Financial Crime World

ICBC Turkey Bank Enhances AML and CFT Efforts with Risk-Based Approach

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ICBC Turkey Bank is committed to preventing money laundering and financing of terrorism. To achieve this, the bank has implemented a risk-based approach to monitor and control business relationships.

Monitoring High-Risk Transactions and Customers

The bank pays special attention to transactions performed via non-face-to-face channels, such as internet banking, telephone banking, and correspondent banking relations, to prevent the laundering of proceeds of crime and financing of terrorism. Additionally, ICBC Turkey is proactively addressing the risks associated with new and developing technologies.

Internal Control and Compliance Department

ICBC Turkey’s Internal Control & Compliance Department carries out monitoring and control activities in line with international AML/CFT guidelines, as well as internal policies. The department closely monitors customers and transactions in high-risk categories, including those related to:

  • Country risk
  • Customer risk
  • Service risk

Measures to Prevent Money Laundering and Financing of Terrorism

The bank employs a range of measures to prevent money laundering and financing of terrorism, including:

  • Enhanced due diligence for high-risk customers and transactions
  • Automated controls through software
  • Ongoing monitoring of transactions

Employee Training Programs

ICBC Turkey provides mandatory training programs to employees on AML/CFT guidelines, including topics such as:

  • Customer identification
  • Suspicious transaction reporting
  • Sanctions

The bank’s Compliance Officer oversees the training activities, which are designed to keep employees up-to-date with changing regulations and internal policies.

Internal Audit Activities

The bank’s internal audit activities are conducted annually using a risk-based approach, focusing on the adequacy and efficiency of AML/CFT policies and procedures, as well as monitoring and control activities. The audit report is submitted to the Audit Committee and Board of Directors.

Reporting and Recognition

ICBC Turkey’s commitment to preventing money laundering and financing of terrorism is demonstrated by its regular reporting of statistical information to Turkey’s AML authority, Financial Crimes Investigation Board (MASAK). MASAK has praised ICBC Turkey’s compliance with AML/CFT regulations, recognizing the bank’s efforts to prevent financial crime.

Conclusion

ICBC Turkey will continue to prioritize its efforts to prevent money laundering and financing of terrorism, ensuring that its customers and transactions are protected from these threats.