Financial Crime World

Bank Takes Tough Stance Against Financial Crime

In a bid to maintain its reputation for transparency and integrity, [Bank Name] has reaffirmed its commitment to combating financial crime. The bank has taken a proactive approach in ensuring that all regulatory requirements are met, and its employees are equipped with the necessary knowledge and skills to detect and prevent fraudulent activities.

Collaboration with Regulators

[Bank Name] maintains cordial relationships with regulatory bodies, including the Financial Regulatory Commission (FRC), the Central Bank of Kenya (CBK), and other relevant agencies. The bank promptly complies with all requests made by these authorities and provides information to aid in their investigations.

Sanctions Compliance Management

  • Zero-Tolerance Policy: [Bank Name] has a zero-tolerance policy towards sanctioned individuals and entities.
  • Screening: All employees are required to screen names against the bank’s internal watch list, which includes individuals and entities blacklisted by regulatory bodies worldwide. Sanctions screening is conducted at account opening and on a real-time basis for all SWIFT transactions.

Politically Exposed Persons (PEPs)

  • Enhanced Due Diligence: Enhanced due diligence measures are applied to PEPs, including automated monitoring tools to identify and track their transactions.
  • Review of Customer Information and Transaction Trends: The bank conducts thorough reviews of customer information and transaction trends to mitigate AML/CTF risks.

Correspondent Banking

  • Due Diligence: [Bank Name] only enters into correspondent banking relationships with financial institutions that have implemented sufficient AML/CFT policies and procedures. Annual due diligence is performed on these relationships to ensure compliance with international standards.

Prohibited Business Relationships

  • No Pseudonyms or Numbers: The bank does not open accounts or conduct transactions for customers using pseudonyms or numbers instead of actual names.
  • No Sanctioned Individuals or Entities: The bank also does not maintain relationships with individuals or entities that have been sanctioned.

Risk Assessment and Training

  • Risk Assessments: [Bank Name] conducts regular risk assessments on its customers, products, and services to identify and mitigate AML/CTF risks.
  • AML/CFT Training: The bank provides comprehensive training to its employees on AML/CFT laws, KYC principles, and red flags of money laundering or terrorism financing. Annual compliance training is mandatory for all staff members, including senior management and directors.

Record Retention and Data Protection

  • Data Protection Policy: The bank has a data protection policy in place, which is revised annually and on an ad-hoc basis to reflect changing legal and regulatory requirements.
  • Record Retention: Customer identification documents are retained for 7 years after the cessation of the banking relationship, and transaction records are kept for as long as they are required.

By adhering to these strict guidelines, [Bank Name] demonstrates its commitment to maintaining a secure and ethical financial environment, protecting its customers’ interests, and upholding its reputation as a responsible and transparent financial institution.