At Abu Exchange Ltd., we place the highest priority on ensuring that our financial services are not exploited for money laundering, terrorist financing, or any other unlawful activity. To achieve this, we follow a robust Know Your Customer (KYC) framework, supported by our RemitPro compliance software, which enables us to identify, verify, and monitor all customers with accuracy and efficiency.
KYC is a legal and regulatory requirement designed to:
As part of customer due diligence (CDD), Abu Exchange Ltd. collects the following key details before establishing a business relationship or executing a transaction:
This information allows us to create a clear profile of the customer and the transaction flow, minimizing the risk of financial crime.
We verify customer identity through original, valid, government-issued documents. Acceptable primary documents include:
Where primary documents are unavailable, we may request a combination of alternative documents, such as:
Photocopies may be accepted only if certified by a recognized professional (solicitor, accountant, bank official, doctor, civil servant, etc.), confirming that the copy is true and the individual is genuine.
Our staff are trained to check documents for:
We also use guidance provided by the UK Home Office on identifying forged or fraudulent documents.
Abu Exchange Ltd. enhances its KYC process with RemitPro software, which integrates electronic verification tools. These systems enable us to:
When selecting third-party data providers, we ensure they meet high standards of reliability, are ICO-registered, and comply with industry accreditation requirements.
Our staff are trained to interpret electronic verification results correctly, understanding risk scores, pass/fail outcomes, and any alerts that require enhanced due diligence (EDD).
Where a customer or transaction presents a higher risk (e.g., large value transfers, unusual transaction patterns, or links to high-risk countries), we apply enhanced measures, which may include:
For customers outside the UK, we request equivalent identification documents as those required for UK residents. Where necessary, documents are verified with the issuing authority, relevant embassy, or through the PRADO database of authentic travel and identity documents. If documents are in a foreign language, official translations may be required for our compliance records.
All KYC documentation and verification evidence are securely stored in our RemitPro system.
Records are retained in line with regulatory requirements and available for inspection by authorities.
Staff undergo regular training to remain aware of evolving KYC/AML obligations, fraud detection techniques, and the correct use of RemitPro compliance tools.