Financial Crime World

Gambia’s Leading Bank Enhances Internal Controls to Combat Financial Crimes

In a commitment to fortify its position against financial crimes and align with global best practices, The Gambia’s leading banking institution announces significant enhancements to its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework.

Key Responsibilities of the AML/CFT Framework

Board and Management

  • The Board of Directors oversees the bank’s AML/CFT framework.
  • All employees adhere to regulatory and internal procedures.
  • A “zero tolerance” policy is maintained for any regulatory infractions.
  • The Designated Chief Compliance Officer is appointed by the board and approved by the Central Bank of The Gambia.

Regular Reports

  • Monthly and quarterly reports on AML/CFT compliance are submitted to senior management and the board respectively.
  • Reports provide insights on bank’s compliance and financial industry trends.

Know Your Customer (KYC) Procedures

Account Opening Process

  • A thorough process is in place for onboarding customers, including verified identification and financial information.

Customer Due Diligence (CDD)

  • Performed before any banking relationship is established.
  • Ascertaining income and wealth sources.

Enhanced Due Diligence (EDD)

  • Applied to high-risk customers.
  • Includes Politically Exposed Persons (PEPs) and those from high-risk countries.

Business Relationships with Designated Non-Financial Businesses and Professions (DNFBPs)

  • Conducted with requisite measures and regulatory compliance.

Sanction Screening

  • Carried out prior to any relationship or transaction.

Transaction Monitoring and Reporting

  • Transactions are monitored manually and automatically.
  • Suspected transactions are reported to the Financial Reporting Centre (FRC) and the Central Bank of The Gambia.

Regulator and Law Enforcement Collaboration

  • Maintaining a productive relationship with regulatory and law enforcement agencies is essential.

Sanction Compliance

  • The bank adheres to international sanctions.

PEP Management

  • Politically Exposed Persons (PEPs) undergo additional scrutiny.

Correspondent Banking

  • The bank maintains correspondent banking relationships only with financially sound institutions.

Risk Assessment

  • Customers, products, and services are assessed to identify and mitigate AML/CFT risks.

Anti-Bribery, Corruption, and Fraud

  • The bank maintains a strong commitment to ethical conduct.

Training and Audits

  • Employees are trained on AML/CFT laws, KYC principles, and prevention of money laundering and terrorism financing.
  • Regular internal audits test the effectiveness of its AML/CFT measures.

Record Retention and Data Protection

  • Customer identification documents are kept for the duration of the account and seven years after cessation.
  • Compliance with local and international data protection policies.
  • Strict confidentiality is maintained.