The Bank has committed to prevent it from being used as a source of money laundering and supporting financial to terrorist and proliferation of weapon of mass destruction (ML/TPF). Also, the Bank has placed importance on compliance with the regulations regarding anti-money laundering, counter terrorism and proliferation of weapons of mass destruction financing. Therefore, AML/CTPF policy, procedure and working manual are established to ensure that the bank’s operations comply with related regulations as follow:
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Responsibility and Accountability for Compliance with AML/CTPF Policy
The Board of Directors, senior management, and employees have a responsibility to strictly comply with the Bank’s policy, procedure, instruction and manual, including related laws and regulations.
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Know Your Customer (KYC) & Customer Due Diligence (CDD)
The Bank requires that identification and verification of customer identity and customer due diligence must be conducted every time before establishing business relationships with customers through both face-to-face channels and digital channels (non-face-to-face channels). Customers are required to present identity documents and provide information as prescribed by law.
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Sanction Screening
Prior to establishing a relationship/conducting transaction, the Bank screens customers and related persons against sanction lists which include Thailand Designated list announced by Anti-Money Laundering Office and international sanction lists pursuant to international standard. If it is found that customers or related persons are in the sanction lists, the Bank will refuse or terminate relationship establishment or conducting transactions with customers.
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AML/CTPF Risk Management
The Bank performs customer risk classification and determines proper risk management measures in accordance with customer risk levels. In the case of establishing relationships with high-risk customers e.g. Politically Exposed Persons (PEPs), customers whose citizenship or whose transactions are involved or have source of income from countries that required to apply enhanced due diligence measures, Enhanced Due Diligence on such customers is required and the relationship establishment is subject to approval of senior management. In addition, the Bank regularly reviews customer information.
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Transaction Monitoring
The Bank monitors financial movements and reviews unusual or suspicious transactions of customers until the termination of relationship with the Bank. The review considers consistency of the purposes of transactions and business relationship, including other related information provided to the Bank.
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Transaction Reporting
The Bank has a process for reporting transactions to the Anti-Money Laundering Office as prescribed by law, including Cash Transactions, Asset Transactions, Electronic Fund Transfers Transactions and Suspicious Transactions.
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Record Keeping
The Bank requires that information, documents or evidence regarding customer identification and verification be kept within the period specified by law.
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Training and Communication
The Bank regularly arranges training and communication regarding AML/CTPF regulations and guidelines for relevant employees to ensure that they have sufficient knowledge and understanding to perform their tasks in accordance with AML/CTPF laws and regulations.
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Internal control and internal audit independent assurance activity
The Bank assigns the Audit department, which is an independent unit, to regularly evaluate the Bank’s AML/CTPF operations to ensure compliance with regulatory requirements.
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ML/TPF risk assessment (Self-assessment)
The Bank internally performs annual ML/TPF risk assessment by evaluating ML/TPF risk factors specified by the Anti-Money Laundering Office i.e. customer profile, geography, product or service, service channel and the result of National Risk Assessment.
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Correspondent Banking Relationships
The Bank conducts KYC and CDD as well as regularly assesses AML/CTPF processes of the correspondent banks. The Bank shall not establish relationships with shell banks.
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Practices for Branches and Financial Conglomerates
The Bank requires its branches and financial conglomerates overseas to strictly follow the Bank's AML/CTPF Policy. In case the AML/CTPF regulatory requirements of the Branches and Financial Conglomerates are different from those of the Bank, the more stringent requirements shall be applied and enforced.