Financial Intelligence Unit: CGD and BNU Timor Comply with Anti-Money Laundering and Counter-Terrorism Financing Regulations
Commitment to Combating Financial Crimes
Lisbon, Portugal - Caixa Geral de Depósitos (CGD) has reiterated its commitment to combating financial crimes by implementing robust anti-money laundering (AML) and counter-terrorism financing (CTF) measures in its international operations.
AML/CTF Measures
According to a statement released by the bank, CGD’s policies and procedures are designed to prevent money laundering and terrorism financing. The bank’s internal policy requires its branches and majority-owned subsidiaries in third countries to apply measures equivalent to those laid down by Portuguese law, regarding:
- Identification
- Due diligence
- Correspondent banking
- Record keeping
- Training
BNU Timor’s Compliance
In East Timor, BNU Timor, a subsidiary of CGD, has adopted all AML/CTF policies and procedures set by Head Office applicable to the branch’s business. The bank has implemented measures to:
- Identify and perform due diligence on customers
- Filter IT solutions to score customer profiles based on ML/TF risk
- Enhance due diligence and transaction monitoring towards customers or beneficial owners who are Politically Exposed Persons (PEPs)
- Maintain records of customer identification, original documents, and transactions for a period of seven years after execution
Reporting Suspicious Activities
The Financial Intelligence Unit (FIU) plays a crucial role in the fight against financial crimes. BNU Timor is required to report any suspicious customer activities or transactions to the FIU of East Timor Central Bank.
Internal Policies and Procedures
BNU Timor has internal policies and procedures in place to ensure compliance with applicable legislation and regulatory requirements. The bank conducts regular audits and compliance reviews to ensure that its AML/CTF measures are effective.
Wolfsberg AML Questionnaire and USA Patriot Act Certificate
CGD’s Wolfsberg AML Questionnaire is available on its website, and it has also obtained a USA Patriot Act Certificate.
Importance of AML/CTF Measures
The implementation of AML/CTF measures is essential in preventing financial crimes such as money laundering and terrorism financing. CGD and BNU Timor’s commitment to complying with these regulations demonstrates their dedication to maintaining the integrity of the financial system.
Source: Caixa Geral de Depósitos (CGD) and BNU Timor
Contact: [Name], Public Relations, CGD/BNU Timor Email: [email address] Phone: [phone number]