Aerospace Technical Services (ATS) Statement on Compliance and Corporate Restructuring

DUBAI, UAE, Dec. 16, 2024 /PRNewswire/ -- Aerospace Technical Services (ATS), a leading global distributor of aviation parts and provider of maintenance, repair, and overhaul (MRO) solutions, reaffirms its commitment to compliance, transparency, and operational excellence. Following an internal audit, ATS has taken decisive steps to strengthen its governance and ensure the highest ethical standards across its operations.

Mahdi Al-Tahaineh, Chairman and CEO of ATS, stated: "As a company founded on the principles of trust, integrity, and responsible conduct, we are committed to ensuring that all of our sales practices comply with international compliance protocols laid out by the U.A.E.  the European Union, and the United States, under the Office of Foreign Assets Control (OFAC), as well as all other jurisdictions in which we operate."

In July 2024, ATS launched a comprehensive compliance review to strengthen its governance and ensure strict adherence to international regulations. These measures include:

• Updating the Code of Conduct to reinforce ethical standards across all operations.
• Implementing a robust Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Policy.
• Enacting an Anti-Corruption and Bribery Policy to ensure full compliance with international laws, including the FCPA and UK Bribery Act.
• Strengthening due diligence processes for all transactions and partnerships to ensure compliance with OFAC, EU, and global regulatory standards.
• Conducting regular internal audits and risk assessments to proactively address any compliance vulnerabilities.
• Establishing a dedicated compliance oversight team, including external advisors, to ensure ongoing adherence to international regulations.

"ATS has a long-standing commitment to excellence and integrity, maintaining a stellar record of compliance with international standards. Our newly enhanced compliance procedures further demonstrate our dedication to continuous improvement and robust oversight. We are equally committed to fostering an open and transparent relationship with all regulators, ensuring accountability and mutual trust in every aspect of our operations," concluded Mr. Al-Tahaineh.

ATS continues the strategic realignment of its operations, with the goal of reinforcing ATS's position as a trusted and ethical partner while future distancing itself from past affiliations who did not reflect ATS's core values of trust, integrity, and responsible conduct. For more information about ATS and its commitment to compliance, please visit www.airats.com/compliance.html.

SOURCE Aerospace Technical Services Co.