In order to comply with the applicable laws and regulations, Bank of Sharjah has put in place procedures for fighting money laundering, terrorism financing and ensuring adherence to KYC (Know Your Customer) policies and procedures.

Hereafter is a brief statement that answers all your queries in this regard.

National Environment

• The United Arab Emirates (UAE) is endowed with laws and regulations relative to anti-money laundering (AML).
• UAE is a member of the MENAFATF through the Co-operation Council for the Gulf Cooperation Council (GCC).
• Central Bank of the UAE (CBUAE) requires the institution of AML policies and procedures in the Bank. Financial Intelligence Department at CBUAE is the Financial Intelligence Unit (FIU) of the UAE, and is the sole national centre for receiving, analysing and disseminating suspicious transaction reports filed by banks, other financial institutions and designated non-financial businesses and professions (DNFBPs).

Internal Policy

Bank of Sharjah, its branches and subsidiaries:

Consequently, all transactions carried out through Bank of Sharjah, its branches or subsidiaries such as documentary credits, other instruments and guarantees that may be issued to other financial institutions, would have cleared these verification criteria.

We certify that our Bank and our subsidiaries cannot be deemed a shell bank within the meaning given to these terms under US legislation (USA PATRIOT Act) and those relationships with other banks comply with this legislation.

Bank of Sharjah

• 1) For the purpose of this text, the term “subsidiary” refers to any company or entity in which the bank holds more than 50% of the voting rights. You will find attached to the USA Patriot Act information about our related affiliates.
• 2) A shell bank is a bank incorporated in a jurisdiction in which it has no physical presence and which is not affiliated with a regulated financial group.