Financial Crime World

Title: Caixa Geral de Depósitos, SA (CGD) in East Timor: Combatting Money Laundering and Terrorist Financing Through Robust AML/CTF Measures

About Caixa Geral de Depósitos, SA (CGD) in East Timor

CGD’s East Timor branch, operating under the brand name BNU Timor, is a leading Portuguese financial institution committed to upholding the highest standards in anti-money laundering (AML) and counter-terrorism financing (CTF) practices. This article outlines the institution’s key initiatives and regulatory compliance in East Timor.

Institutional Information

  • Location: Avenida Presidente Nicolau Lobato, 12/13, Díli
  • Ownership: Public limited company owned by the Republic of Portugal
  • Regulatory Compliance: Authorized by the Bank of Portugal in Portugal and Banco Central de Timor in East Timor
  • SWIFT BIC code: CGDI TL DI
  • External Audits: Conducted by Deloitte & Associados, SROC SA

International and National Frameworks

CGD’s commitment to AML/CTF regulations is reflected in its dedication to following international and national frameworks:

  • International Frameworks: Forty Recommendations of the Financial Action Task Force (FATF), European Council and Parliament directives, and Portugal’s Law no. 25/2008.
  • National Frameworks: Public Instruction no. 2/2004 from the Banking Authority and Payments, Law no. 17/2011, and Law-Decree no. 16/2014.

AML/CTF Measures in International Operations

CGD’s international branches and subsidiaries strictly adhere to AML/CTF laws and compliance policies, employing measures equivalent to those in Portugal.

BNU Timor’s AML/CTF Measures

BNU Timor implements and adheres to several critical AML/CTF measures:

  1. Customer Due Diligence (KYC): Compliance with customer identification and Know Your Customer procedures.
  2. Enhanced Due Diligence: For Politically Exposed Persons (PEPs).
  3. Record-keeping: Detailed record-keeping of transactions.
  4. Suspicious Activity Monitoring: Regular monitoring of transactions for suspicious activity.
  5. Reporting Suspicious Transactions: Requirements for reporting suspicious transactions to the Financial Intelligence Unit of the East Timor Central Bank.

Continuous Learning and Independently Managed Compliance

BNU Timor remains committed to staying updated on the latest AML/CTF regulations and maintaining a culture of compliance. The institution undergoes internal audits and compliance reviews to ensure full compliance with regulatory requirements and expectations.

Partnerships and Commitments

BNU Timor follows the principles and guidelines outlined in the Wolfsberg AML Questionnaire and is committed to upholding the standards set forth in the USA Patriot Act. All relevant documents, including the Wolfsberg AML Questionnaire and USA Patriot Act Certificate, are readily available to the public on its website (www.bnu.tl).