By GSL Soccer Stars Team
- October 3, 2024
- Policies
- 202 Views
At Soccer Stars we have a strict Anti-Money Laundering (AML) Policy in compliance with UAE guidelines:
- Compliance:
Ensure compliance with UAE AML laws (Federal Law No. 20 of 2018) to prevent illicit financial activity through the academy’s operations.
- Know Your Customer (KYC):
Collect and verify identification from clients, sponsors, and partners. Maintain up-to-date records for all transactions.
- Transaction Monitoring:
Monitor financial activities, particularly donations, sponsorships, or large payments, to detect unusual patterns or red flags.
- Suspicious Activity Reporting:
Report any suspicious financial activity to the UAE’s Financial Intelligence Unit (FIU) as required by law.
- Record Retention:
Maintain transaction and customer records for at least five years, as mandated by UAE law.
- Training:
Provide staff training on AML regulations, ensuring they understand legal obligations and procedures to identify and report suspicious behavior.
- Internal Audits:
Conduct periodic audits to assess AML policy effectiveness and compliance with regulations.
- Enhanced Due Diligence:
Implement stricter due diligence for high-risk transactions, including international sponsorships or partnerships with politically exposed persons (PEPs).
This policy will be reviewed and updated as needed to align with evolving UAE regulations and international AML standards.