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Banking Giant Enhances Customer Due Diligence Measures
Location, Seychelles - Al Salam Bank, one of the leading banks in the region, has announced that it will be implementing enhanced Customer Due Diligence (CDD) measures to further strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) compliance.
Strengthening Anti-Money Laundering and Combating the Financing of Terrorism Compliance
The bank’s decision comes as part of its efforts to ensure that it is fully compliant with international standards and regulations. The enhanced CDD measures will apply to customers who are, or become, Politically Exposed Persons (PEPs), as well as those involved in financial transactions with individuals or entities from countries considered high-risk by the international banking community.
Key Requirements of Customer Due Diligence
The two key requirements of CDD are:
- Verifying the identity and address of customers through reliable sources and obtaining sufficient information about them during the banking relationship.
- Obtaining and regularly updating information on:
- The source of funds and wealth
- Nature of activities
- Economic purpose of accounts
- Expected volume and pattern of transactions
Continuous Process of Customer Due Diligence
The bank’s AML/CFT compliance officer emphasized that CDD is a continuous process, requiring customers to keep their personal information updated and submit fresh documents or provide additional information as needed. The bank will also be monitoring customer activity closely to identify any potential risks.
Consequences of Non-Compliance
Failure to comply with CDD requirements can result in severe consequences, including:
- Refusal of transactions
- Account closure
- Reporting suspicious activities to the Financial Intelligence Unit (FIU)
Cooperation and Protection from Identity Theft and Financial Crimes
The bank is urging all customers to cooperate fully with the enhanced CDD measures, which are aimed at protecting them from identity theft, money laundering, and other financial crimes.
“We appreciate our customers’ cooperation in this matter,” said a bank spokesperson. “By working together, we can ensure that our banking relationships remain safe and secure.”
Effective Date and Next Steps
The enhanced CDD measures are effective immediately, and all customers are advised to review their account information and update any changes promptly.
Contact: [Name] Al Salam Bank [Email] [Phone]