Senior Management Updates AML/CFT Compliance Measures

To strengthen its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance program, senior management has implemented several key updates.

Key Roles and Responsibilities

According to sources, senior management is responsible for implementing and managing AML/CFT compliance programs in accordance with policies and procedures established by the Board, as well as requirements from law, regulations, guidelines, and industry standards. The Senior Management has outlined several key roles and responsibilities:

• Risk Awareness: Being aware of ML/TF risks associated with business strategies, delivery channels, and geographical coverage
• Policy Development: Formulating AML/CFT policies that align with risk profiles, nature of business, complexity, volume of transactions, and geographical coverage
• Implementation and Controls: Establishing mechanisms to effectively implement AML/CFT policies and internal controls approved by the Board

Compliance Officer Appointments

The Senior Management has also appointed a:

• Compliance Officer at Head Office: At management level, responsible for overseeing AML/CFT compliance programs across all branches and subsidiaries
• Compliance Officer at each Branch or Subsidiary: At management level, responsible for implementing AML/CFT policies and internal controls at their respective location

Resource Commitment

In addition, the Senior Management has committed to providing adequate resources to implement and administer AML/CFT compliance programs that are reflective of the size and complexity of operations and risk profiles.

These updates demonstrate senior management’s commitment to maintaining a robust AML/CFT compliance program, ensuring that the organization remains vigilant in its efforts to prevent money laundering and terrorist financing.