Financial Crime World

Financial Institution Tightens Anti-Money Laundering Protocols

Strengthening Customer Due Diligence and Preventing Financial Crime

A leading financial institution in Dominica has taken significant steps to enhance its anti-money laundering (AML) protocols, aimed at identifying and verifying the identities of customers, detecting and reporting suspicious transactions.

Enhanced Due Diligence Measures

  • The institution will no longer establish business relationships with individuals or entities residing in countries listed as prohibited by international sanctions lists, including those designated by:
    • UN Security Council
    • EU Consolidated list of restrictive measures
    • US Office of Foreign Assets Control (OFAC)
  • Politically Exposed Persons (PEPs) and customers with close associations to them will be identified and subject to enhanced due diligence, including verification of political status and transaction monitoring.
  • Ongoing monitoring of customer relationships, including regular reviews of transactional data, will ensure that all activities are consistent with the company’s knowledge of the customer and its business profile.

Preventing Shell Banking Relationships

  • The institution has implemented measures to prevent correspondent banking relationships with shell banks, as well as institutions that permit their accounts to be used by shell banks.

Record Keeping and Compliance

  • Accurate records will be kept of all customer transactions and business activities for a minimum period of seven years after the termination of the business relationship.
  • Records will be maintained in sufficient form to facilitate reconstruction of individual transactions and provide evidence for potential prosecutions.

Commitment to AML Compliance

“We take our AML responsibilities very seriously and are committed to ensuring that our customers’ transactions are secure and transparent,” said [Name], CEO of the financial institution. “These new measures will help us to further mitigate the risk of money laundering and terrorist financing, while also maintaining a high level of customer service.”

The implementation of these new protocols demonstrates the institution’s commitment to adhering to the highest standards of AML compliance and its dedication to protecting the integrity of the global financial system.