AML & CFT Division

Objectives of AML & CFT Division of the Bank

• To establish compliance culture in respect of Anti money laundering (AML) and Combating Financing on Terrorism (CFT) in the bank.
• To ensure that the products & services of the Bank are not used to launder the proceeds of crime & all of the staffs of the bank are aware of their obligations & the need to remain vigilant in the fight against money laundering (ML), terrorist financing (TF) & proliferation financing (PF).

Functions of AML & CFT Division

1. Policy Matters

• Formulate, monitor, update and enforce the Bank’s ML & TF Risk Management Guidelines, ML & TF Risk Assessment Guidelines, and Guidelines on Prevention of Money Laundering and Combating Financing on Terrorism & Proliferation Financing, Prevention of Trade Based Money Laundering Guidelines & Customer Acceptance Policy etc.
• Formulate, monitor, update and enforce the Bank’s Know Your Customer (KYC) policy and Identification Procedure for detection of suspicious transaction/account activities.
• Issue AML & CFT related circulars, instructions and circulate BFIU circulars/circular letters and policy guidelines to the branches of the Bank.
• Place memorandum before the Board of Directors at least twice a year regarding the status of the AML & CFT activities undertaken by the Bank.
• Preparation of AML & CFT Action plan.

Training & Awareness

• Creation of awareness among the officers/employees about the internal AML & CFT policies, procedures and programs and BFIU’s instructions and guidelines.
• Develop and conduct training courses in collaboration with the Bank’s Learning Center to raise the level of awareness of compliance in the Bank.

2. Regular Activities

• Respond queries of BFIU and issue necessary instructions to the branches about Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF).
• Monitor the Bank’s Self-Assessment and Independent Testing Procedures for AML & CFT compliance and taking corrective action.
• Extend all out cooperation to BFIU Inspection Team, Internal Audit Team and External Audit Team and other Law Enforcement Agencies as and when required.
• Conducting inspection and spot rectification program on branches regarding AML & CFT compliance.
• Conducting of CCC meeting quarterly.

3. Regular Compliance

• Ensure timely AML & CFT reporting and compliance to BFIU, including CTR, STR, KYC Updating, A/C information & other data required by BFIU, NBR, Customs Bond Commissionarate, ACC etc.
• Half Yearly Compliance Report to the Top Management of the Bank.
• AML & CFT Questionnaire for Corresponding Banking relationship.

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