Financial Crime World

BELIZE BANK LIMITED SHINES IN CORPORATE GOVERNANCE AND FINANCIAL CRIME PREVENTION EFFORTS

Commitment to Corporate Governance and Financial Crime Prevention

Belize City, Belize - The Belize Bank Limited (BBL) has demonstrated its commitment to corporate governance and financial crime prevention by establishing a robust infrastructure to prevent and detect financial crimes.

Regulatory Supervision and Compliance

As a licensed bank operating under the Domestic Banks and Financial Institutions Act of 2012, BBL is subject to the supervision of the Central Bank of Belize (CBB) and the Financial Intelligence Unit (FIU). To ensure compliance with regulatory requirements, BBL has established a comprehensive corporate governance framework that ensures effective oversight and risk management.

Constitutional Documents

At the heart of BBL’s corporate governance infrastructure are its constitutional documents, including its constitution and articles of association. These documents outline the bank’s objectives, powers, and duties, as well as the rights and obligations of its shareholders.

Board of Directors

BBL’s board of directors is responsible for providing general oversight to the bank’s business operations. The board is composed of experienced professionals who bring a wealth of knowledge and expertise to their roles. The directors are re-appointed annually by the shareholders or to fill casual vacancies.

Committees

To assist in fulfilling its objectives, BBL has established several committees, including:

  • Audit Committee: responsible for reviewing the bank’s financial processes, internal controls, investments, and compliance with laws and regulations
  • Asset and Liability Committee (ALCO): provides strategic guidance on the management of the bank’s assets and liabilities
  • Executive Committee: provides general oversight to the bank’s business operations
  • AML/CTF Committee: reviews and approves the bank’s AML/CTF program, including policies and internal controls
  • Risk Committee: provides governance oversight and strategic direction on risk management

Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)

BBL has implemented a robust AML/CFT framework to prevent and detect financial crimes. This includes:

  • Establishment of an AML/CTF committee that reviews and approves the bank’s AML/CTF program, including policies and internal controls
  • Implementation of policies and procedures for customer due diligence, ongoing monitoring, and reporting suspicious transactions

Risk Management

BBL has established a risk committee that provides governance oversight and strategic direction on risk management. The risk committee is responsible for reviewing the effectiveness of the bank’s risk management systems, practices, and procedures.

Commitment to Integrity and Transparency

By putting in place a robust infrastructure to prevent and detect financial crimes, BBL is demonstrating its commitment to integrity and transparency in all its business operations.