Financial Crime World

Compliance and Ethics Culture: The Key to Success in Tunisia’s Financial Services Industry

TSB, a Tunis-based bank, has demonstrated its commitment to ensuring compliance with applicable regulations and ethical principles in the banking and financial sector. The institution’s top priority is to prevent non-compliance risk situations that could lead to judicial, administrative or disciplinary sanctions, significant financial losses, or reputational damage.

Code of Conduct and Training

To achieve this goal, TSB ensures that all employees adhere to a strict code of conduct and personal ethics, and undergo training to raise awareness about preventing non-compliance risks. This includes:

  • Implementing regulatory requirements, including due diligence in anti-money laundering (AML) and combating the financing of terrorism (CFT)
  • Conducting regular training sessions for employees on AML/CFT regulations and procedures
  • Providing ongoing support and resources to ensure employee understanding and compliance

Compliance Culture

TSB places great emphasis on developing a strong compliance culture among its staff, in line with existing regulations and professional best practices. This is evident in the bank’s:

  • Proactive approach to preventing money laundering and funding of terrorism
  • Respect for international sanctions
  • Continuous monitoring and updating of procedures and tools to reflect new regulatory requirements

Compliance Control Department

The Compliance Control Department plays a crucial role in implementing measures aimed at preventing money laundering and CFT, ensuring compliance with international sanctions, and updating procedures and tools to reflect new regulatory requirements. Specifically, the department:

  • Conducts regular reviews of customer records against sanctions lists
  • Monitors international operations to prevent the funding of terrorism and respect international sanctions
  • Provides guidance and support to employees on AML/CFT regulations and procedures

FATCA Registration

In addition, TSB has registered with the Internal Revenue Service (IRS) under the Foreign Account Tax Compliance Act (FATCA), which requires the bank to:

  • Identify clients with tax residency in the US
  • Transmit relevant information to the American IRS through the Ministry of Finance

By prioritizing compliance and ethics, TSB demonstrates its commitment to integrity and transparency in the financial services industry.