LAST UPDATED ON 25th June 2022

Our AML is done by companies licensed and experienced in the United Arab Emirates. As per of company’s AML policy each of our customers has to go through the AML -Know your customer procedure for the compliance check. This shall be done by licensed AML companies in the UAE for due diligence before doing any trading (buying & selling) activity with our company as per applicable regulations. A general overview of the Virtual Asset and AML laws in the UAE is presented below. For updates, customers may refer to the concerned government authorities issuing laws and regulations. VARA (Virtual Assets Regulatory Authority in Dubai) - Law No. (4) of 2022, Regulating Virtual Assets in the Emirate of Dubai
Federal Law No. (4) of 2000 Establishing the Emirates Securities and Commodities Authority and Market and its amendments;
Federal Law by Decree No. (14) of 2018 Concerning the UAE Central Bank and Regulating Financial Institutions and Services and its amendments;
Federal Law by Decree No. (20) of 2018 Concerning Countering Money Laundering Crimes and Combatting Terrorism and Illegal Organisations' Financing, its amendments, and its Implementing Bylaw;
Federal Law by Decree No. (45) of 2021 Concerning Protection of Personal Data;
Law No. (13) of 2011 Regulating the Conduct of Economic Activities in the Emirate of Dubai and its amendments;
Law No. (9) of 2015 Concerning the Dubai World Trade Centre;
Law No. (26) of 2015 Regulating Data Dissemination and Exchange in the Emirate of Dubai;
Law No. (32) of 2015 Concerning the Official Gazette of the Government of Dubai;
Law No. (1) of 2016 Concerning the Financial Regulations of the Government of Dubai;
Law No. (8) of 2016 Regulating the Grant of Law Enforcement Capacity in the Government of Dubai;
Law No. (1) of 2021 Establishing the Dubai Digital Authority;
Law No. (5) of 2021 Concerning the Dubai International Financial Centre;
Decree No. (22) of 2009 Concerning Special Development Zones in the Emirate of Dubai; and
The Legislation establishing and regulating free zones in the Emirate of Dubai,

OTHER LAWS & REGULATIONS
• Federal Decree No. (20) of 2018 is a fundamental pillar of the UAE’s AML/CFT efforts. This Decree stipulated the establishment of:
• a committee dedicated to AML/CFT objectives, under the chairmanship of the Governor of the CBUAE; and
• an independent Financial Information Unit (FIU) to receive and investigate all reports submitted by financial institutions and other corporate establishments regarding the suspected illicit financial activity.
As implemented by Cabinet Decision No. (10) of 2019, Federal Decree No. (20) of 2018 has raised the effectiveness of the AML/CFT legal and institutional framework of the nation, in line with FATF requirements and recommendations.
Cabinet Decisions in 2020 further tightened the UAE's AML/CFT regulatory regime:
• Cabinet Decision No. (58) introduced new requirements for entities to disclose their beneficial owners, aiming to:
o enhance the transparency of UAE-registered entities; and
o develop effective, sustainable executive and regulatory mechanisms and procedures on beneficial owner data;
• Cabinet Decision No. (74) of 2020 stipulated the implementation of relevant UN Security Council Resolutions.

LAST UPDATED AS ON 25th JUNE, 2022

1- Digital Currencies :  

a) The above Platform has been developed for trading purposes and shouldnot be used as a wallet. All members of our team will do their best to ensure that your investments are completely safe and secure, but the Client is responsible for keeping his/her Tether funds in the Wallet.

b) The Client accept that any and all deposited and received digital currencies come from legitimate sources and have legal origins according to the applicable laws and regulations in the UAE; otherwise, the Client is personally responsible for facing up to any possible consequences and no responsibility falls on our company.

2- Transaction Limitation : We would not accept more than USD 10,000 or equivalent payment per transactions after KYC and due diligence is approved by our compliance .

Penalty & refund : In the event that funds higher than 10,000 USD are paid in cash or deposited into the Account, such payments should be returned within three business days, after making deductions in consideration of the related administrative costs (0.5%).

3- Third Party Payments : The client must present the original fund deposit slip/cheque deposit/payment evidence to any of our offices along with original letter of undertaking from the third party mentioning that funds are paid on behalf of the client .
In case the third party is a company, license copy and identity copy of the authorized signatory must be attached with the undertaking letter.
Individual third party must submit the undertaking letter with their identity documents.

Refund of third party payments :  The third party (payer) must submit original letter request for refund, which shall be verified by the decision makers of the company. Refund may take around 30 to 60 days depending upon the verification process.

Penalty on refund : 0.5% of the amount

4- Declaration on personal information/KYC document : The client declares that all the information provided is correct. Any false documents or false declaration would be subject to legal consequences as per the law.

5- Consent for keeping personal information:  The Client has agreed to keep all the KYC documents confidential that includes identity copy, photograph, address proof and all documents in KYC. Additionally any other video recordings of payment transactions if done cash at our offices.

6- Consent for Law Enforcement Agencies: The client understands and agree that all the KYC documents shall be given by the company to the law enforcement agencies based on the order of the honorable court of justice or from any of the law enforcement agencies official notices to our company. 

7- Guarantees:

8- Normal business days and hours of the Exchange Office are defined as Monday through Friday, 9:00 a.m. to 6:00 p.m., and from 9:00 a.m. to 13:30 p.m. on Saturdays.

9- Any specialized questions will be answered not later than one business day.