Alfa United Gold Co is fully committed to remaining vigilant to prevent any use of its products and services for illegal purposes. The company believes that no customer relationship is worth compromising its commitment to combating money laundering and financing of terrorist activities. The compliance policy is in line with international standards and as per Ministry of Commerce and Industry Kuwait law on AML and CFT (Law 106).
The Company has prepared a comprehensive Compliance Policy which serves as a guideline to all employees of Alfa Gold Co. The policy covers all aspects of Law 106 issued by the Ministry of Commerce and Industry Kuwait and follows a risk-based approach.
At Alfa United Gold Co., we are dedicated to fulfilling our mission of safely conducting business in compliance with all the applicable laws and the regulations. We have implemented concrete Anti-Money Laundering (AML) and compliance practices in all our branches. Our technological infrastructure and AML solutions ensure that we are completely compliant throughout.
Alfa United Gold Co. Company ensures that it remains committed in its efforts to prevent money laundering and terrorist financing in accordance with the Ministry of Commerce and Industry Kuwait regulations and international best practices in Anti-Money Laundering (AML) & Counter Terrorist Financing (CTF). And to fulfil the same, Alfa Gold Co. is completely prepared with measures to detect suspicious activities associated with money laundering, fraud and terrorist financing and to report them to the Ministry of Commerce and Industry Kuwait, as per the regulations.
Alfa United Gold Co. Company follows a solid identity verification process for all customers as per local and international AML/CTF regulations, irrespective of the amount of the transaction. Definitive KYC (Know Your Customer) and KYC (Know your Customer) policies are adhered to at all levels of the organization. Identifying and conducting Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) wherever required is a standard operation at Alfa United Gold Co. so as to identify signs of money laundering.
Alfa United Gold constantly monitors all transactions in order to detect transactions which are potentially suspicious based on the customer’s profile and behavior. Our very own staff of tellers act as a first line of defense and are empowered with the knowledge and the skills to detect any unusual behavior/ transactions through the internal channels. This process is further backed up by a comprehensive review of the transactions at the second line of defense including effective monitoring of the customer’s transactions and their behavior.
All of the staff at Alfa United Gold Company are equipped with the training and knowledge necessary to report unusual or suspicious transactions through our internal channels to the compliance officer. The compliance officer conducts a highly detailed investigation and takes the necessary action before reporting suspicious transactions to the Financial Intelligence Unit (FIU) and at the Ministry of Commerce and Industry Kuwait AML Department.
Alfa United Gold Co. has a Compliance Department, headed by a Compliance Officer who is responsible to oversee the compliance activities of the company who report directly to the Board of Directors. The role of the compliance team is as follows:
Alfa United Gold Co. strongly believes in empowering and equipping its employees with relevant knowledge at every level. Regular and thorough AML training helps the company adhere to the various rules and regulations in place to tackle AML/CTF. New employees are trained on AML policy & procedures within 30 days of joining Alfa United Gold Co., with mandatory follow-up training conducted annually.
All records including the customer’s identification documents, transaction data and any other relevant document are maintained for a minimum of five years. This is in line with the regulations of the Ministry of Commerce and Industry Kuwait. Alfa Gold Co, maintains the confidentiality of all the information provided by its customers and their transaction records and keeps all related data private.