Anti-Money Laundering and Counter Terrorism Financing Policy Statement
In order to prevent the bank from being a venue for money laundering or financing terrorism, the Anti-money Laundering and Counter Terrorism Financing Policy and Procedure were meticulously drafted, adopted and made effective throughout the bank, both domestic and oversea. As the result, all relevant operational standards now features legal-based AML/CTF controls and requirements, therefore, requires strict adherence from both senior management and staffs alike. In essence, by adequately and effectively placing AML/CTF controls, auditing, and use the audit results to make strategic improvements on an ongoing basis, these tasks accounted into our AML/CTF-Risk based management and assessment program. KTB realizes that, in order to accomplish the aforementioned undertakings, it must strikes the balance between the allotted resources and the qualification of the staffs. In any event, the key measures implemented by the bank in respect of the AML/CTF Policy and Procedure, are as of the following:
1. Establishes and maintains the AML/CTF-Risk based management and assessment program incorporating relevant legal mandates, regulations and best practices.
2. On the Customer On boarding stage, screens the customer name(s) and relevant name(s) against the Sanction and PEPs Lists, in order to consider whether to accept requests or transacts.
3. Collects the Know Your Customer (KYC) information and perform customer due diligence (CDD) process or the enhanced due diligence (EDD) process for ‘normal’ customers or those of heightened risk.
4. In the on-going due diligence process, constantly screens the customer name(s) and relevant name(s) against the Sanction and PEPs Lists, in order to properly manage/eliminate the AML/CTF risks. Also, while the account still operates, monitor its activities via the tiered AML-Risk schemes.
5. Internal and External reporting schemes, as adhere to relevant legal mandates, regulations and best practices.
6. The retention of customer’s identification and relevant documents, including documents of other individuals related with the account, for a period as specified by the legal mandated.
7. Providing and documenting the on-going training sessions for staffs relevant to the AML/CTF processes.