Bank Negara Timor-Leste Strengthens Anti-Money Laundering and Combating Financing of Terrorism Measures
Dili, East Timor - Bank Negara Timor-Leste (BNCTL) has taken significant steps to enhance its anti-money laundering (AML) and combating financing of terrorism (CFT) measures to ensure compliance with international standards.
Comprehensive AML/CFT Program
The bank has implemented a comprehensive AML/CFT program designed to prevent the use of its services for money laundering or terrorist financing activities. The program includes:
- Employee training on AML/CFT procedures
- Regular auditing and reporting requirements
- A risk-based approach to customer due diligence
Reporting Requirements
Under the program, employees are required to report any suspicious transactions or clients to their branch manager in writing. The branch manager will then forward this information to the Compliance Officer, who will decide whether to report it to the Financial Information Unit (FIU) within 10 business days.
Risk Management and Compliance Unit
BNCTL has established a Risk Management and Compliance Unit (RMCU), which is responsible for implementing and monitoring the AML/CFT program. The unit is led by Mr. Manuel António da Luz, who will report directly to the Board of Directors.
AML/CFT Policy
The bank’s AML/CFT policy is designed to ensure that all branches and units comply with international standards. The policy includes provisions for:
- Opening accounts
- Reporting suspicious transactions
- Employee training on AML/CFT procedures
Commitment to Compliance
“We are committed to ensuring that our services are not used for money laundering or terrorist financing activities,” said [Name], Chairman of the Board of Directors. “Our new AML/CFT program will help us detect and prevent such activities, while also protecting our customers and reputation.”
Regular Auditing and Reporting
The bank’s AML/CFT program is subject to regular auditing by internal and external auditors. The program is also reviewed annually by the Compliance Officer and reported to the Board of Directors.
Submission of AML/CFT Report
BNCTL has submitted its AML/CFT report to Banco Central de Timor Leste (BCTL) within four months after the end of each financial year, as required by law.
Maintaining a Strong Reputation
The bank’s commitment to AML/CFT measures is part of its efforts to maintain a strong reputation and ensure the stability of the financial system in East Timor.