Financial Crime World

Banco Nacional Ultramarino, S.A. Enhances Anti-Money Laundering Measures

Strengthening Compliance Procedures in Macau

In a move aimed at bolstering anti-money laundering (AML) and combating the financing of terrorism (CFT), Banco Nacional Ultramarino, S.A. (BNU) has implemented enhanced compliance procedures in Macau.

Adoption of AML/CFT Program

According to a disclosure statement released by the bank, BNU has adopted an AML/CFT program that reasonably identifies, mitigates, and manages the risk of money laundering and terrorism financing. The program, approved by the Board of Directors, adheres to international frameworks such as the 40 Recommendations of the Financial Action Task Force (FAFT) and local laws including Law No. 3/2017 on Prevention and Suppression of Crimes of Money Laundering.

Key Components of BNU’s AML/CFT Measures

  • Customer Due Diligence: Enhanced due diligence on customers or beneficial owners who are Politically Exposed Persons (PEPs) and no anonymous or numbered accounts.
  • Record Keeping: Retention of records relating to customer identification and transactions for the period defined in Macau law.
  • Monitoring of Suspicious Activities: Conducted through an IT solution and by employees of the bank, with reports submitted to the Financial Intelligence Office (GIF).
  • Employee Training Programs: Adequate training in AML/CFT laws and regulations.
  • Independent Audits: Reasonable assurance that operations are in compliance with internal policies and procedures.

Additional Measures

BNU also conducts:

  1. Risk Classification and Due Diligence Process: For correspondent banking relationships, using a risk-based approach that includes understanding the nature of the correspondent’s business, its license to operate, and the quality of its management.
  2. Sanctions Policy: Ensuring no business relationships with sanctioned persons, entities, or countries.

Commitment to Compliance

In a statement, BNU said: “As part of our ongoing efforts to strengthen our anti-money laundering and combating the financing of terrorism measures, we are committed to maintaining the highest standards of compliance in Macau.”