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Anti-Money Laundering & Countering Terrorist Financing Commitment

Our Commitment

Shipfinex FZCO is committed to preventing money laundering, terrorist financing, and sanctions violations in full compliance with UAE Federal Anti-Money Laundering & Countering Terrorist Financing Laws and the Virtual Assets Regulatory Authority (VARA) Compliance & Risk Management Rulebook.

We recognize that combating financial crime is a shared responsibility between our organization, our clients, and regulatory authorities. This document outlines our commitment to anti-money laundering (AML) and countering terrorist financing (CFT) compliance.


What We Do
Know Your Customer (KYC)

We verify the identity of all clients before they open an account on the Shipfinex Platform. KYC includes:

  • Collection of government-issued identification documents

  • Verification of personal information against reliable, independent sources

  • Confirmation of the client's source of funds and intended use of the Platform

  • Documentation of beneficial owners for corporate clients


Enhanced Due Diligence (EDD)

For higher-risk clients, we conduct Enhanced Due Diligence to better understand their profile and activities:

  • Detailed source of wealth and source of funds investigation

  • Enhanced monitoring of account activity

  • Regular review of ongoing relationships

  • Documentation of business rationale for Platform use


Politically Exposed Persons (PEPs)

We screen all clients against lists of politically exposed persons and their close associates. If a PEP is identified:

  • Enhanced due diligence is automatically applied

  • Senior management approval is required for account opening

  • Enhanced monitoring of transactions is conducted


Sanctions Screening

We conduct real-time screening of all clients and transactions against international and UAE sanctions lists, including:

  • United Nations Consolidated Sanctions Lists

  • UAE Ministry of Foreign Affairs sanctions lists

  • US OFAC (Office of Foreign Assets Control) lists

  • EU consolidated sanctions list


Transaction Monitoring

We continuously monitor Platform activity for patterns that may indicate money laundering, terrorist financing, or other financial crime. Suspicious activity triggers investigation and potential reporting to authorities.


Travel Rule Compliance

For transfers of virtual assets, Shipfinex complies with FATF Travel Rule requirements by sharing necessary information (originator and beneficiary details) with counterparties where required by applicable law.


What You Need to Know as a Client
Identity Verification

You must provide accurate identification documents during onboarding. False, forged, or misleading information will result in account closure and potential reporting to authorities.


Keep Your Information Up to Date

You are responsible for maintaining accurate and current information in your account profile. If your circumstances change materially (address, employment, beneficial ownership), you must notify us promptly.


Unexpected Account Verification

Your account may be subject to additional verification, documentation requests, or enhanced monitoring at any time—with or without notice—based on changes in our risk assessment or regulatory requirements.


Account Restrictions

If we identify suspicious activity or other compliance concerns, we may restrict your account (limiting or preventing deposits, trades, or withdrawals) without prior notice. Such restrictions remain in place pending investigation.


Mandatory Reporting

We are legally required to report suspicious transactions to the UAE Financial Intelligence Unit (FIU). We may not disclose to you that a report has been made, and doing so may violate UAE law.


Money Laundering Reporting Officer (MLRO)

Shipfinex has appointed a Money Laundering Reporting Officer who oversees the organization's AML/CFT compliance program. The MLRO reports directly to senior management and the Board Compliance Committee and is responsible for:

  • Monitoring compliance with AML/CFT policies and procedures

  • Reviewing and reporting suspicious transactions to the UAE FIU

  • Maintaining records of all compliance activities

  • Implementing regulatory updates and policy changes


Regulatory Framework

Shipfinex's AML/CFT program is built on the following regulatory framework:

  • UAE Federal Law No. 20 of 2018 (AML/CFT Law)

  • VARA Compliance & Risk Management Rulebook Part III

  • FATF (Financial Action Task Force) Recommendations

  • UAE Financial Intelligence Unit (FIU) guidance and goAML reporting system


Questions or Concerns

If you have questions about our AML/CFT practices or wish to report a concern, please contact:

Email: [email protected]

Shipfinex takes all compliance concerns seriously and investigates promptly and confidentially.

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