Belarus’ Risk-Based Approach to Anti-Money Laundering and Counter-Terrorist Financing Pays Off

Minsk, Belarus - In an effort to prevent money laundering and counter-terrorist financing, Belgazprombank has implemented a comprehensive risk-based approach to anti-money laundering (AML) and counter-terrorism financing (CTF). The bank’s efforts have been recognized as a model for the industry.

Internal Control System

According to sources close to the bank, Belgazprombank has developed an internal control system that covers all stages of financial transactions. This system is designed to identify potential risks and take corrective action to prevent money laundering and terrorist financing.

Risk-Based Approach

The bank’s risk-based approach involves identifying high-risk clients and transactions and subjecting them to enhanced due diligence procedures. Politically exposed persons and their associates are also given increased scrutiny.

Real-Time Monitoring

In addition, Belgazprombank has established a system for monitoring financial transactions in real-time to identify suspicious activity. The bank has also implemented procedures for refusing to establish relationships with clients who fail to provide required documentation or whose transactions raise suspicions of money laundering or terrorist financing.

Regulatory Recognition and Sanctions Compliance

The bank’s efforts have been recognized by regulatory authorities, which have praised its compliance with international standards and best practices. Belgazprombank has also implemented a sanctions compliance program to ensure that it is in line with restrictions and prohibitions set forth by international sanctions regimes.

Commitment to AML/CTF

In a statement, Belgazprobank confirmed that it strictly complies with the legislation of the Republic of Belarus in the sphere of AML/CTF and is not engaged in activities that contribute to money laundering, terrorist financing or financing of weapons of mass destruction. The bank also assured that it does not use correspondent accounts for performing transactions of clients who are “shell-banks”.

Industry Standard

The success of Belgazprobank’s risk-based approach has set a high standard for the industry, and other banks are expected to follow suit. The bank’s commitment to AML/CTF is a testament to its dedication to maintaining the integrity of the financial system.

Accessing AML/CTF Documents

Belgazprobank’s AML/CTF documents are available for download on the bank’s website, providing a detailed overview of its compliance program and procedures.