Anti-Money Laundering Policy

Core Financial Markets Ltd. AML Policy sets out the minimum standards which must be complied with across:

• The appointment of a Money Laundering Reporting Officer (MLRO), who has responsibility for oversight of compliance with relevant regulations, rules and best
• Establishing and maintaining Risk Based Customer Due Diligence, Identification, Verification and Know Your Customer Procedures, including Enhanced Customer Due Diligence for those customers presenting higher risk, such as Politically Exposed
• Establishing and maintaining Risk Based Systems and Procedures to monitor ongoing customer account activity.
• Procedures for reporting Suspicious Transaction Reports internally as well as to regulatory bodies (Financial Intelligence Department at the Central Bank of UAE).
• The maintenance of appropriate records for the minimum prescribed periods as per local regulations.
• AML training and awareness for all relevant employees.
• Appropriate management information and reporting on AML matters to the Senior Management of the Bank.

Sanctions Compliance Policy

Fiscal’s Sanctions Compliance Policy is designed to ensure that the Bank complies with applicable economic sanctions laws in every jurisdiction with which it may operate/trade. :

• Screening customers and transactions against global sanctions lists issued by the United Nations Security Council (UNSC), the European Union (EU), the United Kingdom (HMT) and the United States (OFAC), as well as against relevant local lists that apply to Fiscal operation exposure.
• Prohibited business activity which includes on-boarding or continuing customer relationship or providing products or services or facilitating transactions that Fiscal believes may violate applicable sanctions or Fiscal Sanctions policy. This includes prohibitions on business activity with individuals or entities named in a sanctions list or activity, directly, involving countries or territories subject to comprehensive sanctions.
• It is Fiscal policy not to deal with any person/entity that may result in violation of any sanctions regulations.
• All employees receive ongoing training on the Sanctions Compliance Policy.

Targeted Financial Sanctions (TFS)

To ensure that the Fiscal complies with applicable Targeted Financial Sanctions :

• Fiscal should conduct screening on existing, new and potential clients against
• To follow the guidelines related to Targeted Financial Sanctions (TFS) issued by the
• To prevent funds or other assets from being made available, directly or indirectly, for the benefit of listed individuals, groups and entities.

CRS Common Reporting Standard

In line with international efforts to Combat Tax Evasion, the UAE Government along with over 100 countries have committed to the Organization for Economic Co-operation and Development (OECD) for Automatic Exchange of Financial Information (AEOI) in Tax Matters. CRS regime mainly targets persons and entities whose major assets / income are kept outside their country of tax residency. :

• The Ministry of Finance is the UAE Competent Authority in charge of the AEOI, and Fiscal will be submitting details on Reportable Accounts to the Central Bank on annual basis.
• Fiscal has identified clients, and introduced controls on-boarding new clients, where obtaining new Tax Declaration Forms are mandatory