Financial Crime World

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BNCTL Strengthens Anti-Money Laundering Measures

Dili, Timor-Leste - Banco Nacional de Timor-Leste (BNCTL) has taken significant steps to enhance its anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Strengthened AML/CFT Program

The bank’s AML/CFT program is designed to prevent and detect suspicious transactions and ensure compliance with international standards. The program requires BNCTL employees to report any suspicions they may have about a client or transaction in writing to their branch manager. The branch manager must then forward the written communication to the Compliance Officer, accompanied by a written opinion regarding the basis for the suspicion.

Reporting Suspicious Transactions

The Compliance Officer will decide whether to report the suspicion to the Financial Information Unit (FIU) within 10 business days of receiving the written communication. This ensures that any suspicious transactions are promptly reported and investigated.

Employee Training and Collaboration with FIU

In addition, BNCTL provides regular training on AML/CFT to its employees and works closely with the FIU to ensure compliance with international standards. The bank’s AML/CFT program is also subject to regular auditing by internal and external auditors.

Annual Report and Compliance Monitoring

An annual report will be submitted to the Board of Directors, which includes an assessment of BNCTL’s AML/CFT fitness, a description of its system and control objectives, and a summary of the audit programs relating to AML/CFT. The Board of Directors approves this AML/CFT standard and its relevant annexes, and monitors its implementation in collaboration with the Risk Management and Compliance Unit (RMCU).

Commitment to Compliance and Transparency

BNCTL’s efforts to strengthen its AML/CFT measures demonstrate its commitment to compliance and transparency. The bank aims to prevent money laundering and terrorist financing by ensuring that all transactions are properly monitored and reported.

Annexes

  • Annex I: Table of Payment and Receiving Authority
  • Annex II: Internal AML/CFT policy for opening an account
  • Annex III: General conditions for opening an account for singular persons, individual business enterprise, and collective legal persons
  • Annex IV: Opening an account forms for singular persons, individual business enterprise, and collective persons
  • Annex V: Report form to Financial Information Unit

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