United Finance Company SAOG follows the CMA Code of Corporate Governance 2015 and, in compliance of this Code, has implemented various policies to ensure best practices in Governance are followed, to promote transparency, communication in dealing, preventing a conflict of interest and ensuring disclosure. The Company’s policies and procedures are drawn in compliance with various regulatory requirements by Commercial Laws of Oman, CMA, MSM, MCDC, FIU, etc based on principles of Corporate Governance.
Nomination Remuneration and Executive Committee.
Board forms ad-hoc committees from time to time to deal with a particular subject/ situation.
Management of UFC has various committees to deal with various matters, for example AML, IT, Fraud, ALCO, IFRS9, HR, Branches review and more.
Governance Associated Policies
United Finance Company has formulated various policies associated to the overall governance of the organization. Policies such as related party transactions policy, disclosure policy, privacy and confidentiality policy, compliance policy, code of conduct and business ethics have been established and duly approved by the Board of Directors Please contact firstname.lastname@example.org for any clarification.
As a member of the financial services sector, United Finance Company has implemented various controls and procedures to prevent and detect any attempts of AML/TF. The company is compliant with AML Law of Oman 2016 and guidelines for implementing the law issued by CBO; FM 34. AML policy provides for updating of KYC, conducting due diligence before accepting customer, before executing the transaction is completed. The policy provides for screening of Customers in FATF and OFAC DATABASE, AML risk rating of the customers based on nationality, Industry (Business Line), political exposure. High-risk customers and unusual transactions are monitored and as per policy transaction suspicious of AMT/TF are required to be reported to NCFI Oman
Privacy and Confidentiality
We value our customers’ trust and aim to help them manage and build wealth over a long time period. The protection of each customer’s personal information is a vital part of this relationship. It is supported by our long experience of keeping personal information confidential. As per Banking Law 2000, customer information in banks and FLCs are absolutely confidential. Such information can be accessed by the government agency only through the permission of regulators such as CBO & CMA. The directors, managers and employees of FLC can not disclose such information to anyone unless the customer consent to the same is obtained.
United Finance Company has a well-developed Business Continuity & Disaster Recovery plan approved by the Board of Directors. The company conducts test drills from the DR site and documents the results to ensure the appropriateness of responses. The report is submitted to the Board and reviewed by auditors and examiners from time to time. The company has formed teams at three levels and changes in plan are forwarded to a team leader. Disaster declaration criteria is set which requires implementation response. The team leader and members have trained in Disaster Recovery practices. All staff within the company are made aware of various aspects of the DR and BCP.