Financial Crime World

BANK COMMITTED TO COMPLIANCE WITH AML/CFT REGULATIONS

[City, Date] - [Bank Name], a leading financial institution, has reaffirmed its commitment to maintaining a robust Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) framework. The bank’s efforts are aimed at ensuring a secure and trustworthy banking environment for its customers, while also complying with international standards and regulations.

Collaboration with Regulatory Agencies

[Bank Name] maintains a cordial relationship with regulatory bodies such as:

  • Financial Reporting Centre (FRC)
  • Central Bank of Kenya (CBK)
  • Other relevant agencies

The bank promptly responds to requests for information and cooperates with regulators to provide feedback on new regulations and emerging trends in the financial industry.

Sanctions Compliance

The bank has a zero-tolerance policy towards entering into relationships with sanctioned individuals or entities. All employees are required to screen customer names against the bank’s internal watch list, which includes names of individuals and entities blacklisted by various regulatory bodies worldwide.

Politically Exposed Persons (PEPs)

Enhanced due diligence measures are applied to PEPs to mitigate AML/CFT risks. The bank uses an automated monitoring tool to identify and monitor PEP transactions, ensuring that all customer information is thoroughly reviewed and transaction trends are analyzed.

Correspondent Banking

The bank only enters into correspondent banking relationships with financial institutions that have implemented sufficient AML/CFT policies and procedures. Annual due diligence is performed on these relationships to ensure compliance with international standards.

Risk Assessment and Training

  • The bank conducts risk assessments on its customers, products, and services to identify and mitigate AML/CFT risks.
  • Employees undergo mandatory annual compliance training, which includes:
    • E-learning modules
    • Face-to-face sessions
    • Ad-hoc training on topical issues

Audits and Record Retention

  • Internal audits of the AML/CFT function are conducted quarterly to ensure the effectiveness of the bank’s compliance measures.
  • Customer identification documents are retained for 7 years after the cessation of the banking relationship or transaction date.
  • Data protection policies are revised annually and ad-hoc basis to reflect changing legal and regulatory requirements.

Data Protection

The bank adheres to local and international data protection policies, including:

  • National Data Protection Regulations
  • European Union General Data Protection Regulation (EU-GDPR)

A dedicated Data Protection and Retention Policy is in place to ensure the secure handling of customer information.

By implementing these measures, [Bank Name] demonstrates its commitment to maintaining a robust AML/CFT framework, ensuring a safe and trustworthy banking environment for its customers.