Gambia’s Leading Bank Enhances Anti-Money Laundering Framework to Combat Financial Crimes
Strengthened Stance Against Financial Crimes
Gambia’s premier banking institution has upgraded its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework to align with global best practices and strengthen its stance against financial crimes.
Leadership Structure
The bank’s Board of Directors oversees compliance with regulatory requirements and internal procedures, while the Designated Chief Compliance Officer ensures that all employees adhere to a “zero tolerance” policy for any regulatory infractions. Regular reports are submitted to senior management and the board on AML/CFT compliance, providing valuable insights into the bank’s performance and industry trends.
Enhanced Know Your Customer (KYC) Procedures
The bank has strengthened its KYC procedures, including a thorough account opening process that verifies customer identification and financial information. Customer Due Diligence is conducted before any banking relationship is established, with Enhanced Due Diligence applied to high-risk customers, such as:
- Politically Exposed Persons (PEPs)
- Those from high-risk countries
Business Relationships and Sanction Screening
Business relationships with Designated Non-Financial Businesses and Professions (DNFBPs) are carried out with requisite measures and regulatory compliance. Sanction screening is conducted prior to any relationship or transaction, and transactions are monitored manually and automatically for suspicious activity.
Collaboration with Regulatory Agencies
The bank maintains a productive relationship with regulatory and law enforcement agencies, ensuring that suspected transactions are reported to the Financial Reporting Centre (FRC) and the Central Bank of The Gambia in a timely manner. It also adheres to international sanctions and undergoes regular internal audits to test the effectiveness of its AML/CFT measures.
Risk Assessment and Compliance
The bank has implemented robust risk assessment procedures to identify and mitigate AML/CFT risks associated with:
- Customers
- Products
- Services
Its commitment to ethical conduct is evident in its anti-bribery, corruption, and fraud policies, which are reinforced through regular training for employees on AML/CFT laws and prevention of money laundering and terrorism financing.
Data Protection and Confidentiality
The bank ensures strict confidentiality and compliance with local and international data protection policies, maintaining customer identification documents for the duration of the account and seven years after cessation.
Conclusion
This enhanced framework is a testament to the institution’s dedication to combating financial crimes and protecting its customers’ interests in the Gambia.