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BNU Timor Adheres to Stringent AML/CTF Measures

East Timor - BNU Timor, a subsidiary of Portuguese bank CGD, has implemented robust Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) measures to ensure compliance with domestic regulations and international standards.

Compliance with Regulations

As part of its internal policy, BNU Timor adopts all AML/CTF policies and procedures set by its head office, applicable to its business activities in East Timor. The bank also complies with the duties requirements established in laws and regulations in force in the Democratic Republic of East Timor.

Customer Due Diligence

  • BNU Timor has implemented customer due diligence measures, including a filtering IT solution to check and watch proscribed lists.
  • It also uses an IT solution to score customers’ profiles based on ML/TF risk.
  • Enhanced due diligence and transaction monitoring is performed for customers or beneficial owners who are Politically Exposed Persons (PEPs).

Record Keeping and Monitoring

  • The bank maintains records of customer identification, original documents, and copies for a period of seven years after their execution.
  • It also monitors suspicious activities through a risk-based approach and reports any suspicious transactions to the Financial Intelligence Unit of East Timor Central Bank.

Employee Training and Audit

  • BNU Timor provides AML/CFT training to all employees on detecting and reporting suspicious activities, as well as the importance of Know Your Customer (KYC).
  • The bank also conducts internal audits and compliance reviews to ensure adherence to its policies and procedures.

Correspondent Banks and Shell Banks

  • The bank has implemented risk-based due diligence procedures for correspondent banks, including understanding their business, licenses, management, ownership, and AML/CFT regime.
  • BNU Timor does not conduct business with shell banks or provide payable-through accounts.

Wolfsberg AML Questionnaire and USA Patriot Act Certificate

  • BNU Timor follows the principles contained in the Wolfsberg AML Questionnaire and has made its questionnaire available on its website.
  • The bank also holds a USA Patriot Act Certificate, which is accessible online.

By implementing these measures, BNU Timor demonstrates its commitment to combating money laundering and terrorism financing, ensuring the integrity of its financial services and upholding international standards.