Financial Crime World

Afghanistan’s Pashtany Bank Steps Up Compliance Efforts with Cutting-Edge Technology

=====================================================

Pashtany Bank has taken significant steps to strengthen its compliance procedures by implementing cutting-edge technologies. The bank’s Chief Compliance Officer (CCO), Mr., has led efforts to enhance the compliance culture and ensure adherence to banking laws, anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations, and international standards.

Independent Compliance Department

Pashtany Bank’s Compliance Department operates independently under Article 57 of Afghanistan’s banking law and reports directly to the Board of Supervisors. The team works closely with management to identify and manage regulatory risk, ensuring the routine monitoring of compliance with all applicable laws, regulations, and requirements.

Advanced Software Solutions

The Compliance Department at Pashtany Bank is equipped with advanced software solutions, including:

  • Thomson Reuters Acquity: a cutting-edge platform that offers significant efficiency gains and enables the team to work more effectively.
  • Financial Crime Compliance Management Solution (FCCM): a solution designed to detect and prevent wrongdoing, design and implement solutions to address legal and reputational risks, and reduce non-compliance matters in the bank’s day-to-day operations.

Goal of Technological Tools

The goal of these technological tools is to:

  • Detect and prevent wrongdoing
  • Design and implement solutions to address legal and reputational risks
  • Reduce non-compliance matters in the bank’s day-to-day operations

“We are committed to maintaining a strong compliance culture that ensures our operations are transparent, accountable, and in line with regulatory requirements,” said Mr. [CCO]. “By leveraging cutting-edge technology, we can stay ahead of the curve and minimize risks associated with non-compliance.”

Expected Impact

The implementation of these technologies is expected to have a significant impact on Pashtany Bank’s compliance function, enabling it to work more efficiently and effectively while maintaining its commitment to regulatory compliance.