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Financial Institution Unveils Enhanced Anti-Money Laundering and Counter Terrorist Financing Measures
Date: March 15, [Year]
In a move to strengthen its commitment to combating money laundering and terrorist financing, [Financial Institution] has announced the implementation of an enhanced anti-money laundering (AML) and counter terrorist financing (CTF) program.
Risk-Based Approach
The new program is based on a comprehensive risk assessment that identifies potential risks and vulnerabilities in the financial institution’s operations. The risk assessment takes into account various factors, including:
- Nature, size, and complexity of its business
- Products and services offered
- Delivery methods
- Customer types
- Geographic locations
- Entities dealt with
Commitment to Combat Money Laundering and Terrorist Financing
According to [Financial Institution]’s Chief Compliance Officer, “Our enhanced AML/CTF program is designed to ensure that we are equipped to manage and mitigate risks effectively. We recognize the importance of staying ahead of emerging threats and adapting our approach to address new and developing technologies and products.”
Program Components
The program includes:
- Effective procedures for managing and mitigating identified risks
- Policies and controls for monitoring those risks
- Due diligence requirements compliance
The financial institution will also conduct ongoing due diligence in accordance with Section 17 and determine when it may rely on third-party financial institutions or designated non-financial businesses and professions (DNFBPs) to conduct customer due diligence.
CEO’s Statement
“We are committed to maintaining the highest standards of integrity and transparency in our operations,” said [Financial Institution]’s CEO. “Our enhanced AML/CTF program is a key component of this commitment, and we will continue to work closely with regulatory authorities and industry partners to ensure that we remain at the forefront of combating money laundering and terrorist financing.”
Implementation
The new program comes into effect immediately, and [Financial Institution] has assured its customers and stakeholders that it will maintain the confidentiality and security of all customer information in accordance with applicable laws and regulations.
About [Financial Institution]
[Financial Institution] is a leading financial institution with operations in [countries/regions]. The institution provides a range of financial products and services to individuals, businesses, and governments worldwide. Its commitment to integrity, transparency, and regulatory compliance has earned it a reputation as a trusted partner for customers and stakeholders alike.
Contact Information
For more information about [Financial Institution]’s AML/CTF program or to request a copy of the risk assessment, please contact [Name], Chief Compliance Officer, at [Email] or [Phone].