Preventing Money Laundering and Terrorist Financing: The National Bank’s Commitment

The National Bank has reaffirmed its commitment to ensuring that all customers and beneficial owners of companies are properly identified and verified to combat money laundering and terrorist financing.

Strong Customer Identification and Due Diligence

• The bank will not open anonymous accounts or accounts in obviously fictitious names or numbers.
• All account holders’ identities will be verified using their passport or trade license.
• A comprehensive Know Your Customer (KYC) and Customer Due Diligence process is in place to identify potential risks and prevent illegal activities.

Identifying Potential Risks

• The bank verifies the identity of customers and beneficial owners of companies.
• Transactions are monitored for suspicious activity.
• Business relationships and transactions with persons, companies, and financial institutions from countries that do not apply adequate controls against money laundering will be treated with caution.

Reporting Suspicious Activities

• The bank will report any suspicious transactions or activities to the relevant authorities.

Strong Training and Record-Keeping

• Ongoing training is provided on money laundering prevention and combating terrorist financing.
• Employees are trained to:
  • Identify signs of money laundering
  • Take steps to verify suspicious transactions
  • Maintain accurate records
• A strong record-keeping policy is in place, requiring that all physical records be maintained for a minimum period of 10 years.

Protecting the Bank and Its Employees

• Proper procedures and rules provide protection against lawsuits and criminal liability regarding the implementation of suspicious transactions.
• The bank’s policy ensures that employees are aware of their responsibilities in reporting suspicious activities and maintaining customer confidentiality.

Conclusion

The National Bank is committed to preventing money laundering and terrorist financing through its strong customer identification and due diligence practices, as well as its ongoing training and record-keeping initiatives. By following proper procedures and rules, the bank provides protection against lawsuits and criminal liability, while ensuring that employees are aware of their responsibilities in reporting suspicious activities and maintaining customer confidentiality.