Financial Crime World

TSB Bank in Tunisia: Commitment to Compliance and Anti-Money Laundering in the Finance Sector

As a leading player in Tunisia’s banking and financial market, TSB reaffirms its dedication to maintaining a culture of compliance and ethics in all banking and financial activities. In a regulatory landscape that demands strict adherence to rules and transparency, TSB is committed to ensuring that no part of the bank poses a non-compliance risk.

Understanding the Concept of a Non-Compliance Risk

A non-compliance risk refers to the potential for:

  • Judicial, administrative, or disciplinary sanctions
  • Significant financial loss
  • Reputational damage

These risks result from failures to comply with:

  • Banking and financial regulations
  • Professional and ethical standards
  • Instructions from the executive body

TSB’s Commitment to Ethical Business Practices

TSB’s unwavering commitment to ethical business practices encompasses several key areas:

  1. Respect for the law

    • Adherence to legal and ethical principles specific to banking and financial activities

  2. Staff awareness and training

    • Educating all staff on preventative measures for non-compliance and reputational risks

  3. Regulatory compliance

    • Implementation and maintenance of regulatory requirements, including due diligence in Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT)
    • Techniques for monitoring suspicious transactions

  4. Compliance culture

    • Fostering a culture of compliance in accordance with existing regulations and professional best practices

Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT)

In the critical area of Anti-Money Laundering and Counter Financing of Terrorism, TSB maintains a robust commitment to preventing illegal financial activities and respecting international sanctions.

TSB’s approach to AML/CFT involves:

  • Rigorous customer identification procedures at the onset of relationships
  • Ongoing monitoring throughout the engagement
  • IT programs for customer profiling and detection of unusual operations to support staff in maintaining robust compliance and mitigating potential risks

TSB’s commitment to combating money laundering, terrorism financing, and adhering to international sanctions is continually evolving in line with regulatory changes and risk assessment.

FATCA Compliance

TSB’s commitment to global regulatory requirements includes compliance with the U.S. Foreign Account Tax Compliance Act (FATCA). With the country’s signing of an intergovernmental agreement with the U.S. on May 13, 2019, TSB registered on the IRS website and implemented internal procedures to identify clients with tax residency in the U.S. and transmit required information to the IRS through the Tunisian Ministry of Finance.