Enhancing Know Your Customer Procedures to Combat Money Laundering and Terrorism Financing
Pasha Yatırım Bankası A.Ş., a leading financial institution, has announced plans to strengthen its defenses against money laundering and terrorism financing by enhancing its know your customer (KYC) procedures.
Enhancing KYC Practices for All Customers
The bank will implement standard KYC practices for all customers, including:
- Acquiring additional information about the customer’s identity
- Verifying business purpose and source of funds
- Monitoring transactions more closely
These measures aim to ensure that the bank has a thorough understanding of its customers’ activities and can identify potential risks associated with money laundering and terrorism financing.
Enhanced Measures for High-Risk Customers
For high-risk customers, the bank will adopt enhanced measures, including:
- Collecting additional information about the customer’s identity, business purpose, and source of funds
- Conducting more frequent and thorough monitoring of transactions
These enhanced measures are designed to mitigate the higher risk of money laundering or terrorism financing associated with these types of customers.
Identifying High-Risk Customers and Entities
The bank has identified certain individuals and organizations that it will not accept as customers, including:
- Those whose identities cannot be determined
- Those mentioned on blacklists
- Those suspected of involvement in criminal activities
KYC Process and Documentation
As part of its KYC process, the bank requires adequate information and documents about all customers to be collected and kept. This includes:
- Printed matter and electronic records stored in accordance with the bank’s relevant procedures
- Customers are required to fill out a “Customer Information Form”
- Banking services agreement must be filled out and signed in the presence of Bank officials
Customer Relationship Officers’ Responsibilities
Customer Relationship Officers will be responsible for:
- Recognizing individual and corporate customers located within the country
- Visiting or inviting customers to the bank, making identification, obtaining missing customer documents, and asking customers to fill out a “Customer Information Form”
Effective Immediately
The bank’s new KYC procedures come into effect immediately. Customers are advised to contact their Customer Relationship Officer if they have any questions or concerns.
Key Points
- Pasha Yatırım Bankası A.Ş. is enhancing its know your customer (KYC) procedures to combat money laundering and terrorism financing
- Standard KYC practices for all customers, with enhanced measures for high-risk customers
- Additional information required about customer’s identity, business purpose, and source of funds
- Monitoring transactions more closely for high-risk customers
- Certain individuals and organizations not accepted as customers due to risk of money laundering or terrorism financing
- Customers advised to contact Customer Relationship Officer if they have any questions or concerns.