Portuguese Bank Complies with International AML/CTF Regulations

Lisbon-Based Caixa Geral de Depósitos Leads by Example

Caixa Geral de Depósitos (CGD), a prominent Portuguese bank, has taken significant steps to prevent money laundering and terrorism financing in its operations. The bank’s subsidiary, Banco Nacional Ultramarino (BNU) Timor, has also adopted robust measures to comply with international Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.

Implementing Robust AML/CTF Policies

CGD has implemented policies and internal procedures defined by Portuguese law, including:

• Identification: The bank ensures accurate identification of customers and beneficial owners.
• Due Diligence: CGD conducts thorough due diligence on customers, especially Politically Exposed Persons (PEPs).
• Correspondent Banking: The bank maintains strong correspondent banking relationships with other financial institutions.
• Record-Keeping: Accurate records are kept for customer identification and transactions.
• Training: Employees undergo regular training on detecting and reporting suspicious activities, as well as the importance of “Know Your Customer” (KYC).

BNU Timor’s AML/CTF Measures

BNU Timor has adopted all AML/CTF policies and procedures set by its head office, applicable to its business operations in East Timor. The branch has implemented measures such as:

• Customer Due Diligence: In-depth customer due diligence is conducted to identify potential risks.
• Enhanced Due Diligence for PEPs: Additional scrutiny is applied to customers who are Politically Exposed Persons (PEPs).
• Monitoring of Suspicious Activities: The bank actively monitors transactions and reports any suspicious activities.

Risk-Based Approach

BNU Timor maintains a risk-based approach to screening transactions, reporting any suspicious activities or transactions to the Financial Intelligence Unit of East Timor Central Bank. Accurate records are kept for customer identification and transactions for a period of seven years.

Compliance with International Sanctions

The bank does not conduct business with shell banks or provide payable-through accounts. BNU Timor also assesses payments against watch lists and prohibited lists, including UN, EU, and OFAC sanctions.

Commitment to AML/CTF Compliance

CGD’s commitment to AML/CTF compliance is reflected in its Wolfsberg AML Questionnaire, which is available on its website. BNU Timor has also obtained a USA Patriot Act Certificate, certifying that it complies with the requirements of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act 2001.

A Spokesperson’s Statement

“We take our responsibilities in preventing money laundering and terrorism financing very seriously,” said a spokesperson for CGD. “Our commitment to AML/CTF compliance is reflected in our policies, procedures, and training programs, which are designed to ensure the integrity of our operations and protect our customers.”