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Banking Industry’s Best Practices for Compliance in St. Kitts and Nevis: NIB&T Partners with Kroll
Nevis International Bank & Trust Ltd. (NIB&T) has entered into a global partnership program with Kroll, a division of Duff & Phelps, to enhance its regulatory compliance.
Partnership Objectives
The partnership aims to build on best practices in the banking industry and provide a world-class customer service experience for NIB&T’s clients. By integrating Kroll’s proprietary due-diligence systems into its banking platform, NIB&T will be able to deliver a seamless customer experience while ensuring regulatory compliance.
Benefits of the Partnership
The partnership will allow NIB&T to leverage Kroll’s expertise in:
- Risk mitigation
- Investigations
- Regulatory compliance
This will enable NIB&T to augment its footprint servicing a fast-growing private banking and corporate banking global clientele. NIB&T Chairman Sir Tony Baldry emphasized the bank’s commitment to rigorous regulatory practices, stating that its compliance programs, advised and implemented by Kroll, represent best practices standards.
Kroll’s Expertise
Kroll’s Managing Director, Compliance Risk and Diligence, John Arvanitis, commented on the partnership:
“We are pleased to advise NIB&T on leveraging their vast experience and financial and compliance technologies. We will continue to demonstrate the enormous potential for globally compliant AML/ KYC/ CFT best practices for prominent financial institutions like NIB&T.”
NIB&T’s Compliance Systems
NIB&T CEO Prabhkar Kaza highlighted the benefits of Kroll’s compliance systems:
“Our operating team can automatically screen all onboarding clients, as well as incoming and outgoing bank wires against Kroll’s in-depth global database. This real-time AML/ KYC/ CFT monitoring can instantly detect and mitigate compliance risks.”
Importance of Regulatory Compliance
The partnership between NIB&T and Kroll underscores the importance of regulatory compliance in the banking industry, particularly in St. Kitts and Nevis. As a leading banking institution with worldwide representatives, NIB&T’s commitment to best practices in compliance is a testament to its dedication to providing exceptional customer service while meeting global regulatory standards.
Contact Information
For more information about NIB&T, visit www.ibanknevis.com. For more information about Kroll, a division of Duff & Phelps, visit www.kroll.com.
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