Foz has domestic and international customers, so the origins of its goods are quite diverse. To protect the operation of Foz and its staff against any breaches of national and international law or involvement in money laundering or terrorist financing, Foz pursues a strict acceptance policy with respect to its customers and suppliers.
Foz has adopted a Precious Metals Supply Chain Policy to ensure the highest standards regarding sourcing of gold and other precious metals from conflict and high risk areas and has implemented a robust due diligence framework based on the risk assessment and guidelines set out in the LBMA Responsible Gold Guidance, OECD Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas , and the DMCC Practical Guidance for Market Participants in the Gold Precious Metals Industry and DMCC Rules for Risk Based Due Diligence in the Gold and Precious Metals Supply Chain. We strongly recommend our suppliers to operate their business in accordance with the guidance issued by LBMA, OECD, and DMCC.
AML/CFT AND KYC POLICY
In compliance with DMCC’s Anti-Money Laundering and Combating the Financing of Terrorism Policy and Process and to assist in the implementation of UAE Federal Law which includes Federal No. 4 of 2002 regarding the Criminalization of Money Laundering and Federal No. 1 of 2004 regarding Combating Terrorism Offenses and the relevant Penal Code of the UAE, Foz apply the following principles:
1. Know-Your-Customer (KYC) –Foz maintains a clear customer acceptance policies and procedures, including a description of the types of customer that are likely to pose a higher risk than average risk. Before accepting a potential customer, KYC and due diligence procedures are followed. Reasonable steps are also undertaken by Foz to ensure that KYC information and documents is updated as and when required.
2. Compliance with laws – Foz shall ensure that its business is conducted in conformity with high ethical standards, that laws and regulations are adhered to and that service is not provided where there is a good reason to believe that transactions are associated with money-laundering and illegal activities.
3. Cooperation with law enforcement agencies – Within the legal constraints relating to customer confidentiality, Foz is bound to cooperate fully with the law enforcement agencies in taking appropriate measures allowed by law if there are reasonable grounds for suspecting money laundering and will immediately report the case to Anti-Money Laundering and Suspicious Cases Unit (AMLSCU).
4. Policies, procedures, and training – Foz has adopted and implemented policies consistent with the principles set out in FOZ AML-CFT and KYC Compliance Manual, and ensure that its staff, wherever located, are informed of these policies and adequately trained in matters covered therein.
Foz strictly prohibits any form of bribery and corruption within the company, as well as with its business partners, service providers, customers as well as governmental agencies and instrumentality. In line with Foz’s principles of honesty, integrity, and transparency in conducting its business, Foz has adopted and implemented an Anti-Bribery and Anti-Corruption Policy.