Financial Crime World

Gambia’s Leading Bank Enhances Anti-Money Laundering Framework

The Gambia’s leading banking institution has announced significant enhancements to its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework, aimed at strengthening its defenses against financial crimes and ensuring compliance with international standards.

Board Oversight and Compliance

  • The Board of Directors oversees the implementation of policies and procedures to prevent money laundering and terrorist financing.
  • A zero-tolerance policy is in place for any infractions by employees.
  • The Designated Chief Compliance Officer has been appointed by the board and approved by the Central Bank of The Gambia.

Regular Reporting and Monitoring

  • Regular reports are submitted to senior management on a monthly basis and to the board on a quarterly basis.
  • These reports provide valuable insights into the bank’s compliance with AML/CFT regulations and trends in the financial industry.

Customer Due Diligence

  • The bank conducts Know Your Customer (KYC) procedures to ensure that customers are thoroughly vetted before opening accounts.
  • KYC includes verified identification and financial information, as well as ongoing monitoring of customer transactions.
  • Customer Due Diligence (CDD) is applied before establishing any banking relationship, including ascertaining income and wealth sources.
  • Enhanced Due Diligence (EDD) is applied to high-risk customers, such as Politically Exposed Persons (PEPs) and those from high-risk countries.

Correspondent Banking and Sanctions Screening

  • The bank maintains correspondent banking relationships only with financially sound institutions.
  • Sanction screening is carried out prior to any relationship or transaction.
  • The bank reports suspected transactions to the Financial Reporting Centre (FRC) and the Central Bank of The Gambia.

International Cooperation and Compliance

  • The institution has committed to adhering to international sanctions.
  • Politically Exposed Persons (PEPs) are subjected to additional scrutiny.
  • The bank maintains a productive relationship with regulatory and law enforcement agencies for AML/CFT compliance.

Record Retention and Data Protection

  • The bank prioritizes record retention and data protection, keeping customer identification documents for the duration of the account and seven years after cessation.
  • Compliance with local and international data protection policies is strictly maintained, ensuring confidentiality at all times.

Conclusion

These enhancements demonstrate the bank’s commitment to ethical conduct and its willingness to adapt to evolving AML/CFT regulations and global best practices.