Financial Crime World

Bank Takes a Strong Stance Against Financial Crime

In a bid to maintain its reputation for integrity and transparency, [Bank Name] has outlined its commitment to combating financial crime through a robust set of policies and procedures. The bank’s stance is rooted in its desire to ensure that all customers and stakeholders can trust the institution.

Collaboration with Regulatory Agencies

The Bank maintains a cordial relationship with regulatory bodies such as the Financial Regulation Commission (FRC), the Central Bank of Kenya (CBK), and other relevant agencies. This collaboration enables the bank to stay ahead of emerging trends and risks in the financial industry, while also ensuring that all requests made by these agencies are promptly complied with.

Sanctions Compliance

[Bank Name] has a zero-tolerance approach to sanctions breaches. The institution screens all customers against its internal watch list, which includes individuals and entities blacklisted by regulatory bodies worldwide. This ensures that no business relationship or transaction is entered into with sanctioned parties.

Politically Exposed Persons (PEPs)

  • The bank applies enhanced due diligence measures to PEPs.
  • An automated monitoring tool is used to identify and track their transactions.
  • All new account openings for PEPs require approval from the Chief Operating Officer and Compliance Unit.

Correspondent Banking

  • [Bank Name] only enters into correspondent banking relationships with financial institutions that have implemented sufficient Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) policies and procedures.
  • Annual due diligence is conducted on its correspondent relationships to mitigate AML/CFT risks.

Prohibited Business Relationships

  • The Bank does not open accounts or conduct transactions for customers using pseudonyms or numbers instead of actual names.
  • No relationships are maintained with individuals or entities that have been sanctioned.

Risk Assessment and Training

  • [Bank Name] conducts regular risk assessments on its customers, products, and services to identify and mitigate AML/CFT risks.
  • Mandatory annual compliance training is provided to all employees, including senior management and directors.

AML/CFT Audits and Record Retention

  • Quarterly internal audits are conducted of the bank’s AML/CFT function to ensure that measures are effective in preventing financial crime.
  • Customer identification documents are retained for 7 years after the cessation of the banking relationship or transaction date, while records are kept indefinitely in cases of litigation or regulatory investigations.

Data Protection

  • [Bank Name] has a robust data protection policy in place, which is revised annually and ad-hoc to reflect changing legal, regulatory, and operating environments.
  • The bank adheres strictly to local and international data protection policies, including the National Data Protection Regulations and the European Union General Data Protection Regulation (EU-GDPR).

By implementing these measures, [Bank Name] demonstrates its commitment to upholding the highest standards of integrity and transparency in the financial industry.