Al-Qeyas Company Exchange
Our company services
Exchange companies offer a wide range of financial services related to currencies and foreign exchange. Here are the most prominent of these services:
- Currency Exchange:
Convert foreign currencies to local currency or vice versa, according to daily exchange rates. - Provide financial advice:
Sometimes, exchange companies provide financial advice on the market and exchange rates to improve customer decisions - Replace damaged currency:
Replace damaged or worn-out banknotes with new currency
Money laundering
Money laundering is the illegal process of concealing the source of funds generated by illegal activities (such as drug trafficking, corruption, or economic crimes) and converting them into funds that appear legitimate. This process takes place in three main stages:
Deposit
- At this stage, the illegal money is introduced into the financial system.
- This stage includes converting cash into bank deposits or purchasing assets such as real estate and cars.
Camouflage
- The goal of this stage is to make it difficult to trace the source of the funds.
- This is done by transferring funds between multiple accounts, conducting fictitious business transactions, or investing in countries with strict banking laws.
Merge
- The money is returned to the formal economy to appear legitimate.
- The money is used for investment projects or the purchase of legal assets.
Common examples of money laundering:
- Creating shell companies to hide illicit funds.
- Purchasing real estate under false names.
- Using casinos to launder money through betting.
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Compliance
Compliance is adherence to laws, regulations, standards, and policies in place in an organization or industry. Compliance aims to ensure that activities and business are conducted in a legal, ethical, and regulatory-compliant manner.
Banking field
Implementation of Anti-Money Laundering (AML) and Anti-Terrorist Financing (CFT) regulations.
Health field
Comply with privacy standards, such as Health Information Protection Act (HIPAA).
Environmental field
Compliance with environmental laws such as reducing emissions
Elements of effective compliance:
- Clear policies: Create written regulations and policies that clarify the rules of compliance.
- Training and awareness: Train employees to understand and implement compliance policies.
- Monitoring and monitoring: Follow up on compliance through monitoring and analysis systems.
- Reporting violations: Provide confidential channels for reporting violations.
- Penalties: Implement disciplinary measures against violators.
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Financial Control
Financial control is the process of managing and reviewing financial resources to ensure that they are used effectively, legally, and in accordance with established objectives. It aims to promote transparency, reduce waste, and combat corruption by ensuring compliance with financial policies and laws.
Anti-corruption
Detect and stop illegal financial activities.
Boost confidence
Building trust between institutions and stakeholders (e.g. investors and citizens)
Improve financial performance
Reduce costs and improve cash management efficiency
Practical examples:
Monitoring government spending to ensure funds are directed to designated projects.
Verifying compliance with tax laws in companies.
Reviewing budgets and accounting processes to ensure accuracy.