Financial information for Al-Ayham Company
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:
In this stage, the illegal funds are introduced into the financial system.
This stage involves 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.
Integration:
The funds are returned to the formal economy to appear legitimate.
The funds are used in investment projects or to purchase legal assets.
Anti-Money Laundering:
Create laws that criminalize money laundering and impose strict penalties.
Implementing procedures such as Know Your Customer (KYC) and monitoring suspicious transfers.
Exchange of information between countries to pursue those involved.
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Compliance
Compliance is the 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.
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.
Types of compliance:
Compliance with national or international laws and regulations, such as taxes and labor laws
Comply with rules imposed by industry regulatory bodies, such as banks or insurance companies.
Adherence to the company’s internal policies and procedures
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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.
Financial Control Objectives:
Ensuring economic efficiency:
Ensuring maximum utilization of available resources.
Enhancing transparency:
Detecting any suspicious or illegal financial activities.
Ensuring compliance:
Ensuring that institutions adhere to financial laws and regulations.
Maintaining financial stability:
Reducing financial risks and achieving balance in budgets.
Financial control mechanisms:
Preparing periodic reports on expenses and revenues
Internally review financial operations to ensure accuracy and compliance.
Audit of accounts and financial statements by independent parties
Identify and analyze financial risks and develop strategies to deal with them.