Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Policy
Customer Due Diligence
The Asia Green Development Bank (AGD Bank) is committed to conducting customer due diligence on all new customers. This includes verifying their identity and beneficial ownership.
- Verification of Identity: The bank will verify the identity of all customers using reliable source documents, data, or information.
- Beneficial Ownership: The bank will identify and verify the beneficial owners of all customers.
Risk Assessment
The bank will assess the risk associated with each customer based on various factors such as country of origin, business activity, and transaction history.
- Risk Rating Methodology: The bank will use a risk rating methodology that assesses customers based on their risk score and assigns a risk rating of low, medium, or high.
- Continuous Monitoring: The bank will continuously monitor customer transactions and update the risk assessment as necessary.
Financial Crime Mitigants
The bank will implement mitigants to prevent financial crimes, such as:
- Monitoring Transactions for Suspicious Activity: The bank will monitor transactions for suspicious activity and report any unusual transactions to the relevant authorities.
- Reporting Suspicious Transactions: The bank will report suspicious transactions to the Myanmar Financial Investigations Unit.
- Updating Customer Information Regularly: The bank will update customer information regularly to ensure that all information is up-to-date and accurate.
Compliance with Regulations
The AGD Bank is committed to complying with AML/CFT regulations and preventing financial crimes. This policy outlines the procedures and guidelines for the bank to comply with these regulations.
- Training: The bank will provide regular training to employees on AML/CFT regulations and policies.
- Audit and Review: The bank will conduct regular audits and reviews to ensure compliance with AML/CFT regulations.
By following this policy, the AGD Bank aims to prevent financial crimes and maintain a safe and secure banking environment for its customers.