China Takes Steps to Prevent Financial Crime
Citi Leads the Charge in Anti-Money Laundering Efforts
As global financial institutions strive to combat the complexities of preventing financial crime, Citibank (Citi) is taking a proactive approach in China by adopting and promoting Anti-Money Laundering (AML) principles. The bank’s efforts have been recognized by the Shanghai division of the People’s Bank of China, who named two Citi staff members “Outstanding Individuals in AML Work” last year.
Regular Review of Policies and Procedures
Citi regularly reviews its anti-money laundering policies and procedures to ensure compliance with both local and United States regulations. To equip employees with the most current crime prevention knowledge, the bank offers training programs. In 2010, a staggering 2,137 staff members completed AML training.
Recognition from the People’s Bank of China
The recognition from the People’s Bank of China is a testament to Citi’s commitment to preventing financial crime in China. Lili Qin, Country Compliance Officer, and Beng Soon Yu, Country Anti-Money Laundering Compliance Officer, were honored for their dedication, professionalism, and efficiency in enhancing AML capabilities among Shanghai financial institutions.
Proactive Approach to Preventing Fraud
In addition to its anti-money laundering efforts, Citi is also taking a proactive approach to preventing fraud. The bank’s compliance department conducts regular reviews with various business lines on internal control procedures and identifies activities with potentially high fraud risk. Anti-fraud education is also a key part of the mandatory training that employees are required to take periodically. In 2010, 2,069 CCCL staff members completed fraud awareness refresher training.
Commitment to Preventing Financial Crime
Citi’s commitment to preventing financial crime in China is evident in its efforts to protect customers from fraud and its dedication to adhering to global AML standards. As the bank continues to operate in a rapidly changing regulatory environment, it remains steadfast in its pursuit of excellence in financial crime prevention.
- Regularly reviews anti-money laundering policies and procedures
- Offers training programs for employees
- Conducts regular reviews with business lines on internal control procedures
- Identifies activities with potentially high fraud risk
- Provides mandatory anti-fraud education to employees
- Has a strong commitment to preventing financial crime in China
- Adheres to global AML standards