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

Relevant Regulations on AML/CFT

To ensure the effective implementation of Anti-Money Laundering and Countering the Financing of Terrorism, KTB has established various regulations approved by the board of directors, including the "King’s Town Bank Directions Governing Anti-Money Laundering and Countering-Terrorism Financing," "King’s Town Bank Anti-Money Laundering and Countering Terrorism Financing Policy," and "King’s Town Bank Anti-Money Laundering and Countering Terrorism Financing Risk Identification and Assessment Procedure." Each subsidiary follows internal regulations based on industry regulatory requirements and guidelines provided by regulatory authorities and associations. 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.