EAGLE X
A leading money remittance company in Deira with 8 branches across UAE, processing AED 400 million in annual transactions, serving 150+ daily customers from diverse jurisdictions, and employing 30 staff members.
THE CHALLENGE
The exchange house faced significant regulatory exposure before CBUAE inspection:
- risk-based approach has deficiencies in for customer segmentation and transaction monitoring
- Incomplete beneficial ownership identification for corporate clients
- Shortcomings in enhanced due diligence procedures for high-risk corridors
- Wire transfer screening processes contains loopholes
- Risk of fines exceeding AED 3 million
EAGLE X SOLUTION
Our team delivered a targeted 10-week compliance overhaul:
Week 1-3
Conducted transaction pattern analysis and customer risk profiling across all 8 branches, identifying high-risk corridors and vulnerable products
Week 3-5
Developed comprehensive AML/CFT manual specific to money remittance operations, including country risk matrices, customer risk rating models, and red flag indicators for informal value transfer systems (Hawala)
Week 6
Enhanced current sanctions screening system to be directly integrated with OFAC, UN, and UAE lists
Week 7
Delivered intensive 3-day training program covering remittance-specific money laundering methods, trade-based money laundering, and terrorist financing indicators
Week 8
Established compliance testing framework and conducted mock regulatory inspection
RESULTS ACHIEVED
100%
Compliance achieved and across all 8 branches within 12 weeks
Zero
Violations during CBUAE inspection with commendation for robust controls
90%
Staff certification rate on AML/CFT assessments
10
suspicious transactions identified and properly reported to FIU in first 2 quarters