Financial Crime World

Lebanese Swiss Bank’s New Policies to Combat Money Laundering and Terrorist Financing

Introduction

Lebanese Swiss Bank S.A.L., a leading financial institution, has updated its anti-money laundering (AML) and combating the financing of terrorism (CFT) policy. This comprehensive policy strengthens the bank’s commitment to preventing the use of its services for illegal activities.

Money laundering is defined as the process of making illegally obtained funds appear legitimate. It is an independent crime that does not necessitate the occurrence of an original offense. This policy lays out the bank’s stance against financial crimes and emphasizes their destructive consequences.

Adhering to International Standards through the Financial Action Task Force (FATF)

The Lebanese Swiss Bank confirms its commitment to the Financial ActionTask Force (FATF) - an intergovernmental body dedicated to establishing international standards and promoting policies for combating money laundering and terrorist financing. The bank vows to adhere to the FATF’s 40+9 Recommendations.

The bank reaffirms its commitment to conducting business with the highest ethical standards. It pledges to comply with all relevant laws and regulations. The bank also commits to cooperating fully with national law enforcement authorities and reporting any suspicious transactions to the Special Investigation Commission (SIC).

Identifying Money-laundering and Terrorist- financing Risks

The bank lists several indicators that may hint at money laundering or terrorist financing activities. These red flags include:

  • Secretive clients who decline to provide identifying information
  • Large cash transactions or deposits
  • Unusual account activity such as frequent withdrawals or transfers
  • Transactions with countries known for money laundering risks

Reporting Suspicious Transactions

The policy requires the bank to report any suspected money-laundering or terrorist financing activities to the Special Investigation Commission (SIC). Failure to comply can result in severe penalties, including prison sentences and hefty fines. In conclusion, Lebanese Swiss Bank S.A.L.’s new AML/CFT policy reaffirms its commitment to preventing the use of its services for money laundering and terrorist financing. By adhering to international standards, the bank aims to protect its reputation, prevent potential sanctions, and contribute to a safer financial environment.