Anti-Money Laundering and Know Your Customer Policy
Revision Date: November 11, 2019 | Revision No: 004
Group Companies’ Responsibilities in Identifying Clients and Establishing Business Relationships
As part of our commitment to preventing money laundering and financing terrorism, our group companies may establish or operate business relationships by relying on a financial institution (third party) in their area to take precautions with the customer. In such cases, we shall immediately receive the customer’s information from the third party.
Risk-Based Approach
To mitigate the risks associated with money laundering and financing terrorism, we have established a risk-based approach that continuously monitors transactions carried out by customers against information regarding their business, business activities, business history, financial situation, risk profile, and funding sources. This approach includes:
- Verification of Customer Information: Verifying the correctness of customer information received for identification purposes
- Customer Information Updates: Keeping customer information up to date and monitoring transactions conducted outside of continuous business relationships
- Technology Monitoring: Paying special attention to new and developing technologies that can be used for money laundering and terrorist financing
- Transaction Monitoring: Monitoring transactions that are not related to a customer’s financial profile or suitable for their activities
Monitoring and Control
To protect the bank against risks arising from anti-money laundering legislation, we have established monitoring and control activities within the scope of the following principles:
- High-Risk Customer and Transaction Monitoring: Monitoring and controlling high-risk customers and transactions
- Risky Country Transactions: Monitoring and controlling transactions conducted with risky countries
- Complex and Unusual Transactions: Monitoring and controlling complex and unusual transactions
- Regular Checks on Customer Information: Conducting regular checks on customer information and documents
Compliance with Legislation
Our anti-money laundering and know your customer policy is designed to comply with all relevant legislation, regulations, and communiqués issued by the authorities. We will continue to monitor and update our policies and procedures to ensure compliance with these requirements.
Conclusion
As a responsible financial institution, we are committed to preventing money laundering and financing terrorism through our anti-money laundering and know your customer policy. By implementing this policy, we aim to protect the integrity of our operations and maintain a high level of transparency and accountability.