Zürcher Kantonalbank Introduces Comprehensive Anti-Money Laundering (AML) Training for Employees
In its ongoing commitment to upholding global standards on anti-money laundering (AML), Swiss bank Zürcher Kantonalbank has announced the introduction of a comprehensive AML training program for all relevant employees. This move is aimed at ensuring the bank’s compliance with AML regulations and maintaining a robust system for identifying and preventing money laundering.
Compliance with International Standards
As a member of the Financial Action Task Force (FATF), Switzerland is required to implement AML measures in accordance with international standards. Zürcher Kantonalbank, which is supervised by the Swiss Financial Market Supervisory Authority (FINMA), has implemented stringent policies and procedures to prevent money laundering and terrorist financing.
AML Training Program
The bank’s AML training program will focus on:
- Identifying clients
- Establishing beneficial ownership
- Collecting information on customer business activities
- Recording retention procedures
In addition, the training will cover:
- The importance of monitoring transactions for unusual or suspicious activity
- Screening clients against sanctions lists
Commitment to Integrity and Transparency
“We are committed to upholding the highest standards of integrity and transparency in our banking practices,” said a spokesperson for Zürcher Kantonalbank. “Our AML training program is designed to ensure that all employees have the necessary knowledge and skills to identify and prevent money laundering.”
Applicability and Principles
The bank’s AML policies are applicable to both its head office and branches, and adhere to the Wolfsberg anti-money laundering principles.
Global Patriot Act Certification
Zürcher Kantonalbank has also prepared a global Patriot Act Certification for use by financial institutions that require certification. The certification is available for download on the bank’s website.
Automated Monitoring System
In addition to its AML training program, Zürcher Kantonalbank has implemented an automated monitoring system for unusual and potentially suspicious transactions.
Reports to Authorities
The bank is also required to submit reports to authorities if assets are connected with a criminal organization or money laundering.
Annual Report and Further Information
The bank’s commitment to AML compliance is reflected in its annual report, which is available on the FINMA website. Further information on Zürcher Kantonalbank’s AML policies and procedures can be found on the bank’s website.