BANK ENFORCES STRINGENT ANTI-MONEY LAUNDERING AND TERRORIST FINANCING MEASURES
The National Bank has implemented robust measures to prevent money laundering and terrorist financing, demonstrating its commitment to complying with relevant laws and regulations.
Comprehensive Customer Identification Process
As part of its anti-money laundering and combating terrorist financing (AML/CFT) efforts, The National Bank requires customers to provide sufficient and accurate evidence of their identity before opening an account or conducting transactions. This process is designed to ensure that the bank understands the ownership and control structure of all legal entities.
- Customers must provide adequate identification information to open an account or conduct transactions.
- Branches and business units are prohibited from opening anonymous accounts or accounts in fictitious names or numbers.
Robust Reporting Mechanism
In the event of suspected money laundering or terrorist financing activities, The National Bank has a robust reporting mechanism in place. Staff members are trained to identify suspicious transactions and report them promptly to the relevant authorities.
- AML/CFT training sessions cover topics such as identifying signs of money laundering, reporting suspicious transactions, and maintaining records of customer information.
- Employees are trained to identify and report suspicious transactions promptly.
Watchlist and Screening
The National Bank maintains a watchlist of high-risk countries and jurisdictions and screens all new accounts against these listings to prevent any potential money laundering or terrorist financing activities.
- The bank screens all new accounts against its watchlist to prevent potential financial crimes.
- This measure helps ensure that the bank is not inadvertently supporting illegal activities.
Employee Training
To ensure the effectiveness of its AML/CFT measures, The National Bank conducts regular training sessions for its employees. These sessions cover topics such as identifying signs of money laundering, reporting suspicious transactions, and maintaining records of customer information.
- Employee training helps to equip staff with the knowledge and skills needed to identify and prevent financial crimes.
- Regular training sessions ensure that employees are up-to-date on the latest AML/CFT regulations and procedures.
Commitment to Combating Financial Crimes
The National Bank’s commitment to combating financial crimes is evident in its policy against money laundering and terrorism financing. As stated in the AML/CFT manual, “Our policy is to follow sound banking practices by complying with legal and professional responsibilities.”
- The bank takes its responsibility to prevent money laundering and terrorist financing seriously.
- Employees are trained to identify suspicious transactions and report them promptly.
In a statement, a spokesperson for The National Bank said, “We take our responsibility to prevent money laundering and terrorist financing very seriously. Our employees are trained to identify suspicious transactions and report them promptly, and we maintain robust records of customer information to ensure compliance with all relevant laws and regulations.”