within prescribed timeframes

6. Record Keeping

We maintain comprehensive records of all KYC documentation, transaction records, and compliance activities for the minimum periods required by UAE law.

7. Staff Training

All staff members receive regular training on AML/CFT requirements, including customer identification, transaction monitoring, and suspicious activity reporting.

8. Digital Asset Policy

No digital asset handling or processing

Traditional banking channels only for AML compliance

9. Data Protection

All personal data collected as part of our KYC/AML processes is handled in accordance with our Privacy Policy and UAE Personal Data Protection Law. We implement appropriate technical and organizational measures to protect customer information.

10. Independent Audit

Our AML/CFT compliance program is subject to regular independent audits to ensure effectiveness and regulatory compliance.

11. Contact Information

For questions regarding our KYC/AML procedures:

12. Regulatory Updates

This statement may be updated to reflect changes in UAE AML/CFT regulations or our internal procedures. Any material changes will be communicated to affected customers.