General Manager approved the company’s AML, CFT, CPF and Sanctions Compliance Policy.
Platex Metals Trading LLC (“Platex”) is firmly committed to preventing the misuse of its business operations for money laundering, terrorist financing, proliferation financing, or sanctions evasion. This policy statement outlines our commitment to full compliance with all applicable laws, including UAE Federal Decree-Law No. 20 of 2018, Cabinet Decision No. 10 of 2019, and relevant UN, EU, US (OFAC), and UAE sanctions regimes.
Our Commitment
Platex has adopted a risk-based approach to combating money laundering (ML), terrorist financing (TF), and proliferation financing (PF). We maintain robust systems and controls to detect, prevent, and report suspicious activities, ensuring our precious metals trading operations are not exploited for illicit purposes.
Key Principles
- Customer Due Diligence (CDD): We conduct thorough KYC and CDD procedures before establishing any business relationship. Enhanced Due Diligence is applied to higher-risk customers, including PEPs and entities in high-risk jurisdictions.
- Sanctions Screening: All customers, counterparties, beneficial owners, and transactions are screened against applicable sanctions lists (UN, EU, OFAC, UAE) at onboarding and on an ongoing basis.
- Transaction Monitoring: We employ ongoing monitoring of all business relationships and transactions to identify unusual or suspicious activity, particularly cash-intensive or high-value precious metals transactions.
- Suspicious Activity Reporting: Suspicious transactions or activities are promptly reported to the UAE Financial Intelligence Unit (FIU) in accordance with legal obligations.
- Record-Keeping: All CDD documentation, transaction records, and compliance reports are maintained for a minimum of five years as required by law.
- Risk Assessment: We conduct regular enterprise-wide risk assessments to identify, assess, and mitigate ML/TF/PF risks across our operations, customers, products, and geographic exposure.
Governance
Platex has appointed a qualified Money Laundering Reporting Officer (MLRO) who oversees the AML/CFT/CPF compliance programme. The Board of Directors maintains ultimate oversight and accountability for the effectiveness of the compliance framework.