Belarus Bank Implements Strict Measures to Prevent Money Laundering and Terrorist Financing
Leading Financial Institution Committed to Compliance
Belgazprombank, a leading financial institution in Belarus, has reaffirmed its commitment to preventing money laundering and terrorist financing. The bank has implemented a robust system of internal control measures to ensure compliance with the country’s anti-money laundering (AML) and counter-terrorism financing (CTF) legislation.
Risk-Based Approach to Monitoring Financial Transactions
According to the bank’s Internal Control Rules, which were approved by its Management Board in 2016, Belgazprombank has established a risk-based approach to monitoring financial transactions. The system involves:
- Collecting and examining required data and documents from clients
- Assessing the risks associated with doing business with them
Identifying Politically Exposed Persons (PEPs) and Their Associates
The bank also has procedures in place for identifying PEPs and their associates, as well as increased attention is paid to their transactions. Suspicious transactions are closely monitored at all stages of financial transactions, including:
- Current control
- Subsequent control
- Identifying connections with money laundering, terrorist financing, or the financing of weapons of mass destruction
Preventing Relations with Non-Resident Banks and Anonymous Clients
Belgazprombank has also implemented measures to prevent relations with non-resident banks that do not have permanent governing bodies in their territories and are not members of a banking group. The bank does not establish relationships with:
- Anonymous clients
- Those with explicitly fictitious names or pseudonyms
Sanctions Compliance and Refusal of Financial Transactions
The bank has also developed a system of sanctions compliance to ensure that it complies with restrictions and prohibitions set forth by international sanctions regimes. Belgazprombank is committed to refusing to perform financial transactions if there is sufficient evidence that they are related to:
- Money laundering
- Terrorist financing
- Financing weapons of mass destruction
Commitment to AML/CTF Compliance
Belgazprombank’s commitment to AML/CTF is reflected in its willingness to refuse to open or maintain banking accounts for individuals who fail to provide required documents and information.
Prevention of Shell-Bank Transactions
The bank has implemented measures to prevent the use of its correspondent accounts for transactions with “shell-banks,” which are financial institutions that have no physical presence in any state and do not have a banking license issued by an authorized body.
AML/CTF Officer Responsible for Implementation
Belgazprombank employs an officer responsible for implementing AML/CTF measures, ensuring the bank’s commitment to compliance is upheld at all levels.
Recognition from Belarusian Authorities
The bank’s commitment to AML/CTF has been recognized by the Belarusian authorities, who have confirmed that Belgazprombank is in compliance with the country’s AML/CTF legislation.