Internal Procedures Manual for combating money laundering and the finance of terrorism

Banks in the FINANCIAL Group, as all commercial banks, are vulnerable to money laundering. The aim of the procedures in place is to specify ways of detecting suspect transactions, and for implementing countermeasures for checking and surveillance.

The main aim of money laundering is to turn "dirty" money into clean money, or apparently legitimate assets, in such a way that the transformation leaves as little trace as possible.

The main preventive measures are as follows: 

• Complying with the local foreign exchange regulations;
• Identification of customers by operating departments;
• Identification of the ultimate economic owners or beneficiaries;
• Special vigilance over certain transactions: routine cash transactions for large amounts, and non-routine cash transactions.

Staff receive regular special training, and computerised techniques have been developed to assist in the detection of suspect transactions.

A Money-Laundering Officer is appointed in each bank to ensure that anti-money laundering principles are adhered to.