Financial Crime World

Title: Dominica’s TKB Bank Reinforces Commitment to Financial Crime Reporting Compliance

Subheading: Ensuring Transparency and Regulatory Adherence in Preventing Money Laundering and Terrorist Financing

The Kingdom Bank Corporation (TKB) reaffirms its commitment to maintaining robust financial crime reporting requirements to identify and prevent money laundering (ML) and terrorist financing (TF) activities. TKB’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Policy is designed to uphold Dominica’s legal framework and international standards, safeguarding the institution from ML and TF risks.

Comprehensive AML/CTF Program

TKB’s AML/CTF Policy sets the principles and framework for detecting, preventing, and reporting ML and TF activities. The policy applies to all bank employees, officers, and representatives.

Clear Definitions and Stages

  • Money Laundering (ML): The process of disguising the proceeds of illegal activities as legitimate funds, with three primary stages: placement, layering, and integration.
  • Terrorist Financing (TF): Activities that involve raising or providing funds for terrorist acts, according to the United Nations International Convention for the Suppression of the Financing of Terrorism.

Risk-based Approach and Regular Review

TKB acknowledges the risks of ML and TF and implements a risk-based approach. The bank regularly reviews its AML/CTF Program to ensure its continued effectiveness.

Comprehensive AML/CTF Program

TKB’s AML/CTF Program includes:

  1. Policies, processes, and procedures for:

    • Customer due diligence
    • Reporting requirements
    • Employee training
    • Independent review

  2. Customer Due Diligence (KYC):

    • Performed before opening accounts or entering business relationships
    • Complies with international standards for true customer identification
    • Consideration of correspondent relationship due diligence

  3. Ongoing Vigilance and Training:

    • Regular AML/CTF laws, policies, and procedures training for employees
    • Comprehensive employee supervision procedures

  4. Strong Independent Audit Function:

    • Annual review of TKB’s AML/CTF Program’s effectiveness
    • Adherence to applicable laws and compliance with regulatory requirements

  5. Stringent Record Keeping:

    • Retention of all records related to AML/CTF Program, policies, transactions, and customer information for regulatory purposes
    • Proper handling and secure storage of documents

Conclusion

TKB’s unwavering commitment to comprehensive AML/CTF reporting requirements reflects its dedication to safeguarding the financial system and upholding international best practices against money laundering and terrorist financing threats.