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Tunisian Bank Strives for Compliance Excellence in Banking Industry

Introduction

The Tunisian banking sector is under increased scrutiny as regulatory bodies tighten their grip on compliance regulations. In response, Tunisian bank TSB has taken concrete steps to ensure it meets international standards, promoting a strong ethics culture and preventing non-compliance risks.

Measures Implemented to Prevent Non-Compliance Risks

  • Implemented measures to prevent money laundering and terrorism financing
  • Respected international sanctions and kept pace with regulatory requirements
  • The Compliance Control Department oversees these efforts, including due diligence in anti-money laundering (AML) and combating the funding of terrorism

Strengthened Know Your Customer (KYC) Data Collection Mechanism

  • Improved quality of KYC data at the time of entry into a business relationship and during its continuation
  • Uses specialized databases and lists to verify customer identities and conduct ongoing monitoring of international operations

Ongoing Monitoring and Screening

  • Screens customer records against sanctions lists and monitors international transactions
  • Global mechanism constantly evolving to keep pace with regulatory changes and risk assessments

FATCA Registration and Compliance

  • Registered with the US Internal Revenue Service (IRS) under the Foreign Account Tax Compliance Act (FATCA)
  • Set up internal procedures to identify clients with tax residency in the United States and transmit relevant information to the IRS through the Ministry of Finance

Staff Awareness and Training Programs

  • Commitment to preventing non-compliance risks and reputational damage
  • Ensures all employees respect laws, regulations, and ethical principles specific to banking activities and investment services

Recognition and Commitment to Compliance Excellence

  • Recognized by international organizations, including the Wolfsberg Group, for its commitment to implementing effective anti-money laundering controls
  • Dedicated to upholding the highest standards of compliance in Tunisia’s banking industry

By striving for compliance excellence, TSB demonstrates its commitment to maintaining high standards in compliance and ethics, not only to avoid regulatory sanctions but also to protect its reputation and maintain public trust.