AML / CFT
Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT)
The world is paying more and more attention to the prevention of money laundering. As criminals often use financial institutions to transfer illegal proceeds of crime, financial institutions play an important role as the front-line gatekeeper in the money laundering process. Adhering to the international regulations, KTB formulates the AML/CFT policies, carries out the institutional risk assessment, and improves education training, annually, so as to implement and strengthen the control mechanisms of AML/CFT.
Control Mechanisms
.Control Mechanisms
Relevant Regulations on AML/CFT
In order to implement the management of AML/CFT, KTB has formulated "King's Town Bank Co., Ltd. Policies and Procedures for Identification, Assessment and Management of the Risks of Money Laundering, Terrorism Financing and Proliferation Financing", "Directions Governing Anti-Money Laundering and Countering-Terrorism Financing" and other specifications passed by the Board of Directors, while all subsidiaries formulate their own internal specifications in accordance with the specifications, templates and guidelines of the competent authority and labor union of their business category. Such regulations set out the implementation procedures, including the procedures for identification and verification of customers with documents from reliable and independent sources, identification of beneficial owner, face-to-face and non-face-to-face customer due diligence (CDD), anti-terrorism list review, monitoring and regular review of the list of politically exposed persons (PEPs), participation in the review of customers with high money laundering risk and terrorism financing risk by senior management, etc.
Education Training and Certifications
In order to raise the employees' awareness of the risks of money laundering and financing of terrorism, the supervisory officers must receive related education training every year, and all employees must receive "AML/CFT" advocacy courses and online tests every year. Moreover, KTB organizes training courses for new recruits. The courses not only include relevant law advocacies, but also provide case studies, notes on risk assessments, and operation procedures, to build a top-down AML/CFT culture.
