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Anti-Money Laundering and Counter-Terrorism Financing Measures of BNU Timor

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BNU Timor, a financial institution operating in East Timor, has implemented robust measures to prevent money laundering and counter-terrorism financing (AML/CTF) as per their Head Office internal policy and applicable laws and regulations. This article provides an overview of the key points from their report on AML/CTF measures.

AML/CTF Measures

Compliance with Regulations

• BNU Timor complies with Head Office internal policy and applicable laws and regulations in East Timor.
• They have implemented policies and procedures for various aspects of AML/CTF, including:
  • Customer Due Diligence/Know Your Customer-Counterparty (CDD/KYC)
  • Politically Exposed Persons (PEPs)
  • Anonymous and numbered accounts
  • Record Keeping
  • Monitoring of Suspicious Activities
  • Reports of Suspicious Transactions
  • Employee Training Program
  • Independent audit and compliance review function
  • Correspondent Banks
  • Shell Banks
  • Payable-through accounts
  • Assessment of payments against watch lists and prohibited lists (TF and sanctions)
  • Sanctions Policy

Wolfsberg AML Questionnaire

• BNU Timor follows the principles contained in the Wolfsberg AML Questionnaire concerning AML/CTF.
• The Wolfsberg AML Questionnaire is available on their website (www.bnu.tl).

USA Patriot Act Certificate

• Under the USA Patriot Act 2001, CGD may be required to provide Certification Regarding Accounts for Foreign banks from time to time.
• The ‘USA Patriot Act Certificate’ is available on their website (www.cgd.pt).

This report demonstrates BNU Timor’s commitment to implementing robust AML/CTF measures and compliance with relevant regulations.