#Dubai #UAE #Compliance #Aerospace Technical Services #ATS

Aerospace Technical Services Strengthens Compliance and Governance

Aerospace Technical Services (ATS), a key player in the global aviation parts distribution and MRO sector, recently issued a statement emphasizing its steadfast commitment to compliance and operational integrity. As part of its continuous improvement efforts, ATS has undertaken significant measures to bolster its governance framework and ensure adherence to international regulations.

Internal Audit and Governance Enhancements

The updates come on the heels of an internal audit aimed at reinforcing the company's dedication to ethical practices. Mahdi Al-Tahaineh, ATS's Chairman and CEO, has publicly praised the company's tenets of trust and integrity. He emphasized the importance of compliance with regulations established by the United Arab Emirates, European Union, and the United States, particularly those from the Office of Foreign Assets Control (OFAC).

In July 2024, ATS initiated a comprehensive compliance review that led to the following key actions:

• - Updated Code of Conduct: The company revised its Code of Conduct to underscore ethical behavior across its global operations.
• - Anti-Money Laundering (AML) Policy: ATS implemented a robust AML and Countering the Financing of Terrorism (CFT) policy to combat financial misconduct.
• - Anti-Corruption Measures: New protocols have been enacted for preventing bribery and ensuring compliance with laws such as the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act.
• - Stringent Due Diligence: The company enhanced its due diligence practices for transactions and partnerships to ensure full regulatory compliance.
• - Regular Audits and Risk Assessments: ATS committed to ongoing internal audits and risk evaluations to preemptively manage compliance vulnerabilities.
• - Dedicated Compliance Oversight Team: They established a specialized team, including external advisors, to provide oversight on compliance efforts.

A Commitment to Transparency

Mr. Al-Tahaineh noted that the newly revised compliance measures reflect ATS's long-term commitment to operational excellence and ethical integrity. He highlighted their history of compliance with global standards and the importance of transparency in maintaining relationships with regulators. ATS is equally keen on fostering a robust environment of accountability and mutual trust with all parties involved.

Future Directions

In addition to compliance initiatives, ATS is undergoing strategic realignment to enhance its role as a trusted partner within the aviation industry. This involves distancing itself from any past affiliations that do not mirror the values of trust, integrity, and responsible conduct that ATS upholds.

For those seeking more information regarding the company's commitment to compliance and its latest initiatives, additional details can be found at ATS Compliance. Their ongoing efforts highlight a resolve to not only meet but exceed international standards in the aviation sector, solidifying ATS's reputation as a leader in ethical governance amidst a complex regulatory landscape.