SURINAME BANKS TAKE STEPS TO COMBAT MONEY LAUNDERING AND TERRORIST FINANCING

Implementing Anti-Money Laundering Program

In compliance with the Central Bank of Suriname’s directive, Republic Bank (Suriname) N.V. has taken steps to prevent financial transactions linked to illegal activities.

Designated Compliance Officer and Enhanced Controls

• A dedicated Compliance Officer has been designated to oversee anti-money laundering efforts.
• Policies, procedures, and controls have been established to detect and report suspicious transactions.
• Employees have undergone training on recognizing unusual transactions and are required to report any suspicions to their superiors.

Ongoing Monitoring and Record Keeping

• Republic Bank (Suriname) N.V. conducts ongoing monitoring of customer accounts.
• Records of identifying information are maintained for at least seven years, including:
  • Name
  • Date of birth
  • Address
  • Identification number
• The bank collects this information from customers when opening new accounts.

Combating Terrorist Financing

• Republic Bank (Suriname) N.V. regularly updates its client database against government lists of known or suspected terrorists or terrorist organizations.
• No transactions are made with entities linked to these groups, ensuring that the bank does not facilitate illegal activities.

Certification and Commitment

In a statement, Republic Bank (Suriname) N.V. certified that it has fully implemented its anti-money laundering program in accordance with sections 12 of the Central Bank of Suriname’s April 2015 directive on anti-money laundering and terrorist financing. The bank emphasized its commitment to maintaining high standards of transparency and accountability in its financial operations.

Strengthening Suriname’s Financial System

The move by Republic Bank (Suriname) N.V. is seen as a significant step towards strengthening Suriname’s financial system and preventing the misuse of banking services for illicit activities.